How is Renewable Energy Technology Shaping the Future of the World?

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Renewable energy is something we are only going to hear more about as time goes by – and for good reason. This kind of sustainable energy production could be what shapes a more promising future for the planet, in a variety of different ways. We have already seen a lot of the scary consequences of the overuse of fossil fuels, so now it’s time to flip the coin and think about it from a different perspective. In this article, we are going to focus on how renewable energy technology is changing the narrative and painting a more promising future for the planet.

Levelized Cost of Energy

Renewable energy is much more prominent than ever before – this source of power can now compete on its own in the competitive energy industry. With LCOE, when the creation of generation plants is in the pipeline, the value of cash flows and outflows over a set amount of time can be predicted. This is used for strategic decisions – it can help to decipher the minimum amount of money needed for a project, and can help to come to the conclusion of whether or not an investment is viable. LCOE (what is LCOE? – click the link to find out more) assesses all potential costs, whether it be the price of wind turbines, operations or discounts. This is one of the ways renewable energy is shaping the future of the world, as we can now see how important and impactful it is in regards to the planet. It is solidified as a key player in the energy industry, after seeing incredible traction over the past decade or so.

Creating Jobs

The International Energy Agency estimates that although 5 million people’s jobs in fossil fuel production could be lost by the end of this decade, about 14 million new jobs are likely to be created through renewable energy vacancies. Meaning, overall there will be 9 million more jobs for employees to get stuck into. This is great for the economy and for every individual who gets a new work opportunity.

Third World Countries

When it comes to countries that don’t have as much money to play around with as the economically dominating west, renewable energy technology is something that could be a huge game changer. For example, the sub-Saharan African power problems could be massively reduced over the next few decades with the help of renewable energy. Not only would this massively reduce co2 emissions, but it would be greatly beneficial to local businesses and the general public. The issue is, initial installation can be costly. However, renewable technology such as geothermal, solar, wind, or hydroelectricity could be something that really makes a difference to people in countries that have a lot of poverty, as it will make their electricity much more affordable.

This is just scratching the surface of ways renewables are set to shape the future. So watch this space – we should hopefully be seeing more sustainable, eco-friendly practices taking dominance over the next few decades. 

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