10.2024
Why do we need renewable energy?
Renewable energy sources are essential to meet climate goals and targets worldwide, while meeting the world’s energy demand. Traditional energy sources – such as coal, oil and gas – are the largest contributor to global climate change, accounting for over 75 per cent of global greenhouse gas emissions and nearly 90 per cent of all carbon dioxide emissions, according to the United Nations.
But as population grows and economies develop, global energy demand continues to rise. Renewable energy, as a means of generating energy that doesn’t emit greenhouse gases, is critical to the diversification of our energy supply to meet the dual challenge of addressing climate change and securing energy supply.
How does renewable energy work?
Renewable energy, by its very nature, is energy that is infinite. This means that we can harness repetitive natural functions to generate energy and electricity for commercial and domestic use. Examples of this include energy from wind, from solar and from hydropower.
Solar power generates electricity by capturing sunlight on solar panels in a joint chemical and physical reaction, known as the ‘photovoltaic effect’ (PV). Wind turbines operate on a simple principle, whereby the kinetic energy in the wind turns two or three propeller-like blades around a rotor. The rotor is connected to the main shaft, which spins a generator to create electricity.
Is renewable energy expensive?
The costs of renewable energy have decreased considerably as technology and infrastructure have developed. The previous decade saw an 85% decrease in the unit cost of solar energy, with a 55% decrease in wind according to The Economist.
Renewable energy sources also do not need fuel to produce more energy, making them low-cost to run and the energy they produce to be cheaper, as well as more reliable than traditional sources when it comes to operating costs. However, as there are fewer sites generating renewable energy, the challenge lies in finding funding and investment to build new wind and solar farms.
Is renewable energy cheaper?
As technology advances, renewable energy will become cheaper and cheaper according to the X-Change: Electricity report. This is down to a number of factors including the reliability of renewable energy sources and the increasing number of wind and solar sites that are generating electricity.
In comparison to fossil fuels, which can fluctuate in price, renewables are overall cheaper for the consumer.
What are the challenges of renewable energy?
Without investment and developments in battery storage, renewable energy can be difficult to store. This can make it less consistent and less efficient than fossil fuels. Companies such as JERA Nex are investing in battery storage solutions to complement our renewable energy output.
It is important that policy frameworks are also in place to ensure the infrastructure, talent and financing for renewables projects gives business the confidence to invest in renewable energy. Power grids, for example, in many countries represent a bottleneck, with connection delays meaning new renewables projects can’t deliver their energy.
Will renewable energy run out?
No. Renewable energy is naturally regenerative. As it is produced through wind and solar, the only way it would run out is if the wind were to stop blowing or the sun were to stop shining.
Are renewable energy sources reliable?
Wind and solar energy will always exist, but some days are windier and sunnier than others. This doesn’t mean they are unreliable sources, as long as there is sufficient battery and grid storage to accommodate it. On days where excess energy is produced, it can be stored for days when less is produced.
Demand for energy fluctuates (although overall it trends upwards) and so it has always been necessary to find solutions to the problem of how to store energy.
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