What’s making headlines in the Energy Sector these days? The necessity for shifting away from fossil-sourced energy is paramount and is receiving intense momentum in the year 2022. As per data, 84% of global primary energy needs were met by fossil fuels in 2019. This rate of consumption is alarming despite the knowledge of the aftermath of the use of fossil fuels leading to toxic air pollution, carbon emissions, global warming, ocean acidification, and land degradation.
The consensus among all countries to battle climate change and protect the environment has given rise to the development of clean energy alternatives which are renewable, efficient as well as cost-effective. Technological breakthroughs, efficient energy utilization methods, and coordinated policies by the governments are motivating to conform to newer avenues. The road ahead is arduous but there is a light at the end of this tunnel. Diverse energy sources are gaining traction and contribute to the trend of aggressive competition by renewable sources of energy. The Energy Sector this decade is shaped by the following trends in renewable sources of energy which are yoked to clean technology advancements. This is imperative to achieve the goals of net zero carbon emissions and a safer planet.
Derived from biomass, bio energy is considered a versatile renewable source of energy that can meet the requirements of electrical power, aviation, and maritime because of its density. The IEA ( International Energy Agency ) predicts that bioenergy will account for 30% of renewable energy production by 2023.
Internet of Energy
As the saying goes, Necessity is the mother of Invention, the dire need to efficiently use energy has ensued in leveraging technology, the IoT ( Internet of Things) to automate electricity power grid infrastructures with the use of sensors and smart meters. This leads to the optimal record of demand and supply of energy by conserving, rerouting, and seamless allotments.
Renewable Sources of Energy
Solar, Wind, and Hydro energies are in abundance and new developments in technology make the switch to these renewable sources easier compared to a decade ago. With the reduction in the costs of these distributed energy resources, there is a steady rise and resilience toward meeting the ‘net-zero’ targets outlined by the IPCC.
The potential shift from fossil fuels to renewable sources of energy by adapting hybrid solutions for industries with recent advanced innovations overcomes intermittent disruptions caused by high commodity and transport prices. Policymakers and governments are identifying barriers and operating towards overcoming them to ensure a steady pace of adaptation and conversion.
Blockchain for Energy Storage
A digital data structure technology is considered a dynamic disruptor in the energy sector. Production of zero-carbon energy from renewables requires armouring against intermittency by efficient storage to reduce risks and uncertainties.
The buzz around it is a good reason to get a comprehensive view with real-time efficiency.
With peer-to-peer energy trading and IA applications, blockchain is a promising solution for smart management and control of the power network.
The latest IPCC climate report by the UN stresses the urgency to cap global warming at 1.5 degrees Celsius and involves declining the emissions of GHG to net zero by 2050. This accelerates the need to switch over to green energy at a rapid pace by employing innovations, government policies, and infrastructural developments to meet the lofty yet critical goal.