How will renewable energy help the economy?

Advantages and disadvantages of renewable energies

Although renewable energy has proven to be positive for sustainable development, many myths still prevail in people’s minds. To help improve their understanding, here are the 5 most important benefits of renewable energies:

Because it does not emit greenhouse gases during its production, renewable energy is an indispensable ally in mitigating society’s impact on the environment. This helps mitigate the effects of climate change.

Renewable energy sources are inexhaustible and adapt to natural cycles, unlike conventional energy sources (coal, gas, oil or nuclear energy). This makes them the key to creating a sustainable energy system that allows local development without jeopardizing the future of the next generations.

Unlike fossil fuel energy generation, whose costs vary constantly and depend on the economic situation, the cost of renewable energy production is predictable and plannable. Moreover, renewable energies can be found anywhere on the planet, which means a differential advantage for local economies, ensuring energy independence by not having to resort to fossil fuel imports.

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Does clean energy help or hurt the economy?

Within this topic we could consider as a solution to the development of countries in a sustainable way, the use of clean energy, which has many advantages, since, on the one hand, it helps to reduce greenhouse gas emissions, avoids the use of fossil fuels and does not generate waste that is difficult to eliminate, on the other hand, it offers the possibility of bringing electricity to more remote communities in an accessible way and reduces pollution-related diseases, so in general terms we could say that it provides a better quality of life.

In addition, it also brings many economic benefits, for example, it favors more competitive prices, reduction of tariffs of some services such as electricity, water and gas and helps to generate jobs directly and indirectly.

The costs of renewable energies have also become more competitive, decreasing the levelized cost of electricity by 81% since 2009 in the case of photovoltaic solar energy and 46% for wind energy.

Economic impact of renewable energies

The trends revealed by this data not only demonstrate the success of renewable energy development policies in reducing costs, but will also serve to support the transformation of the energy sector in the future.

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The cost competitiveness of renewable energy generation has reached historic levels. Today, where adequate resources and cost structures exist, biomass power generation, hydropower and coastal wind facilities can provide electricity competitively with fossil fuel power generation.

Given the installation costs and performance of today’s renewable energy technologies, as well as the costs of traditional technologies, it is clear that renewable energy generation is increasingly approaching, without the need for financial support, the level of competitiveness of fossil fuels.

What are the advantages and disadvantages of renewable and non-renewable energy sources?

Renewable energies are clean, inexhaustible and increasingly competitive sources of energy. They differ from fossil fuels mainly in their diversity, abundance and potential for use anywhere on the planet, but above all in that they do not produce greenhouse gases – the cause of climate change – or polluting emissions. Moreover, their costs are falling steadily, whereas the general trend in the cost of fossil fuels is the opposite, regardless of their cyclical volatility.

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According to the IEA, global electricity demand will increase by 70% by 2040, raising its share of final energy use from 18% to 24% over the same period, driven mainly by emerging regions (India, China, Africa, the Middle East and Southeast Asia).  DISCOVER WHAT RENEWABLE ENERGIES ARE IN 2 MINUTESRenewable energies are those that are obtained from inexhaustible natural sources and generate electricity without contributing to global warming.