7 Reasons Why Future of World Economy Depends on Renewable Energy – Updated Article – With Focus on Benefits For The US Economy
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Reasons Why Future of World Economy Depends on Renewable Energy - Updated article with new information – with focus on benefits for the US economy
There are various reasons as to why the global economic future depends on alternative renewable energy sources. Here are seven of these reasons.
1. Reducing the effects of global warming. Alternative renewable energy sources will provide a solution to the ecological crisis that is caused in part by global warming. If the switch to alternative renewable energy sources is not made soon, this may have a very serious impact on the world economy and the world’s communities.
2. Fossil fuels are running out. Oil and natural gas are not infinite and will run out eventually. Even before they run out, they will become increasingly expensive because of scarcity. The resulting energy crisis will have a devastating impact on the global economy.
3. Reducing pollution. Alternative renewable energy sources are a wonderful way for reducing the global levels of pollution. For example, waste to energy is a great method of turning discarded trash into desperately needed energy to power and heat our homes.
4. Supporting developing countries. The need for energy goes up every year, especially as more developing countries advance. When they have access to domestically produced energy, it will make their development process easier, as local economies benefit from the abundance of businesses and jobs.
5. Moving away from foreign oil dependency. It is possible to produce alternative renewable energy sources domestically in every country. This means that no nation will depend on another to provide it with the means to produce energy, as well as a cleaner domestic environment overall.
6. Investing in alternative energy. It is a smart choice to invest in alternative energy. This means that it is not only a great opportunity to help our planet, but also one to receive a good financial return in the end.
7. Creating green jobs. Many new jobs would be created once the switch to alternative renewable energy sources is made. Factory jobs would be needed, since the manufacturing of energy source components is needed. Technicians would be needed to install, service, and repair those energy source components, like wind turbines, solar panels, or municipal waste incinerators.
Recently the Department of Agricultural Economics at the University of Tennessee conducted a study, which showed that if the ranches, farms, and forestlands across the U.S. can meet a quarter of the energy needs of the country with alternative renewable energy sources, then it would be possible to create about four to five million new jobs, resulting in $700 billion in new economic activity per year. Another report from the Department of Energy, which analyzed wind power, came to the conclusion that it has the ability to contribute greatly to the U.S.’s energy supply over the next thirty years. This would result in about 500,000 additional jobs across the country and increased revenues for local communities by 2030 to over $1.5 million.
For more information, go to:
- Geothermal Power Plants – The Future of Electricity Production?
- Top 10 Countries Where Wind Turbines Are Used Most Efficiently – updated article with new information
- Is the Pelamis Wave Energy Converter at the Forefront of Wave Energy?
- Environmentalists in Chile Win Victory over Dam Builders
- Cambridge Scientists Success with Production of Sustainable Hydrogen
32 Responses to “7 Reasons Why Future of World Economy Depends on Renewable Energy – Updated Article – With Focus on Benefits For The US Economy”
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You wrote that ‘Fossil fuels are running out’ – not sure if that is stricly true. For the next 50 years at least figures show that we have boundless supplies of oil and gas from the middle east, russia etc. Yes, at some point of-course they will ‘run-out’, but by then, in terms of global warming, it might be too late as closed loop cycles will have been activiated and the temperature of the earth will spiral out of controlOctober 8th, 2010 at 10:58 am
The point about green jobs is an important one. The countries of the future will be the countires that are embracing green energy sources right now. Look at China – they got into the act this last few years as they understand that there future depends on it. More and more countries are taking action. Anything to do with the green economy is going to be huge in the next few decadesOctober 8th, 2010 at 10:53 am
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i 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 am
in 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 am
Many 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.
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 pm
I 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 am
It 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 am
Hillary 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 am
Although 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 am
Walter 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 pm
To Kerrjac:February 6th, 2009 at 1:56 pm
and 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 kerrjacFebruary 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 am
4. 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.
While 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 pm
Sufficient 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 possibleJanuary 14th, 2009 at 6:26 pm
Future 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