As the fallout of Russia’s invasion of Ukraine ripples across the globe, the response of some nations to the growing energy crisis has been to double down on fossil fuels, pouring billions more dollars into the coal, oil and gas
that are deepening the climate emergency.
Meanwhile, all climate indicators continue to break records, forecasting a future of ferocious storms, floods, droughts, wildfires and unliveable temperatures
in vast swathes of the planet.
Fossil fuels are not the answer, nor will they ever be. In such a scenario, renewable revolution can help in mitigating the climate crisis and strengthening energy security.
In mitigation of Climate crisis:
Fossil fuels are the cause of the climate crisis
. Renewable energy can limit climate disruption and boost energy security.
Renewables are the peace plan of the 21st century. The only true path to energy security, stable power prices, prosperity and a liveable planet lies in abandoning polluting fossil fuels and accelerating the renewables-based energy transition.
Renewables could supply four-fifths of the world’s electricity by 2050,
massively cutting carbon emissions and helping to mitigate climate change.
Mitigating the effects of climate change will require us not only to reduce our future emissions of greenhouse gases but also capture some of the carbon already in the atmosphere.
Renewable energy development helps us achieve the first objective – reducing future emissions
. For example, hydropower instead of traditional fossil fuels has contributed to the avoidance of more than 100 billion tonnes of carbon dioxide in the past 50 years alone. That’s roughly equivalent to the total annual carbon footprint of the United States for 20 years.
With increasing amounts of renewable energy penetrating energy markets, the number of avoided emissions will only continue to grow.
Strengthening Energy Security:
Global geopolitics may threaten energy security. In this vein, renewable energy is considered a potential game changer in energy security
. Key geopolitical actors (the United States, Russia, China, Germany, and Denmark) have increased electricity production from renewable energy by a combination of different renewable sources.
Despite any social acceptability issues and negative environmental impacts, renewable energy will help countries become more energy secure. At the same time, they will make themselves more resistant to geopolitical strife and more independent of the vagaries of fossil fuel markets.
While oil and gas prices have reached record price levels, renewables are getting cheaper all the time. The cost of solar energy and batteries has plummeted 85 per cent
over the past decade. The cost of wind power fell by 55 per cent.
And investment in renewables creates three times more jobs than fossil fuels
As we wean ourselves off fossil fuels, the benefits will be vast, and not just to the climate.
Energy prices will be lower and more predictable
, with positive knock-on effects for food and economic security. When energy prices rise, so do the costs of food and all the goods we rely on. So, let us all agree that a rapid renewables revolution is necessary and stop fiddling while our future burns.
Making renewable energy technology a global public good, including removing intellectual property barriers to technology transfer, improving global access to supply chains for renewable energy technologies, components and raw materials, cutting the red tape that holds up solar and wind projects by making fast-track approvals and more effort to modernise electricity grids are necessary steps.
The world must shift energy subsidies from fossil fuels to protect vulnerable people from energy shocks and invest in a just transition to a sustainable future.
Triple investments in renewables which includes multilateral development banks and development finance institutions, as well as commercial banks
is a prerequisite for renewable revolution. For climate action, energy security, and providing clean electricity to the hundreds of millions of people who currently lack it,
renewable revolution is a hope.
Source: Indian Express