Is renewable energy effective in promoting growth and how clean energy is used in green economy?
Renewable energy is a source of energy that can be replenished by natural processes and does not emit greenhouse gases or other pollutants when used. Clean energy is a broader term that includes renewable energy as well as energy efficiency measures that reduce the amount of energy needed to perform a certain task. The green economy is an economic system that aims to achieve sustainable development without degrading the environment. Clean energy is an essential component of a green economy, as it can help reduce the environmental impact of energy production and consumption while also creating new jobs and opportunities for innovation.
According to some studies, renewable energy can positively affect economic growth, especially in developing countries where access to modern energy services is limited. Renewable energy can provide reliable and affordable electricity, improve energy security, reduce dependence on fossil fuel imports, and enhance social welfare. For example, one study found that doubling the share of renewables in the global energy mix by 2030 would increase global GDP by up to 1.1 percent, improve welfare by up to 3.7 percent, and support over 24 million jobs in the sector. Another study found that renewable energy consumption positively and significantly impacts economic growth in 19 out of 24 countries analyzed.
However, renewable energy alone cannot achieve sustainable development and net zero emissions by 2050. Other clean energy technologies and strategies, such as energy efficiency, carbon capture and storage, hydrogen, electrification, and behavioral changes, are also needed. Moreover, the transition to a clean energy economy requires greater efforts from governments, businesses, and civil society to implement the necessary policies, investments, and innovations. The International Energy Agency (IEA) warns that countries' current pledges and actions are not enough to reach the net zero goal and calls for more ambitious and urgent measures across all sectors. The IEA also highlights the opportunities and benefits of a clean energy transition, such as lower costs, higher employment, better health, and enhanced resilience.
Generating energy that produces no greenhouse gas emissions from fossil fuels and reduces some types of air pollution that diversifying energy supply and reducing dependence on imported fuels and creating economic development and jobs in manufacturing, installation, and more. Renewable energy consumption positively and significantly impacts economic growth in 19 out of 24 countries analyzed. However, renewable energy alone cannot achieve sustainable development and net zero emissions by 2050. Growth in clean energies is unstoppable, as reflected in statistics produced annually by the International Energy Agency (IEA): according to IEA forecasts, the share of renewable in global electricity supply will increase from 28.7% in 2021 to 43% in 2030, and they will provide 2/3 of the increase in electricity. Apart from saving energy, renewable energy helps you to save money in the future. It is believed that nuclear energy and fuel energy will rise in cost in the future. However, studies show that renewable energy cost will keep decreasing since there are many innovations being done all over the world.As clean energy sources become more common, the impacts on the world become clear. Renewable energy reduces greenhouse gasses and protects the climate, positively impacting biodiversity. Still, although it benefits the environment, it harms the balance of nature. Solar, wind, and biomass capacities have facilitated green growth, while hydroelectric capacities have not. By contrast, in developing countries, wind capacity has not been effective, while other sectors show a positive contribution. Clean energy provides a variety of environmental and economic benefits, including a reduction in air pollution. A diverse clean energy supply also reduces the dependence on imported fuels. As a source of energy, green energy often comes from renewable energy technologies such as solar energy, wind power, geothermal energy, biomass and hydroelectric power. Clean energy production allows us to generate the energy we need without the greenhouse gas emissions and negative environmental effects that come with fossil fuels, in turn helping to reduce climate change.