Climate change has become a growing threat to the world. Heavy dependency on fossil fuel for power generation and its fast depletion has not only pushed the power industry to look for alternative resources but also heavily damaged the environment.
The emission of green house gasses has caused severe climate changes that affect the world’s population and threatens to destroy a regenerating planet.
The burning of fossil fuels has released 337 billion metric tonnes of Carbon Dioxide since 1977. However, it is estimated that only half the emission can be naturally absorbed, leaving the world with a net increase of 10.56 billion tonnes of Carbon Dioxide per year. This increases global warming which in turn will cause the average temperature of the earth to increase vastly in response.
Renewable energy can mitigate the impact of this significantly. Renewable energy comes from resources naturally replenished on a human timescale such as sunlight, wind, rain, tides, waves, geothermal, heat, and biomass. With industries pushing for green energy, hydropower, wind and solar power will become the most sought after energy sources of the future.
Development of renewable energy will result in significant energy security, economic benefits and mitigation of climatic change. The change to renewable energy sources would not only reduce Carbon Dioxide emissions to the atmosphere but also save a large sum of funds spent on Diesel and heavy fuel supplies.
If the external cost such as the damage to health and environment was to be taken into consideration, the cost of producing electricity from coal or oil would double.
Depleting resources have also increased the cost of production of energy. Diesel and heavy fuel power plants are the most expensive sources, whereas Hydropower and Wind power are the most economical.
Hydro power, for countries rich in water sources is the most economical and renewable energy source.