Currently, the world’s energy industry depends heavily on oil, coal, and natural gas to meet its requirements. However, the use of these sources has a dramatic effect on the environment, which is very well-documented. As supplies decline, these sources will become too difficult to retrieve, and they will have further effects on the environment. Renewable energy has gathered tremendous attention and acceptance within the past few years as governments and people worldwide are embracing their environmental duties. Investors can visit here to learn about the economic effects of green energy sources.
Current and Future Global Energy Markets
During the early history of the energy market, monopoly-based organizations provided structure. Because of extraordinary circumstances during the 1970s, the world energy market saw a complete overhaul that led to liberalization in certain countries. Today’s energy market may be on the verge of a similar overhaul.
Effects on the Economy
Over 100 developing and developed countries have set goals for renewable energy usage. The European Union has defined a goal of getting 20% of its energy from renewable sources by the year 2020. The U.S. is similarly focused on transitioning from carbon-based energy sources to renewable sources, as climate change is becoming more of a concern. A greener energy market could increase jobs, decrease consumer expenses and make good business sense.
Universal Energy Access
Many countries’ dependence on fossil fuels continues to affect the world energy market, which results in a substantial number of people lacking access to dependable power. According to various estimates, almost 1.3 billion people around the world had no electricity in 2011. During that same year, over 2.6 billion people used biomass for cooking, With most of these people in sub-Saharan Africa and Asia. One of the biggest advantages of renewable energy is that it can reach even the most deprived areas.
It’s worthwhile to know that the renewable energy sector is an attractive and ethical investment vehicle for those who want to put their finances outside of traditional channels. Increasing investments create a positive and Healthy Outlook for the energy sector, which can have a less tangible impact on community cohesion and job creation.