The Future of Energy
Welcome to the Holocene extinction: Earth’s 6th Mass extinction event otherwise referred to as the present day. This extinction event is like no other due to one fact; it is the first one that scientists saw coming. It is the first one to have been artificially created, and it is the first one that could have been prevented. As resources are depleting faster than they can be replaced, humanity has been killing the planet at a disgustingly fast rate. Forests are cleared for agriculture, oceans are overfished and polluted, and the air is becoming exponentially more toxic as time passes, these are all factors that are contributing to the downfall of global ecosystems. However, if governments and manufacturers can set economics aside and agree on mass producing and distributing clean energy whilst setting heavy tariffs and bans on gas, fossil fuels, coal, and other non-renewable resources, there is hope. This will not be an overnight process considering the global economy has run on fossil fuels for more than 300 years, and only a handful of products can be manufactured, transported, and utilized solely on clean and renewable energy. This paper will illustrate how different countries are going to make the transition to renewable energy, the shortcoming of our current technology, and the economic implications related to the transition into renewable resources.
Renewable energy is attractive due to its versatility. Countries around the world can utilize various forms to power their country based upon the geological advantages they have. For example, Scotland, a country surrounded by water on three sides and known for its heavy wind and rain, has created the world's first-ever commercial floating wind farms. By doing so, Scotland has been able to generate a massive amount of energy: “in October, wind power generated 98% of Scotland's electrical needs'”(Climate Council, n.d). Scotland's advantageous view of its surrounding area is something countries all over the world have begun to emulate. This includes countries on every continent. In Kenya, geothermal energy has been the scientific focus in order to diversify the country's renewable energy sources. Geothermal energy is manifested on the earth’s surface through hot springs and hot-altered grounds. “To extract this energy, wells are drilled to tap steam and water at high temperatures and pressures at depths of 1-3 KM. For electricity generation, the steam is piped to a turbine, which rotates a generator to produce electrical energy” (Keggen, 2022). Already, Kenya relies heavily on geothermal energy. About 38% of its electricity is produced via geothermal energy, and due to the production of Olkaria VI, soon Kenya will be the leading producer of geothermal energy in the world.
This is an incredible feat yet Scotland and Kenya are not heavy Carbon emitters. The United States and China account for more than 40% of the world's carbon emissions. These are the two nations that need to be restricted heavily while providing the most amount of financial support toward the clean energy transition. Fortunately, ahead of the 2021 Global Climate Summit, “China has emerged as the world’s single largest investor in the clean energy transition. In 2021, China invested $266 billion in energy transition measures, accounting for more than one-third of the global total ($755 billion). The United States invested the second-largest amount, at $114 billion, followed by Germany, the United Kingdom, and France ”(China Power, 2021). With the amount of money China has invested in cleaning the world, they have polluted so mercilessly, it is a strong first step in repairing the damage. “China has constructed 4 of the top 10 largest energy-producing hydroelectric dams in the world. From 2000 to 2019, China’s generation of hydroelectricity grew nearly sixfold from 222.4 terawatt-hours (TWh) to 1,304.4 TWh.”(China Power, 2021). This push toward clean energy is commendable by the Chinese government and one which is an essential move for the planet. The United States has attempted to reciprocate the efforts through legislation. For example, “Governor Tim Walz and Lieutenant Governor Peggy Flanagan announced a new set of policy proposals that will lead Minnesota to 100% clean energy in the state’s electricity sector by 2050”(Green, 2019). While more must be done by the United States as new environmental reforms have been scarcely passed since the 1990s, these initiatives and additions to the environmental sector are crucial additions in combating climate change. Every legislative bill, every new turbine, and every watt of electricity produced in a renewable fashion is a step in the right direction, and it is clear that government officials across the globe have received the message that now is the time to act through the utilization of the resources around us.
