Energy transformation: the shift towards renewable energy sources

What is it about?

The world is witnessing a fast restructuring in the energy sector. Called “Energy Transformation,” it refers to ongoing planned efforts to shift from fossil fuels to renewable energy sources. The most important driver of this shift is the reducing cost of renewable energy technologies. These include wind turbines, solar panels, and storage systems. In contrast, the cost of extracting fossil fuels, such as oil, gas, and coal, is rising. Further, consumers now are more aware of climate change and their income is increasing from energy conservation. These, in turn, are further boosting the energy shift. In addition, factors related to geopolitics will affect the shift in the global energy demand in the next few decades. In this chapter, the authors address these aspects of Energy Transformation, the major energy challenge of this century, that aim to end the fossil fuel age.

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Photo by Nicholas Doherty on Unsplash

Photo by Nicholas Doherty on Unsplash

Why is it important?

Modern societies rely heavily on fossil fuels to meet their energy needs. Excess carbon emissions from industrial, housing, and transport sectors are greatly advancing climate change. As a result, many ecosystems may collapse before the end of the century. Fortunately, there are global plans and agreements aimed at reducing greenhouse gas emissions. The European Union is taking the lead on this front through its Energy Roadmap 2050. It has set up tough climate targets to achieve net zero carbon emissions. Some developing countries are also investing in renewable energy. These include the Latin American countries, China, and India. By having a knowledge of the drivers and hurdles involved in meeting the energy goals, we can meet them better. KEY TAKEAWAY: The end of fossil fuel age is near. It is high time that we focus on renewable energy sources to solve current energy challenges. This research relates to the following Sustainable Development Goals: • SDG 7: Affordable and Clean Energy • SDG 13: Climate Action • SDG 9: Industry, Innovation, and Infrastructure • SDG 11: Sustainable Cities and Communities