Thank you for Subscribing to Energy Business Review Weekly Brief
Concerning societal impact, green energy's improved economic and technical features include decreased operating costs and advanced technology advancements that lead to a more sustainable future
The world is unquestionably confronted with the global problem of lowering fossil fuel consumption and increasing the use of renewable energy. Renewable energy is generated by natural processes such as sunlight, wind, geothermal energy, hydroelectric power, biomass, wave, and tide energy. These energy sources are abundant, naturally replenished, and have a low impact on the environment. Effective and efficient use of renewable energy sources is critical for sustainable living and a vibrant future. Renewable energy is now a global priority for a sustainable future. A country's investment in renewable energy will result in inclusive and sustainable economic growth in the current environment. Increased production and development of green energy models have demonstrated the potential for economic advancement, a cleaner environment, and social inclusion on a local level. Similarly, the concept of efficient energy use and a greater percentage of green energy can boost economic growth and sustainably contribute to renewable energy. Successful renewable energy deployment involves national and international cooperation and a significant increase in investment in research and development, infrastructure development, energy flexibility, and energy efficiency. Sustainable renewable energy encompasses energy efficiency, energy diversification, energy access, energy policy, and a smart grid system. As cost-effective and improved green energy technologies become available, demand for renewable energy will increase. It is critical to solving the highly variable renewable energy production difficulties. This can be addressed by increasing the percentage of dispersed energy sources through digitally smart grids and flexible energy solutions. Additionally, energy security can be improved by reducing energy usage and increasing energy efficiency. Due to the reliance on fossil fuels, people have overused and exploited the natural environment. As a result of global warming, the ecosystem has been transformed, and human settlements have been moved, posing a threat to a sustainable way of life. Numerous countries have been impacted by extreme weather conditions such as drought, flooding, and heatwaves. In nations like Denmark, Finland, Norway, Sweden, and Switzerland, the decarbonization plan has been undertaken to abolish financial subsidies to consumers and impose a tax on fossil fuel users to reduce carbon emissions. Sustainability can be maintained at a constant level indefinitely. This entails utilizing resources and contributing to the environment's health in ways that benefit people both now and in the future. While fossil fuels have been beneficial to humanity for a long time, they are not infinite and sustainable. The combustion of fossil fuels has increased pollution and heightened the risk of global warming. This is where green energy enters the picture. To ensure sustainability, resources should be used sparingly. However, when green energy sources are exploited, there is the possibility of enhanced public health and reduced pollution. The environmental impact of renewable energy generation and usage must be reduced. Using the majority of renewable energy sources is still prohibitively expensive in many places. However, the cost of solar and wind energy has halved in recent years. This has been made possible by major investments in research and development, technical advancement, process automation, and government support. Renewable energy will become more affordable and reliable in the future. The other two sustainability metrics have overshadowed social sustainability. The social dimension is critical for a sustainable renewable energy supply chain, as societal culture and features have a structural effect on renewables' sustainability. The social dimension encompasses both positive and bad consequences on individuals like consumers, employees, workers, local communities, and vice versa.
