Renewable Energy can Boost the Global Economy

Mihaela Stoica, Writer
@uxconnections

Using renewable energy on a global scale comes with many benefits, including the increase of the gross domestic product

Renewable energy is a type of disruptive technology, representing the energy produced from natural resources that can be restored, such as sunlight, wind, or waves. It’s considered a disruptor due to its potential to rapidly transform the energy sector, benefitting the planet in many ways through its sustainable nature. Let’s take a more in-depth look at what this means at the economic level.

Experts anticipate that renewable energy is bound to become a target for investors in the following years. And as the world is slowly but surely shifting toward interconnectivity, the concept of ‘green’ or ethical energy is encouraged and increasingly adopted. Renewables are being integrated in people’s daily lives, through rudimentary devices that we use to convey information or perform various tasks. This is being carried out through what is generally known as the Internet of Things (IoT), which provides great tools for generating real-time data, minimising waste, monitoring consumption and enhancing the general grid management. 

Global issues such as climate change, deforestation, habitat destruction or loss of biodiversity are keeping this industry in an evergreen state. According to predictions from 2005, the problem of air pollution alone has cost the UK economy up to £20 billion each year in health costs. Hence renewable energy technologies are feasible and relevant solutions to this crisis. As the International Renewable Energy Agency (IRENA) reported, the renewable energy sector is expanding, offering a myriad of emerging technologies and booming with job opportunities in manufacturing, installation, quality control, and more.

There are numerous ways people can choose to generate sustainable energy, thereby increasing quality of life and reducing the cost of bills. Installing solar panels in your house can not only provide energy independence and reduce costs to zero, but can significantly increase the value of your property. Switching to an electric vehicle over the conventional petrol or diesel vehicles is beneficial in terms of health, maintenance costs, safety, and is proportionally better for the environment. Even though initially there might be a bigger financial investment, this type of energy is called ‘sustainable’ for a reason! The Government is actively encouraging individuals to embrace this.

Without a doubt, renewable energy is part of the timeline of future technology, among artificial intelligence and robots. Looking ahead, adopting renewables in independent, self-sufficient energy ecosystems, as well as large-scale projects will bring vast progression and economic prosperity in this sector, foretold to be in large demand in the upcoming years.