The world economy relies on many different factors, and one of these factors is energy. Energy can be divided into two types: renewable energy and nonrenewable energy. Renewable energy sources include biomass energy, solar energy, wind energy, geothermal energy, hydro energy and tidal energy. Nonrenewable energy sources includes oil, natural gas, coal and nuclear energy. Renewable energy sources are already in use to some degree. Biofuels like ethanol and biodiesel are already being produced and used in the United States and many other countries. The same is true of wind power and solar power, but these two energy sources are not yet very dependable or cost effective.
The future of the world economy depends on renewable energy that is both sustainable and ecologically friendly. Why? There are seven reasons for that:
1. Fossil Fuels Will Not Last Long
Without alternative renewable energy at some point the world is going to become low on oil and natural gas. These resources will become increasingly scarce and expensive. If this happens there is going to be an energy crisis that has a devastating effect on the world economy. Energy needs are rising astronomically around the world, and there is a finite amount of oil buried.
2. Preventing Global Warming Effect
Renewable energy can also solve the ecological crisis that global warming is causing, and this may also have an effect on the world economy. With global warming becoming worse, and air pollution at an all time high, the switch to renewable energy sources that are ecologically healthy and sustainable must be done, and done soon. Otherwise, a huge energy crisis is going to happen, and when it does it will have a very serious effect on the global economy and communities all around the world.
3. Reducing Pollution
Renewable energy sources might be the best bet for planet pollution reduction. Waste to energy is a fantastic way to turn the trash we discard into a renewable energy source that can help heat and power our homes. When our garbage is turned into energy such benefits of this renewable energy source must not be under appreciated. Same story is with energy from wind, hydro energy, energy from waves and geothermal energy.
4. Removing Dependency on Oil Rich Countries
With renewable fuels instead of fossil fuels being used, these fuels can be produced domestically in every country. No longer will a handful of oil rich countries hold the rest of the world hostage because their oil is needed. Renewable fuels will provide a global economy that is diverse and allows every country to have sufficient energy, without polluting the earth or paying through the nose.
5. Helping Developing Countries to Grow
The population of the world is growing steadily, and so is the demand for energy. Energy needs are increasingly significantly each year, as more third world countries advance and develop. Whole economies, like many in the Middle East, rely on funds from oil sales to keep their citizens extremely rich, at the expense of many citizens in poor third world countries and developing nations like China and India. Having domestically produced renewable energy available can help to even out the benefits. These local economies also benefit from the growth of jobs and businesses in the area as well.
6. Creating Green Jobs
By switching to renewable energy sources, many new jobs would be created. These jobs would become available because technicians would need to be trained to install, repair, and service the new energy source components, such as solar panels and wind turbines, municipal waste incinerators, etc. Factory jobs would be created because these energy source components would need to be manufactured, and this would make manufacturing growth important. Jobs are one factor that makes and determines the strength of the economy, both locally and globally.
7. Alternative Energy Investments Benefits
Investing in alternative energy might be a very smart choice nowadays. It is an investment in the future of energy, but not only! An investment in renewable energy means a great opportunity to save the planet and get a good return on your investment capital at the same time. Many alternative energy companies are still penny stock companies, even though they offer huge potential for an investor for high returns.
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August 18th, 2010 at 10:02 pmi agree that renewable energy is future and we have no option but to go for it…awerness has come…but it is still not cost effective….still can not be used by a common people…only bringing cost of solar panel or wind mill down,will not serve the purpose…one needs to control prices of..CONTROLLERS…BATTERIES…CABLEING…INVERTERS…ETC…
November 16th, 2009 at 6:15 amin india even government should offer incentives to such kind of developers…even the commercial banks should extend finance to end users[such as home loans,car loans,loans for consuambles]..
Globally we know some things as absolutes.
1.Peak Oil for the US happened in 1973, for the entire world peak oil figures suggest 2003.We know that oil is getting harder and haader to get, and the quality at the bottom of the barrel always costs more to refine.
2.OPEC has cut production from it’s wells by over 2 Billion barrels a day since Nov 2008.When you cut production you create a supply and demand situation, prices soar, production is deliberately kept low to maintain high prices.
