Present and Future of Renewable Energy — What’s New at the End of 2023
Renewable energy seems to be the greatest alternative and long-term answer for addressing energy security challenges in unique ways and meeting the world’s expanding energy needs in the future. It is no wonder why the question of renewable energy is so widely discussed today.
Do we ever recognize that there is only one planet, Earth, to maintain the variety of living forms around us? If resources are handled wisely, one planet can provide adequate food and shelter for all creatures. Otherwise, the risks are too high. Humans, being the most cognitively advanced species, have cleverly used all natural resources in a variety of ways to suit the needs of their ever-growing population. However, we are accidentally decreasing the essential niche of other creatures in this process. Global ecological footprints are now at 1.75, implying that the world population needs 1.75 Earths to support itself.
The Movement Fights for the Change!
Anthropogenic activities have placed enormous strain on natural resources, deepening environmental challenges, such as habitat degradation, biodiversity loss, and climate change. These issues revolve around the production and use of energy on a worldwide scale. Using renewable resources to generate green energy gives options for developing revolutionary solutions to these fundamental environmental concerns. But there are many other benefits of renewable energy, including:
- Enhanced reliability, security, and resilience of the nation’s power grid;
- Reduced carbon emissions and air pollution;
- Increased energy independence;
- Increased affordability;
- Expanded clean energy access;
- Diversifying energy supply.
The deployment of renewable resources, especially wind, water, sunlight, and geothermal, is critical to the future of energy. According to Military News, global collaboration in the judicious utilization of these natural resources may help the earth stay green. They can effectively close the gap by lowering energy shortages and meeting rising demand.
The Future of Green Energy
According to World Energy Outlook 2023, the International Energy Agency’s (IEA) flagship publication, we are in the midst of the first global energy crisis. High gas, oil, and coal costs account for 90% of the increasing worldwide pressure on power prices. The global energy shock has made us realize that our current weak energy system, which is primarily reliant on nonrenewable resources, is unsustainable.
According to the IEA, the energy crisis has boosted the installation and use of solar photovoltaic cells and wind energy in 2022, and this trend is expected to continue in the future years. These renewables are critical for reducing pollution, producing clean energy, and solving energy security concerns. Furthermore, the energy generated will be less expensive and more accessible. Exploiting the enormous potential of solar, wind, and hydropower may help to boost the energy economy. According to an IEA analysis, there has been a shift in investment toward clean energy over fossil fuels, with renewable energy investment almost tripling by 2023.
Energy Crisis Is to Be Solved With Green Energy
According to another IEA statement, the energy crisis caused by the Russia-Ukraine conflict has already led to a 40% increase in renewable capacity in Europe by 2024. In Germany, Italy, and the Netherlands, increased regulatory backing and low-cost installation have made small-scale rooftop solar photovoltaics (PV) more profitable. By 2030, nearly 100 million homes worldwide will depend on rooftop solar PV.
Hydropower has been employed on a modest basis in grain mills from time immemorial. Fast-moving water, ocean waves, and tides may all be used to generate electricity. In 2020, water energy supplied one-sixth of worldwide power production. According to the IEA, while being the greatest renewable energy source, hydropower declined by 0.4% in 2023 because of intermittent droughts in wealthy hydropower nations such as Brazil, the United States, Turkey, China, India, and Canada.
Wind may be used to create electricity by employing turbines in windmills. It is the second-largest renewable energy source. According to the IEA, wind energy output will increase by a record 273 TWh (up 17%) in 2023, representing a 55% increase over 2023. China (70%), the United States (14%), and Brazil (7%) will be the main contributors to wind generation growth in 2023.
Geothermal power plants use heat generated within the Earth’s core to create electricity. This energy may be utilized to generate electricity or directly consumed by heat pumps. According to the IEA’s Annual Report, direct geothermal energy usage has surpassed electricity production worldwide. The United States maintained its lead in installed geothermal capacity, accounting for more than 25% of the world’s total operational capacity.
What’s Driving the Industry?
Supporting green energy policy across countries is important for achieving energy independence and increasing the economy. The economic growth aid strategy seems good. Individual nations are expected to spend around US$108 billion in renewable energy and $470 billion in energy-related packages.
The IEA also anticipates that solar PV and wind power deployment will expand considerably this year owing to increased policy, rising fossil fuel costs, and worries about energy security. The entire worldwide capacity for renewable energy is predicted to exceed 4,500 GW, matching the combined power production of China and the United States.
The Future Is Here
Renewable energy sources are everywhere. They can be readily harnessed with the right technology. To combat climate change and achieve net zero emissions, it is critical to deploy renewable energy resources and increase green energy-producing capacity. Green energy is not only environmentally good, but it is also inexpensive and creates jobs. It will transform sustainable energy systems and provide numerous benefits.
