1. Renewable is business as usual
The cost of renewable energy is falling fast enough to be cheaper than fossil fuels within a few years, according to a 2018 report from the International Renewable Energy Agency. Namely, Chandralekha Mukerjif notes that the cost of solar photovoltaic electricity has reduced by 73% since 2010.
These developments are believed to continue with higher speed.
2. Technology is important
The renewable energy industry is upgrading its manufacturing and working models to leverage innovation in other industries to reduce costs. In fact, blockchain start-ups are trying to implement the technology to make the energy attribute certificate, easier, cheaper and free of fraud.
In addition, data analytics and data integration is already being applied, and is expected to expand in energy production, storage or energy management. It will also contribute to the demand side and coming up with cheaper energy solutions.
Moreover, the industry is also using 3D printing and blockchains, to reduce costs and improve efficiency.
3. Green future
COP24 indicated that the world is finally getting serious about climate change. Last year’s United Nations Climate Change Conference in Poland dedicated several side events that talked about how to boost innovation towards sustainability and green technological advancements. It seems that climate funding from businesses and corporates will play a much bigger role in the future.
4. Waste to turn into fuel
Organic waste and plastic can be turned into fuel, but the discussion over this matter has yet to come to a decision.
Despite this fact however, a study by the Earth Engineering Center at the City College of New York concluded that non-recyclable plastic can be turned into an alternative to fossil fuels.
In addition, there is a rise in demand for new carbon-neutral fuels, which includes waste-based fuels and synthetic fuels as well.
5. Towards a ‘green’ world
Governments have stood up to show that the world can still fight climate change with the right policies.
Specifically, in Curitiba, Brazil, the city recycles 70% of its waste, while Reykjavik, Iceland, uses its natural geothermal energy to limit dependency on fossil fuels. Moreover, San Francisco banned all plastic bottles and pioneered water conservation, with Singapore having mandated ‘green buildings’ for a decade now. Cape Town, South Africa, is also among the top five cities in the world to have addressed climate change through their Carbon Disclosure Project.
China is expected to be proven an interesting player, with its adoption of EV, solar PV, and their energy policy and energy mix, believed to have a huge global impact, Chandralekha Mukerjif concludes.