Renewable energy can be defined as ‘energy obtained from natural and persistent flows of energy occurring in the immediate environment’ (Owusu & AsumaduSarkodie, 2016). The energy is already passing through the environment as a current or flow, irrespective of there being a device to intercept and harness this power. Such energy may also be called Green Energy or Sustainable Energy. Solar energy (sunshine), tidal energy, wind energy etc, are the examples of renewable energy (Twidell & Weir, 2015).
IEA further defines renewable energy as “Energy derived from natural processes (e.g. sunlight and wind) that are replenished at a faster rate than they are consumed”(IEA, 2019).Renewable energy continued to grow in the past few years with the increasing global energy consumption, particularly in the countries like China, USA, Germany, Brazil etc. In the year 2014, global carbon emission from energy consumption remained in the stable zone mainly due to the use of renewable energy and improvement in energy efficiency (IEA, 2019). A number of countries in the world are moving towards the use of renewable energy to fulfill their energy needs because it.
i. Reduces dependence on imports of fuels, oil & gases.
ii. Reduces import bills of countries. iii. Creates job opportunities.
iv. Helps in reducing local pollution, such as sulphur dioxide (SO2) and nitrogen oxides released from fossil fuels.
v. Moderates effect on rising fossil-fuel prices and reduced vulnerability to price variability.
vi. Offers trade benefits for countries that manufacture and export-related equipment.
vii. Beneficial for rural development.
For citing this article, use:
- Akbar Kamal, T. (2020). Economics and Environment Efficiency of Second Generation Biofuels.