Green energy is growing faster than ever. As we become increasingly aware of the impact fossil fuels are having on the environment, eco-conscious consumers are shifting to renewable energy, savvy businesses are changing their energy policies, and engineers are learning to work with solar, wind, and hydroelectric systems.
According to the international energy agency, renewable energy is set to grow 50% by 2024, an increase of roughly the entire energy capacity of North America. This energy surge will be led mostly by solar energy, which will be around 35% cheaper by that time.
VHR’s Energy & Renewables specialists investigate the future of green energy.
In the times when fossil fuel-led domination in different energy sectors is at a record excess, it is the environment that’s getting affected the most. Scientists and governments are slowly but steadily adopting green energy, which often originates from renewable technology (sometimes nonrenewable) sources and remains clean of pollutants that cause several environmental problems.
The challenge is here: Saving the environment with new innovation in renewable energy which is sustainable and pollutant-free technology. The trend has picked up more eyeballs, especially when evidence of fossil fuel harming nature is becoming more prevalent and rising to alarming levels.
In a time of desperate measures, green energy innovations is acting like a saviour in so many ways.
What does green energy mean?
Green energy is a term for energy that comes from renewable sources. Green energy is often referred to as clean, sustainable, or renewable energy. The production of green energy doesn’t release toxic greenhouse gases into the atmosphere, meaning it causes little or no environmental impact.
Why is green energy growing?
The simplest reason green energy is growing is because it’s rapidly becoming more viable than traditional fossil fuels. Over the last two decades, green energy has grown cheaper, more efficient, and more important for businesses to adopt.
Why is it called green energy?
Green energy got its name because it comes from natural resources provided to us by the Earth. The color green is often associated with health, nature and sustainability, so it makes sense that renewable energy is related to the color that embodies nature.
It’s cheap
It’s now cheaper to operate on solar and wind power than gas, and given recent issues with supply around the world, renewable energy is looking increasingly attractive.
The cost of installing and maintaining solar cells has fallen by 90% since 2009, and the cost of solar power is predicted to drop by anywhere from 15-35% by 2024, whereas Carbon Tracker predicts that 72% of all coal-based power will be unprofitable by 2040. Running on fossil fuels soon won’t make good business sense, and renewable energy will only continue to fall in price.
It’s efficient
Solar and wind power are becoming more efficient each year, in part due to better technology when generating energy, but also thanks to more sophisticated methods of moving and storing it.
Distributed generation is a technique that allows for excess power generated from solar panels on private homes to be sold on and transferred to other sites. The main benefit of this is a reduced reliance on centralised power sources, meaning power-cuts are less likely.
Transmission of power has been a problem for renewable energy in the past, as it is often generated in remote areas, such as offshore wind farms. Being able to transfer energy across long distances will be vital in the mass adoption of renewable energy, and so is an area of huge interest to the industry.
There has been rapid growth in distributed generation in recent years, and this is expected to continue: the distributed generation market could be worth EUR 147.5 billion by 2026. Over three quarters of the power and utility respondents to a recent Deloitte survey said that they are either planning or depending on new transmission projects to increase access to renewable energy.
Energy storage has also improved. Green energy like solar or wind can’t be generated continuously, so efficient storage is a crucial element of any renewable energy system. Furthermore, when energy is stored or transferred, it can be lost, so any improvement in storage can potentially save vast amounts of energy and money.
It’s good for business
Consumers and investors alike are demanding more widespread green energy use.
As the public grows more concerned about climate change, businesses that are quick to adopt green energy will reap the rewards, whereas those that lag behind may find themselves under scrutiny, criticism, or even risk a boycott.
The Need for Green Energy
The talk and adaptation of green energy resources have been implemented in different sectors for a long time. Simple sources like solar renewable energy, biomass, hydroelectric energy, and wind energy are among the most commonly seen sources of green energy.
None of these sources incurs or cause any effects of ozone layers and causes a climate crisis nor releases harmful fumes.
In short, green energies are the most sustainable energy innovations that cause minimal to no damage compared to fossil fuels and other forms of energy.
Let us compare some properties of green energy and how they change the equation for the future:
- Green Energies are replenishable: Unlike fossil fuels, green fuels have easy replenishing abilities. For instance, coal and crude oil formation takes hundreds to thousands of years to replenish themselves.
