With the rise of awareness around environmental, social, and governance (ESG) issues, many people are wondering if renewable energy will ever rule the world.
The answer is complicated. It depends on a number of factors, including technological advances, political will, and economic feasibility.
Technologically, we are making great strides in renewable energy. Solar, wind, and other forms of renewable energy are becoming more and more efficient and cost-effective.
However, there is still a long way to go. Renewable energy currently only accounts for around 11% of the world’s total energy mix. Fossil fuels still dominate, accounting for around 80%.
The good news is that the trend is moving in the right direction. More and more countries are setting ambitious renewable energy targets. And, as costs continue to fall, it is becoming increasingly economically feasible to switch to renewable energy.
But there are still a number of challenges that need to be overcome.
Political will is one of the biggest. There are a lot of vested interests – both economic and political – in the fossil fuel industry. This makes it difficult to enact the changes that are needed to shift to a completely renewable energy grid.
Another challenge is storage. Renewable energy is intermittent, meaning it is not always available when we need it. This means that we need to find ways to store it effectively so that we can use it when the sun isn’t shining or the wind isn’t blowing.
Overall, the trend is moving in the right direction. Renewable energy is becoming more and more feasible, both technologically and economically. And, as awareness around environmental issues continues to grow, it is likely that we will see an increase in political will to make the switch to renewable energy.
Only time will tell if renewable energy will ever completely rule the world. But, if current trends continue, it is looking more and more likely.