3.Oil companies won’t pump unless the price is right, so the stocks stay in the ground until they are.Come the back half of 2009, watch the oil prices climb exponentially, this is when global economies current out of ground reserves will be consumed.
Renewable energy makes economic sense for the short and long term.Economies of scale will reduce prices on R.E technology and increase efficiency.Governments need to support these industries because they will create far more sustainable employment, and take off the subsidies currently for fossil fuels that create an artificial price advantage.
March 25th, 2009 at 7:41 amMany costings on R.E vs fossil fuel comparisons are done with a 3 to 5 year comparison period, but we know most R.E technologies are robust enough to last several decades, if true costing were done over the life of R.E, there would be a very defendable argument that R.E is far more viable….even with the large intitial start up costs(capital purchases), BUT thats just some of the advantages to do with the economics of R.E.
The environment, health issues and energy security are an entire different spectrum.
And these are without doubt as important if not more so than the economics of it.
Because rolling black outs and high oil prices will be the norm for many in the developed world, in fact it is the underdeveloped world that will be least affected, because they have economies that are not yet matured and the citizens of these countries are used to a simple lifestyle.
Consumerism is a cause of demise for many developed economies, reward is given to those who are able to build more , use more resources, build large dwellings that consume much energy, buy large vehicles that empty out within short drives. In Asia it takes 9 Asian children to consume what 1 Western child consumes.
Back to the absolutes.
We know that oil will get more expensive we know that global warming is happening(whether by human design or not)and we know that the clock is ticking, you can choose to favor the reports written up without peer review and purpetuated by the oil industry or you can take the advice of the 15 scientist on the International Climate Change Committee that say human beings are the number cause of global warming – directly or indirectly.
You choose.
I for one would rather find a new source of energy than see my kids or grandkids paying $100 a gallon for fuel because its so scarce and only for the rich.
February 23rd, 2009 at 12:35 pmI absolutely believe that if we switched over to renewable energies, we would not only have more jobs created but our environment would definitely be in a much better condition!
February 10th, 2009 at 11:50 amIt is honestly, pretty obvious that even though renewable energies will probably come at a high cost, what do you think about the raising cost of oil? Honestly, oil prices are just going to keep going up and up, renewable energies are the way to go!
February 10th, 2009 at 11:47 amHillary although I can not tell you what it would cost to switch over a whole company or even one person’s home I can say this. During these economic times many people are struggling to hold on to their homes let alone trying to convert them to a renewable resource. While in the long run this would be a wise investment when there is no money to invest it takes your thoughts from several years down the road to thinking about the bills that are due next week.
February 8th, 2009 at 9:18 amAlthough this may be an option how many companies at this stage in the economy can honestly afford to switch? What type of cost will they have in order to take their business or even the average person’s home to this level?
February 7th, 2009 at 8:40 amWalter I really don’t thing it’s about letting them it’s more about can we help them? We seem to be having a hard enough time standing on our own here let alone helping anyone else.
February 6th, 2009 at 8:57 pmTo Kerrjac:
February 6th, 2009 at 1:56 pmand one more thing: “Add more expenses to poverty and it doesn't take much to increase hunger and death even further. An alternative solution would be to let those countries have their industrial revolutions – just as we were allowed to have ours – and as they become wealthy enough they can worry about luxuries such as clean air.”
- Don’t you think that this sounds cynical?! World’s poorest countries would never have to concern about clean air if multinational corporations didn’t think that its worth profit to shift their dirty production to these countries, because of cheep labor that they have and environmental regulation laws that they don’t have.
And You were right when you said that these countries can progress if we will let them, but will we???
