Now that renewables are more popular than ever, they are becoming more cost-competitive when compared to fossil fuel energy.
Climate change comes as one of the major concerns of our contemporaneity. To mitigate the effects of this, the awareness over the need to transition to green energy has become a top-of-mind matter.
As we stated in another article, where we were able to reflect upon climate change and how innovation can help fight it, technological innovation can be a great ally to support the shift towards a more sustainable way of producing energy, with a direct impact on everyday lives.
Decarbonization of the energy sector
The decarbonization of the energy sector needs to happen at a faster pace, the same as the change towards green and clean ways of producing energy. In fact, the costs of green energy have fallen over the past years due to the innovative approaches taken to improve its cost competitiveness.
Consumers are now more aware than ever when it comes to raising efforts towards a more sustainable world and are becoming demanding when considering buying energy, starting to prefer the investment in clean energy.
Green energy can support this transition by raising high environmental advantages supporting and speeding up the decarbonization process. Until today, governments and markets have relied predominantly on fossil fuels with significant damage to Earth’s ecosystems.
Embrace of renewable energy
Renewable energy can provide energy without the side effects of fossil fuels:
In fact, because these ways of producing energy are free from carbon emissions, they can be an excellent ally for fighting and facing climate change.
Renewable energy has a wide range of benefits. Not only it’s an environmentally sustainable way of producing energy, helping reduce pollution levels, but also can lower the energy process while reducing the dependence on fossil fuel. In fact, having green energy as the primary source of energy could operate a significant impact on the environmental and economic landscape.
We believe it’s common sense that greenhouse emissions have contributed to increasing global average temperatures and that renewable energy can support the mitigation of those harmful emissions.
The contribution of green energy for the energy sector
Renewable energy has shown its great potential for supporting the growth of the energy sector and its industries. Along with innovation, renewable energy is increasing competitiveness within the sector. In fact, green energy is expected to grow this year, especially after the US announced its expectations to work towards full decarbonization.
One of the biggest challenges for the growth of clean energy is the supply chain. Important efforts and progress have been made to improve the supply chain to guarantee democratic access to this safer and cleaner way of producing energy and decrease costs.
Renewable energy can also be a protection against fuel price volatility while producing clean power and enhancing new business models. Today’s consumer is more willing to buy from environmentally responsible companies and brands.
Green energy can contribute to reducing greenhouse emissions, endow energy access to all populations on Earth, and improve social and economic development. But for this to happen is essential to take important steps when it comes to technological innovation and R&D to meet global population expectations.
Renewable Energy is growing fast, mainly because the costs have fallen over the years. Now that renewables are more popular than ever, they are becoming more cost-competitive when compared to fossil fuel energy.
As we have been witnessing over the last few weeks with the conflict Russia-Ukraine, the impact of the volatility regarding oil and gas prices in the energy sector is vast, and green energy enters as an important player for the sector’s future.