At this point in time, renewable energy is not a clear fix to the problems in front of us. While it is clearly our best option, renewable energy certainly has its shortcomings. Primarily, the most common misconception is that renewable energy is interchangeable with a technology that releases no carbon dioxide. However, as Vincent Xia from Stanford finds, “renewable technologies have a small amount of carbon dioxide associated with their output due to the emissions from manufacturing and installing them”(Xia, 2019). Xia demonstrates that regardless of the energy type, different forms of fossil fuels will be required in order to install or allow the mechanisms to begin running. In addition to the bit of carbon released from installation, biomass (renewable energy which countries are utilizing by burning organic matter) is a particular form of renewable energy that has a statistically large effect on the environment. “When power plants use biomass as fuel—in particular biomass that comes from forests—they can increase carbon emissions compared to coal and other fossil fuels for decades. The biomass industry also imperils some of our most precious forests” (NRDC, 2016). Furthermore, biomass not only increases the levels of fossil fuels in the air drastically, it can cause “a sweeping array of health harms, from asthma attacks to cancer to heart attacks” (NRDC, 2016). Following the facts, biomass may be nearly on par with fossil fuel consumption, if not almost worse.
Another shortcoming of renewable energy is its lack of efficiency. As stated previously, the global economy has nearly perfected the use of fossil fuels in order to power modern machinery, technology, transportation, and other necessary modern commodities. However, renewable energy technology has only recently begun to enter the spotlight of attention. Because of this, fossil fuels are more efficient than renewable energy for the time being. This is evidenced through the massive amounts of space and resources dedicated to creating solar and wind-powered farms because these energy units are not as efficient and so require large amounts of them in order to produce a similar energy output to fossil fuels. Yet the most obvious shortcoming of renewable energy is clear. Humans can only produce energy as long as the resource is prominent in the environment, and while this may seem simple, it can create massive gaps in power production from renewables. Solar energy cannot be produced on cloudy days, wind energy cannot be harnessed without the wind, and hydroelectric power cannot be efficient in a drought. There must be technological advancements that provide the ability to not only harness this energy but store it as well. These developments will be crucial in providing a reliable source of energy.
Energy is not only utilized to power homes or turn on the lights of buildings, it is a massive part of the economy. Everything is dependent on energy whether it be through mining, manufacturing, production, or transportation. The global economy is dependent on reliable and efficient energy. The threatening question about renewable energy remains; will it be economically profitable to switch? This question poses a blockade to the advancement of renewable energy. If it is not economically friendly towards business it will not be implemented as hastily and will result in destruction of ecosystems around the world. A recent study by the Risky Business Project has begun to shed light on a possible plan that is both environmentally and economically feasible. The plan attacks climate change as a three-headed spear. The first goal is to shift from fossil fuels to electricity in day-to-day energy consumption. This entails the gradual adoption of electric vehicles as well as electric and geothermal production for heating and cooling homes. Secondly is generating electricity from low-and zero-carbon sources. This shift to renewable electricity requires a rapid transition to energy sources such as wind, solar, geothermal, and nuclear, along with an expansion of energy storage and a redesigned grid. And lastly, being able to utilize all energy more efficiently, which must be significantly improved.
This plan has been named the “Risky Business Project” and would be a costly but effective plan, needing around $320 billion a year from 2020 to 2050 to be fully implemented. Professor Alexander, head of Economics and Environmental Sciences at Kenyon University writes, “this is a major investment, about 8 percent of the size of the 2015 U.S. federal government budget, but the returns over the life of the transition would be substantially larger and would continue indefinitely. The savings would start at around $65 billion a year in the 2020s, increasing to over $700 billion a year in the 2040s. Around 1 million additional jobs would be created during the 30-year transition, with many of the largest gains being in the domestic construction and utility sectors” (Alexander, 2018). Professor Alexander is mapping out an economic and environmentally sustainable plan for the transition to renewable energy. It will not only help save the Earth from the horrors of greenhouse gasses but also constitutes a first step toward a more prosperous economy. His proposal not only offers new jobs, but also promises to make renewable sources of energy more efficient. Furthermore, as resources begin to be put into renewable energy efficiency will increase, causing solar and wind energy, as well as other forms of energy, to be less expensive and more effective than fossil fuels. Overall, this plan comes with an exponential amount of upside so long as it receives adequate support. Without the financial help from governments and private sectors none of this is possible. The benefits only start to grow as time progresses and renewable energy has the time to settle into our society.
The impact of fossil fuels is too great on our planet and we are now noticing drastic changes that may be irreversible. However, governments across the world have recognized these issues and are implementing new plans to combat climate change and impose environmentally friendly measures. Renewable energy will only get more efficient, both economically and environmentally as time goes on. However only as governments and civilians together put conscious effort into making it successful will it reach its maximum potential. The Earth is our future and we must protect it at all costs which is why this transition is vital to the balance of life as we know it.
References
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