Renewable energy has never been a hotter – or more important – point of discussion than it is today. Many governments, businesses, corporations, and individuals all around the world have begun to wake up to the need for more renewable energy.
The two cleanest sources of energy production are solar power and wind energy, both of which are seeing increasing popularity both in production for residences and for the national grid. These renewable options are extremely promising in what they’ll be able to do for us in the future, not only in the clean (zero emissions) energy they produce but also in what they can do for local economies.
Wind power offers a huge increase in local employment and funding, and solar panels bring a potential long-term option available to anyone with a rooftop, but installation costs remain incredibly high. Renewable power capacity is set to expand by 50% over the next four years, led by hydropower, wind power, and solar power.
Renewable energy sources make up 26% of the world’s electricity today, but its share is expected to reach 30% by 2024. The resurgence follows a global slowdown last year, due to falling technology costs and rising environmental concerns. The world’s solar capacity will grow by 600 GW, almost double the installed total electricity capacity of Japan. Overall, renewable electricity is predicted to grow by 1200 GW by 2024,
Hydropower will remain the world’s primary source of renewable power in 2024. Capacity is set to increase 9% (121 GW) over the forecast period, led by China, India and Brazil. 25% of global growth is expected to come from just three megaprojects: two in China and one in Ethiopia. However, there has been a slowdown in the two largest markets, China and Brazil; growth is challenged by rising investment costs due to limited remaining economical sites and extra expenditures in addressing social and environmental impacts.
Geothermal heat is heat that is trapped beneath the earth’s crust from the formation of the Earth 4.5 billion years ago and from radioactive decay. This heat can be captured and used to produce geothermal energy by using steam that comes from the heated water pumping below the surface, which then rises to the top and can be used to operate a turbine. Geothermal energy is not as common as other types of renewable energy sources, but it has a significant potential for energy supply. Since it can be built underground, it leaves very little footprint on the land. Geothermal energy is naturally replenished and therefore does not run a risk of depleting. Cost plays a major factor when it comes to the disadvantages of geothermal energy. Not only is it costly to build the infrastructure, but another major concern is its vulnerability to earthquakes in certain regions of the world.
What will energy be like in 2050? How will we meet our energy needs in the future?
If many countries achieve their goals, we’ll be in a world largely powered by renewable energy, and many countries will have achieved their goal of becoming carbon neutral, which means they are doing as much to reduce carbon emissions as they are producing them. Many of us will be using electricity to power our vehicles, and using fossil fuels will be seen as an archaic way of doing things. As a consumer, you have several opportunities to make an impact on improving the environment through the choice of a greener energy solution. In the industrial space, it is becoming more and more important to look at greener solutions. From a social conscience view to customers, but also as a way to reduce your overheads. TEW Solutions can work with you to assist in finding the best solution for your business.