- No Hardcore Mining Activities: Furthermore, green energy sources do not involve serious mining activities that cause any noticeable damage to the environment or deplete the resources.
- Green Energy Is Climate Friendly: Right from climate change to the excess release of harmful pollutants and melting of icebergs, all these are directly or indirectly related to the pollution and harm caused by fossil fuels. Green Energy on the other hand has gained a reputation for being a safe and resourceful alternative to fossil fuels and does not alter nature in any shape or form.
- Encouragement from Government Bodies: Last but not least, governments in different countries including India are voicing their appreciation and processing sufficient grants that allow individuals to implement more green energy sources. These schemes allow more people to install solar panels in their residential properties and make the most of power savings with these advanced PV panels installed.
5 green tech trends to watch in 2024
Low-carbon construction
Smart, sustainable buildings are popping up everywhere, and for good reason. Traditional buildings and construction account for 38% of greenhouse gas emissions around the world.
Low-carbon buildings are designed to emit little to no carbon across their lifespan. They require minimal heating and cooling, produce very little waste and pollution, and are made from eco-friendly materials like bamboo and hemp. They generally produce their own energy, often through rooftop solar panels. With the demand for construction higher than ever, low-carbon buildings are crucial for a green future.
Carbon capture and storage
Carbon offsets are a necessary step towards reversing global warming, but on their own, they can’t keep global temperature increase to less than 1.5°C. For that, we’ll need to physically remove existing carbon from the atmosphere.
Carbon capture and storage technology pulls carbon from the atmosphere and uses it to make synthetic fuel. Right now, it’s expensive and relatively small-scale, but a study by Stanford University predicts that the costs of this technology could even be reduced by a multiple of six, making it much more scalable.
Renewable energy storage
In the transition to renewables, one key problem is working out how to make clean energy available consistently, even when the sun has been hidden by clouds for days on end, or wind hasn’t spun turbines in weeks. To do this, we’ll need to be able to store large amounts of energy for long periods of time, at little cost.
Innovative companies around the world, including Aquion Energy, Malta (Google X) and Highview Power, are developing unique long-term storage solutions for the power generated by renewable energy sources. Fossil fuels are out, renewables are in, and the demand for storage technology will follow.
Hydrogen
You’re already familiar with battery-powered electric vehicles, but there’s another kind of electrical vehicle, and it’s known as a fuel cell electric vehicle. These cars don’t run on batteries — they run on hydrogen. This makes them far more efficient than combustion-powered vehicles, and they also don’t produce any harmful emissions.
Some people predict that by 2050, hydrogen will eventually power over 400 million cars, up to 20 million buses, and more than 20% of passenger ships. Hydrogen fuel is still expensive, but hydrogen-powered vehicles are already being purchased in many parts of the world and could become crucial for cutting transport emissions from fossil fuels.
Upcycling (circular waste management)
Upcycling — turning waste into new, usable materials or products — has never been more popular. Innovative companies and organizations around the world are finding ways to upcycle existing waste into everything from fuel and fertilizer to clothes and bicycles.
The impact of AI on renewable energy
Forecasting
Both wind and solar power rely on ideal weather conditions for peak efficiency. Unfortunately, even today this can be hard to predict, with weather patterns changing faster than ever.
Artificial intelligence can take in and analyse more weather information more effectively than a team of meteorologists, and machine learning allows AI systems to gather past data on whether to make more accurate predictions about what will happen in the future.
Grid Management
Artificial intelligence can play a big role in grid management, helping to ease the burden when power needs are high by predicting energy usage in households. If it looks like power needs will be exceptionally high, generation can be increased, or reserves accessed and utilised. If power needs will be low, they can lower generation to avoid waste.
Maintenance
Maintenance on a power grid can be difficult for a number of reasons, including sourcing the necessary parts, knowing when maintenance is required, and maintaining consistent power.
AI can accurately predict when parts will fail, allowing for quick and simple replacements before problems occur. This allows notice to be given to local populations in advance of repairs, which can then be scheduled to take place at the least inconvenient time.
What types of green energy are growing?
