A new era of green energy and sustainability
Transitioning from fossil fuels to renewable energy sources and from vertically integrated monopolies to deregulated, competitive markets are emerging features in the energy sector. However, renewable energy sources calls for a departure from the traditional model of the energy market, which was built around centralized power plants and generators, and instead calls for the integration of several distributed power plants, energy storage, and closer ties to the demand side.
The liberalization of the energy market has reduced electricity prices in some EU nations by boosting competitiveness and cost-efficiency in energy generation. Aggregators of renewable energy mediate among both demand and supply in the electricity market, enabling access to the wholesale market for small-scale production and consumption, which was previously only available to extremely big producers and users. They accomplish this by grouping small production and generation facilities and creating energy services for household, commercial, and industrial uses. A more competitive renewable energy market is facilitated by the consolidation of distributed electricity sources.
The awareness of the necessity to caring for the world is progressing, although not always at the proper speed, in favor of reducing the effects of climate change, making it crucial to alter the direction of the energy industry by giving green energies a larger role.
Interest in generating these energies is growing because to the environmental costs of using fossil fuels, the need to rely on external energy sources, as well as the development of novel business activities.
How does green energy supports sustainability?
To grow towards sustainability, economically and socially, a reliable energy supply is essential. In the last few decades, energy consumption has skyrocketed as a result of the expanding economies of developing countries. There will likely be an expansion of this pattern that will result For the research of viable environmental and economic strategies, a forecast of future power use is crucial.
Similarly, knowing how much power will be needed in the future is helpful for planning renewable energy expeenditures and a more sustainable social and economic environment. The availability and reliability of energy sources are now essential concerns for the evolution of human societies and the global political and economic structures that sustain them. Therefore, comparing energy consumption rates across countries is useful for forecasting and understanding future energy needs.
Reducing the amount of fuel used to create electricity and the greenhouse gas emission and other air pollution that come from doing so is one of the many benefits of improving electricity production and consumption efficiency.
Final Words
An estimated 80% of the world’s population resides in nations that are net-importers of fossil fuels, leaving around six billion people exposed to geopolitical disruptions and crises because of their reliance on fossil fuels imported from other countries.
Instead, sources of renewable energy are accessible worldwide, and their full potential has yet to be realized. As much as three – quarters of the world’s electricity consumption, according to IRENA’s projections, can and should be met by renewable sources by the year 2050.
Through renewable energy, governments can reduce their reliance on foreign imports, safeguarding their economy from the volatile prices of fossil fuels, and spurring broad-based economic expansion, job creation, and poverty reduction.