SUSTAINABILITY IN THE ENERGY INDUSTRY - A BOON FOR THE WORLD ECONOMY
“The fundamental goal of renewable energy deployment is to promote economic development, improve energy security, increase energy access, and reduce climate change. Sustainable development can be achieved through the use of renewable energy and assuring citizens' access to inexpensive, reliable, sustainable, and contemporary energy. The government has created regulations, programmes, and a welcoming atmosphere in order to attract international investment and rapidly expand the country's renewable energy market.
Renewable energy is becoming more plentiful and less expensive. However, the rate and character of its expansion will differ significantly between markets. Getting to 90 percent decarbonization is generally technically achievable, but it can cost more in some cases.
Global primary energy consumption forecast
A source of energy is a requirement for socioeconomic progress. In recent decades, the rapid economic growth of developing countries has resulted in an increase in energy consumption. This tendency is expected to continue. The investigation of appropriate environmental and economic policies requires a projection of future power usage. Similarly, a forecast of future power usage aids in determining future renewable energy investments. Energy supply and security have become critical challenges not only for human society's progress, but also for global political and economic processes.
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Challenge to the Sustainable Energy Industry
The present transition from fossil fuels to “green” energy - renewable energy plus storage in smart networks, with numerous electric vehicles performing grid services — is now a worldwide phenomenon. This energy transformation (or Energiewende) has become self-sustaining and self-accelerating where it is currently taking place, as well as self-replicating in a rising number of countries and regions, including poor places and distant locales that are not yet served by a power grid.
The falling cost of essential energy technology and equipment, such as wind turbines, solar panels (see image below), storage, and smart energy management systems, is the fundamental reason for this green energy surge. They no longer require the subsidies that helped them mature in the past, and they can now compete with heavily supported fossil and nuclear energy. The cost savings are the result of technology learning (Rubin et alii 2015), which is expected to continue for many years. In contrast, the costs of fossil energy tend to rise even before the full costs, which include external costs, are computed. The low-to-medium world market pricing for fossil energy commodities cannot disguise the fact that, with easy-to-access areas previously explored, these resources are becoming increasingly difficult and expensive to extract and bring to market; extraction costs are growing as prices are falling.
Major Market Highlights:
- Alterra was purchased by Innergex. Two geothermal facilities in Iceland were part of the deal. This acquisition increased its renewable energy portfolio by 485 MW (gross 1,049 MW).
- Through its subsidiary BLP Energy Private Limited, Enel won India's first renewable energy tender. Enel is anticipated to invest $290 billion in the wind farm's construction. The facility is expected to start producing renewable energy in the second half of 2019, with a capacity of 1,000 GWh. This growth has bolstered the company's position in India's renewable energy sector.
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