Solar
Solar is the fastest growing type of green energy because it’s more reliable and predictable than wind power. Thanks to increased performance and smarter energy storage, commercial buildings running on solar power will still run at full capacity even when not in full sunlight.
Austria, Belgium, the Netherlands, and Australia are all predicted to have some of the highest growth of solar energy per capita over the next few years, but China will likely have the highest amount of overall growth. But even with current growth levels, only 6% of the world’s viable rooftops will have solar panels by 2024, so we will need significantly more investment to hit global renewable energy targets moving forwards.
As of this year, solar installers and developers will have to monitor their compliance with the Solar Energy Industry Association’s Solar Supply Chain Traceability Protocol. These guidelines are designed to enable designers, suppliers, and customers to trace the materials back through the supply chain, and to ensure ethical labour throughout construction.
Solar panels use silicone sheets with energy-absorbing cells to convert sunlight into electricity. Solar power is a relatively accessible resource, and people can harness solar power industrially or individually by installing solar panels on buildings and homes.
Wind
Onshore wind energy capacity will increase by around 57% by 2024, being driven in part by major investment in the US, a country with vast amounts of open land, perfect for wind power.
Offshore wind energy will also increase, with Japan being a particularly big investor, seeking to replace old nuclear reactors with cleaner, safer wind turbines.
The way we build offshore wind farms is also changing. While traditional offshore wind turbines are built on metal or concrete towers, new turbines are being built to float, having less impact on the environment and marine life around them.
There are also practical benefits for power generation, as this allows wind turbines to be stationed further out to sea, where winds tend to be stronger, creating more energy.
Wind turbines generate kinetic energy that we then use to create electricity. The harnessing of wind power doesn’t require much human labor, and it is known as one of the most environmentally friendly resources.
Geothermal
Geothermal energy is created when water is pumped from underground at high pressure, then turned into steam, which turns a turbine connected to a generator.
The market for geothermal heat pumps will exceed $2 billion in the US alone by 2024. As building codes are updated to require renewable energy, geothermal is slated to be one of the go-to methods of generating the necessary power across the country.
The global geothermal market will increase by 28% by 2024, with Asia driving roughly one-third of that expansion.
While these methods of generating energy are growing around the world, they’re supported and improved by other technologies, like artificial intelligence.
The heat held within the fluids and rocks beneath the Earth’s crust can create energy. To harness geothermal energy from the steam and hot water, workers dig mile-deep wells into underground reservoirs. They then use this steam and hot water to power turbines connected to electricity generators.
Hydropower
Hydropower plants capture kinetic energy from the currents flowing in streams and rivers. This is done through the use of a turbine built into a dam.
Biomass
Energy can be generated from agricultural, urban and industrial waste. Biomass can be harnessed by burning wood and energy crops grown specifically for this purpose. Wheat, sugar beet, sugar cane and maize are often fermented to produce bioethanol.
What are the benefits of green energy?
For many people and organizations, green energy’s main draw is that it’s less harmful to the environment. Green energy sources like wind and solar power are superior options for avoiding harmful greenhouse gas emissions. While installing wind turbines on homes may not be possible, we can choose utility providers that supply green energy.
Green energy is also better for our physical health as it is far less responsible for polluting our air and water. According to the World Health Organization, household and ambient air pollution causes 4.2 million deaths around the world annually. Most of these deaths occurred in low- to middle‐income countries, especially Southeast Asia and the Western Pacific regions.
For this reason, we must focus more on renewable energy sources that cause less damage than their unsustainable counterparts, especially in less affluent countries.
Green energy sources like wind energy and solar power are far more sustainable options compared to fossil fuels. They offset the emissions of oxide, nitrogen dioxide and sulfur dioxide, saving substantial health issues. Renewable energy is also responsible for job creation, employing nearly 500,000 people in the U.S. in 2021.
Another advantage of green energy is that the naturally occurring resources used to harness this renewable energy will not deplete over time. Solar power is available as long as the sun continues to shine, wind energy is possible as long as the wind is blowing, and hydropower will exist as long as lakes, streams and rivers continue to flow. Each resource’s consistency and reliability depend on the location; for example, the U.S. is better suited to generate solar power than other countries that receive less direct sunlight. Similarly, windy areas such as plains and the coast will likely yield better energy generation results for wind farms.
