In the past few years, renewable energy has become a popular topic throughout the world. This is in part because news of climate change and its consequences are becoming more known and understood with each passing day. Climate change has been brought about by the world’s consumption of fossil fuels, such as oil and coal, that have long produced the energy supply for countries throughout the world. With the dwindling availability and increasing price of these fossil fuels, alternative energy sources have begun to be seriously looked at as the energy sources of the future.
The benefits of producing energy using renewable energy technologies are numerous. By using resources that are not finite such as coal and oil, there can be more security of energy sources. Countries would not have to undergo political battles to gain the right to import these resources from other countries. There would not be a fear of rising prices for energy as supplies become more limited with use because unlike fossils fuels, renewable energy technologies are just that, renewable. If there is flowing water, hydropower will be able to be generated, if there is wind, wind power can be produced, if there is sunlight, solar energy can be harnessed. As long as these elements are present, energy can be produced. This is the binding characteristic of all renewable energy resources, that their resources can be regenerated consistently. It will take fossil fuels millions of years to reform, a timescale that is not compatible with the human lifetime. In addition to the threat of resource depletion, the use of fossil fuels also contributes to global climate change. The emissions that result from these resources are detrimental to the health of the world and over time will significantly impact the planet. Emissions are harmful to human health as pollution of air and water can directly adversely affect their lives and lead to disease or death. Climate change can result in increased droughts and temperature, stronger storms, compromise wildlife, rising sea levels. All of these consequences have an impact on human life and health and so our consumption of fossil fuels should be evaluated in order to find ways in which we can limit climate change.
While it may sound like an easy fix to a big problem, incorporating renewable energy into a country’s infrastructure is not an easy process. For one, the technology is still being developed so these resources can be used as efficiently as possible. Also, infrastructure may have to be implemented in order to accommodate these new sources of energy. Grid modifications will be essential and finding the best areas to build these technologies is also a challenge. These challenges are all very important to overcome, but one of the most significant barriers is money.
Renewable Energy is not cheap. There is a large upfront capital cost associated with these resources to build windmills, dams, and solar panels and then additional costs to ensure they continue operating. In a developing country like India, money is not the easiest commodity to come by. However, it is still very important for these developing countries to plan for global environmental change and begin to implement the use of alternative energy sources to ensure energy security for the future (Benecke 2011). To help cushion the cost of implementing these technologies and ensuring that these alternative energy sources will be researched there are multilateral institutions and development banks that carry out renewable energy projects in developing countries. The Indian renewable energy sector has received support from these organizations in the forms of loans and grants. Some of these organizations include The World Bank, KfW of Germany, USAID, and the Asian Development Bank, or ADB (Arora et al 2010). All of these banks serve a common purpose to aid in the growth of countries and provide funds for projects that would not ordinarily be feasible for these countries. The World Bank gives $1 billion annually to India’s power sector in efforts to improve their power generation efforts and to encourage sustainable development which includes implementing renewable resources. (Arora et al 2010). A recent World Bank report reported the 68GW of power could be generated from India’s renewable resources if these resources were tapped into. (2011 World Bank Report). This is a significant amount of energy and would help to accommodate the increasing electricity demands that are occurring throughout the country. In addition to the World Bank, these other development agencies provide loans for similar projects that help alleviate the money burden that these developing countries struggle to overcome each day. In providing such support, these agencies are allowing renewable energy and alternative energy sources to be an economically feasible option in the developing world.
Incorporating renewable energy resources into the world’s energy production is an important and necessary step towards ensuring the security of the world’s energy sources. While fossil fuels will eventually be depleted, these other options will provide the energy we need going forward. A major obstacle in overcoming these barriers is money, especially in developing countries. With the help of multilateral agencies, overcoming this barrier is slowly becoming a reality and as a result of these efforts, renewable energy resources will be utilized at increasing rates in the coming years.
References:
2011. World Bank: India can generate 68GW from renewables. Power Engineering International. 19(3).
Benecke, E. (2011). Networking for climate change: agency in the context of renewable energy governance in India. International Environmental Agreements: Politics, Law, and Economics, 11(1).
Arora, D.S., Busche, S., Cowlin, S., Engelmeier, T., Jaritz, H. Milbrandt, A., Wang, S.(2010). Indian Renewable Energy Status Report. National Renewable Energy Laboratory. U.S. Department of Energy.