To kerrjac
February 6th, 2009 at 1:35 pm“If oil is currently cheaper than alternative energy sources, then switching to the latter will eliminate more jobs than it creates”
- We will be permanently running out of oil and as we will its price will be soaring up – this will make it hard on us if we won’t be ready to fight back with solutions like alternative energy. So its important to be prepared! And we can only prepare if we shift our priority from oil and other fossil fuels to investment into alternative energy. This will in turn lead to numerous innovations in this field and thats when we will start to get our cheap energy. Just think about it – sun shines on us for free every single day – we just need to learn how to use this
I feel that #4 alone is a reason to look closer into the subject of renewable energy:
February 6th, 2009 at 8:41 am4. Removing Dependency on Oil Rich Countries
If we could remove ourselves from being so dependant on these oil rich countries then maybe we could start not only rebuilding our country instead of everyone elses but also end a lot of the fighting and war that is happening. We need to be dependant on our on resources to better our future and the future of our children.
Also just in terms of point 7, stock prices are determined by demand for shares of a company, which is often linked to long-term future expectations. So almost every person who invests in the stock market – be it in passing or as a profession – disagrees, by definition, that alternative energy penny stocks make a great investment. Of course that’s no proof that they won’t go up, just a reminder that penny-stocks are risky by nature, and many first-time investors have lost lots of money based on similar arguments to buy penny stocks for companies for future “growth” industries. The vast majority of penny stocks go out of business, & even the SEC (http://www.sec.gov/answers/penny.htm) warns the public to only invest in them with extreme caution.
January 16th, 2009 at 9:34 pmHi Mr. Bionomic,
Sure, but remember that the switch to clean energy will come at a very hefty economic cost, which in the short run will hurt developing nations the most. Add more expenses to poverty and it doesn’t take much to increase hunger and death even further. An alternative solution would be to let those countries have their industrial revolutions – just as we were allowed to have ours – and as they become wealthy enough they can worry about luxuries such as clean air.
Mass production of the car revolutionized our economy more than any other single invention. Every Chinese citizen driving a car would be an amazing economic feat for them that I wouldn’t want squandered.
I’m also not sold on the science of global warming caused by man. That’s a whole other can of worms, but ask yourself whether you’re so convinced that cutting back on petroleum would have an appreciable long-term effect that you would risk the lives of many of the world’s poorest citizens in the short-term.
January 16th, 2009 at 9:06 pmWhile renewable energy in this article is being looked at as a ‘future’ possibility, many of these options are starting to become more and more popular. However, this article does outline some great points for people unfamiliar with the topic.
January 16th, 2009 at 6:12 pmDear kerrjac,
The main reason to switch to alternative energy sources is not just because they are cheap or not cheap vs. oil prices that could be high or low depending on speculation of day traders, but because they are clean sources of energy and do not pollute our planet as petroleum. Just imagine all China residents will start driving cars powered by 6-cylinder engines running on petroleum, you will think twice about NOT switching to renewable energy.
Kindest Regards,
January 16th, 2009 at 11:53 amMr. Bionomic
There’s plenty of oil in the ground (http://www.economist.com/finance/displaystory.cfm?story_id=11528901), it’s a question of getting it out cheaply enough.
More pressing: If oil is currently cheaper than alternative energy sources, then switching to the latter will eliminate more jobs than it creates. That’s due to the added cost that every business will have to face upon using alternative energy. Say for instance that alternative energy sources make transportation 10% more expensive. That’s essentially a universal added business tax – like when gas itself was so expensive – forcing businesses to cut back, giving consumers less spending power etc. Afterall, if green technology was cheaper than the current technology, it’d already be in use. The jobs “created” by top-down green technology incentives come at the expense of many more jobs lost in the private sector, just as jobs created by government taxation come at the expense of jobs lost in the private sector.
Developing nations would be hit hardest b/c business expenses and productivity are already exponentially lower there. Adding a “green technology” tax would threaten to squander their development. Such extra costs in America would merely weaken jobs & our economy; in other nations, they could easily be the deciding factor in determining whether companies can afford to stay there and turn a profit.
January 16th, 2009 at 12:29 amSufficient renewable and environmentally friendly energy is what we absolutely do need to have in order to satisfy all our energy needs. I think each government should set a goal to switch energy consumption to renewable energy and implement this idea as soon as possible
January 14th, 2009 at 6:26 pmFuture of World Economy Depends on Renewable Energy – this point is clear. However with the technologies available today why are we still speaking of Renewable Energy as of FUTURE? Who is responsible for this?
January 14th, 2009 at 6:12 pm