Renewable Energy can reverse the effects on Climate Change
Why is Renewable Energy Important and its Role in Climate Change
Every country on every continent is feeling the effects of climate change. Changing weather patterns, rising sea levels, and more catastrophic weather events are wreaking havoc on our national economies and putting a strain on our people, communities, and countries. Moralizing about climate change has resulted in lofty ambitions, such as reducing warming to 2 degrees Celsius over pre-industrial levels – a goal included in the Paris Agreement as a stretch goal. The only way to reverse climate change is by the adoption of renewable energy.
The real challenge is taking action (adopting renewable energy) that results in significant reductions in greenhouse gas emissions, which requires a blueprint to decarbonize the economy and reconfiguring incentives for governments and corporations to genuinely embrace the plan.
Meaning of Decarbonization – A step towards Renewable Energy
In simple terms, decarbonization refers to the decrease or elimination of carbon dioxide emissions through the use of low carbon emission energy sources and renewable energy as people rethink how they do business and live in order to create a more sustainable future. According to the World Economic Forum, the only way to achieve climatic stability is for our energy systems to be completely decarbonized. To that end, the United Nations has urged governments and businesses to adopt their own thorough decarbonization strategies.
The Era of Renewable Energy
Climate change awareness is influencing the global economy in a variety of ways.
Governments are developing strategies to cut emissions, investors are examining corporate environmental performance, and consumers are becoming more aware of their carbon footprints. Energy generation and use from fossil fuels, regardless of the stakeholder, is one of the largest sources of emissions. As a result, renewable energy sources have never been more prominent in the public consciousness than they are now. Many environmental issues are solved by taking correct environmental management solutions.
Renewable energy systems capture the sun’s, wind’s, and heat from the Earth’s core and convert it into useable forms of energy such as heat, electricity, and fuel. Let’s have a look at the contribution of the top five renewable energy sources and what’s their share of global electricity. Source: Ember and Lazard
|Type of Energy Source||% of share in Global Electricity||Avg. Cost of Energy / MWh|
Hydropower, which is often overlooked, is the most common renewable energy source, followed by wind and solar energy. In 2021, the five major sources accounted for around 28% of worldwide electricity generation, with the wind (history of wind turbines) and solar breaking the 10% mark for the first time. With the increase in offshore wind energy investments, the power and energy industry is anticipated to grow further.
The Levelized cost of energy (LCOE) is calculated by dividing the total electricity produced by the lifetime costs of a new utility-scale plant. Solar and wind have an LCOE of nearly one-fifth that of coal ($167/MWh), implying that new solar and wind projects are currently significantly cheaper to build and run over a longer time horizon than new coal plants.
The Future of Renewable Energy
Despite recent progress, fossil fuels continue to dominate the global energy mix.
The majority of countries are still in the early stages of their energy transition, and just a few have significant renewable energy sources. The current decade, on the other hand, may witness even greater growth than the recent record-breaking years. Energy efficiency in UAE is achieved with several strategies like promoting energy transition to renewables, electric vehicles (EVs), use of gravity batteries, smart buildings in UAE, and many more. With the rising oil prices, even the largest oil producing countries are switching toward the energy transition.
According to the International Energy Agency (IEA), global renewable energy capacity will increase by 60% from 2020 levels to over 4,800 gigawatts by 2026, equaling the current combined power production of fossil fuels and nuclear power. So, regardless of when renewables take over, the industry and the global energy industry investments will undoubtedly continue to evolve.
RSE FZE is becoming an active participant as it is manufacturing and supplying forging solutions that are made from carbon-free steel. We are one of the leading companies in the forging industry of the UAE market. We have our own experienced engineers who are qualified in power systems engineering. We meet the forging vs casting requirements of industrial needs like motors, blades and other components of hydraulic turbine, wind turbine, floating wind turbine, etc. Will you be a part of this movement? Let us know in the comments below and contact us.
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