A greener future has become one of the most important issues in recent years. As the number of people living on our planet increases and, conversely, resources for renewable energy dwindle, the need for new energy approaches is driving a more sustainable view.
Renewable resources are conquering the scene, but we still need to believe in and invest in this new approach to energy. Fossil fuels will certainly decrease, with the possible exception of some subsidized natural gas. The financial scenario is also driving the energy transition to “zero emissions” targets: in fact, more and more companies are pulling back from fossil fuel investments as their business declines.
The latest report from the International Energy Agency (IEA) estimates that renewable energy will meet more than 40% of total energy demand in the next few years. The growth of renewable energy is the result of technological innovations that have increased production efficiency and brought down prices, especially solar energy. One of the best-known alternative energy sources is solar energy, which generates heat and electricity from sunlight. Space heating or lighting also contributes to the generation of solar energy.
The coronavirus pandemic could have positive consequences: the crisis appears to be accelerating the transition from fossil to renewable energy sources. A report by former British oil company BP analysed the impact of Covid-19 and noted that oil demand has fallen for the first time in modern history in absolute terms.
The company’s annual report on future energy says oil will be replaced by clean electricity from wind farms, solar panels and hydroelectric power plants, as renewable energy proves to be the fastest-growing source. Of the three scenarios for renewable versus fossil resources, the most pessimistic states that oil consumption levels will remain unchanged until 2035 when they may begin to decline.
Pandemic could turn energy ecosystems green; economically developed nations are implementing more ambitious climate policies and increasing carbon taxes, focusing on ecological shifts for recovery. Rising sales of electric, hybrid and hydrogen-powered vehicles will also weigh on oil demand, which is expected to drop by 80% by 2050.
The pledges made by countries around the world in the Paris Agreement to keep global temperatures well below 2°C compared to pre-industrial levels cannot be cancelled. All these changes can also put pressure on the network. Microgrids, solar storage systems, electric vehicle chargers, distributed energy loads and other distributed energy sources will play an increasingly important role in determining the balance of electricity supply and demand.