More people that ever are investing in renewable energy. The market for solar, wind and other green energy sources is projected to be worth over $1.9 trillion within the next seven years.
The importance of investing in renewable energy is growing as fears of climate change escalate. Our extensive use of fossil fuels over the past century has led us to a crossroads in time. Either we continue as we are, and jeopardize the future of life on earth, or we switch to renewable energy sources as soon as possible.
That being said, what would a renewable energy-focused future actually look like? We know that many households are already turning to renewable energy, but how many businesses will use it too? From infrastructure changes to job creation, let’s take a look.
The main reason that we need to switch over to renewable energies is to clean up our use of energy. Transitioning to clean energy technologies will mean the adoption of solar, wind, hydro, and geothermal energy sources en masse.
This will have significant positive impacts on the environment and will result in massive new energy infrastructure projects. From solar farms to wind turbines, we’ll clearly be able to what clean energy looks like.
Decentralization in energy
With the current war in Ukraine, the West has had its eyes opened to the danger of extensive energy dependence. Unfortunately, this is the reality of fossil fuel energy systems – not all countries have access to fossil fuel resources, so most end up buying them from other countries.
Renewable energy will be largely decentralized. We’ll see smaller-scale energy-capture systems such as community solar farms and wind turbines continue to pop up, with localized energy production proliferating. This will result in significant decentralization and should largely eliminate or at least decrease energy dependence.
Enhanced focus on energy storage
As we continue to create new energy production solutions, we’re also seeing impressive developments in the realm of energy storage. From advanced lithium-ion batteries to pumped storage hydropower, we’re seeing a whole range of new ways of storing electricity, on both a local and a national scale. These will allow for increased energy security, which will be especially useful for communities that depend on power.
A renewable energy-focused future is resulting in a significant shift towards electric vehicles (EVs) and other forms of sustainable transport. EVs will become increasingly common on the streets, and petrol stations will likely continue to transition to electric fast-charging stations.
Finally, it’s important to realize that a renewable energy-focused future will depend on international cooperation to an extent that we’ve never seen before. Some economies will have to share resources and knowledge about renewable energy systems with countries that do not currently have access. Ultimately, we will all benefit from this cooperative approach, not just the countries at the receiving end of that support.
Renewable Energy is the Future
A growing number of people and businesses are investing in renewable energy. The federal government is even trying to encourage people to use it.
These are a few of the more predictable insights into what a renewable energy focus might look like. That being said, there are also likely going to be effects, many of them positive in nature, that we cannot currently predict. The transition will bring about an exciting new world, and we all have a part to play in the process.
Our gratitude to the team of experts over at Exagen, who provided some interesting insights that led to the creation of this article.