Written and submitted by energy consultant, Haydar Heriz, today’s post marks the first of a series on the renewable energy sector and will cover the clean energy industry in the UAE, solar, wind, nuclear, waste-to-energy and will even feature key initiatives and solutions that can be implemented at a global scale. So without much further ado, let’s dive into the insights Mr. Haydar has shared.
These days the focus on many conversations are on Renewable Energy. What is renewable energy? What is the effect on our society now and will be in the future?
It means referring to a source of energy that can be replenished or replaced within a human’s lifetime. The importance of renewable energy comes down to sustainability and finding a solution for climate change. Did you know that sea levels rose at a rate of 1.7 millimeters annually during the previous century, but from 1993 on, that rate has nearly doubled to 3.2 millimeters? By the end of this century, scientists estimate that it could go upto “16 millimeters a year, — at least three feet (1 meter) and possibly even more, depending on our rate of consumption and overall emissions.
But maybe we have good news, at the end of 2015 almost a 195 countries reached a climate agreement in Paris, isn’t it? More than 500 institutions representing $3.4 trillion in assets have agreed to get rid of all or part of the fossil fuel investments in their portfolios, which is a big leap forward for diversification of energy sources. This is just one key aspect of a growing global climate change movement that points us towards the exit when it comes to the age of carbon. More importantly, speaking of carbon emissions, here’s a little news flash from the atmospheric front lines: it is possible that those emissions are peaking ahead of schedule. Despite a modest global economic recovery over the last couple of years, Greenhouse Gas Emissions (GHG) have flat-lined and may even fall by 0.6%.
Many tons of emitted toxic gasses per person every year across the world and investigations into energy companies who set in motion a dangerous chain reaction – from burning fossil fuels to harming human lives – are already underway.
Responsibility rests not only on massive, multinational energy conglomerates but on lawmakers who can instill tighter regulations, frameworks and even incentives to produce more clean energy that can meet growing demands without affecting our environments and health.
There was much talk in Paris COP21 about wanting to solve the globally problem and as a result everyone should participate in the solution. Everyone at the summit COP21 negotiated and discussed staying away from the target because everyone, especially the industrial countries believe that compliance with laws is a loss. The problem is many tons of emitted toxic gases affect the lives of people and the suggested solution was establishing the International Energy and Environment Security Council IEESC (the UN Security Council, which protects the world from conflict) as it protects from pollution to life on earth.
- Impose a tax on fossil fuel sales by 10% divided equally between the producer and the consumer.
- Money placed in the clean energy fund of the IEESC to be spent on financing construction of renewable power plants and all matters pertaining to the fight against global warming, considering that fossil fuels is the most important reason for the pollution.
- Managing carbon taxes with inspection, like IAEA does (International Atomic Energy Agency ) with nuclear power plants.
- Grants are distributed to the world at rates prescribed by specialists according to studies and plans which have priority to countries with tax payers, followed by poor countries and so on.
- This approach certainly opens up prospects for the development of the private sector because it is a direct executer of these changes and are established companies that deal with clean energy and increased employment.
In terms of simple calculations, assuming we take the 2015 model while also noting the following:
Global demand for oil = more than 90 million barrels per day. This means more than 32,850,000,000 barrels annually.
The average price per barrel in 2015 was 50 US$ and that means 1,642,500,000,000 US$.
10% of the amount above is = 164,250,000,000 US$, making this amount enough to produce more than 100 Gigawatts of renewable energy. This is also equal to more than half of global investments in the renewable energy 2014 (270 billion dollars). This is only calculating oil but if we added coal and other fossil fuels, this would provide us with funds to help us solve the problem even faster. I think this could be a real solution.
The next article in this series will feature the clean energy industry in the UAE and will be uploaded in the next post of this series. If you are a renewable energy enthusiast, expert or are passionate about the future of the planet, do write in to us at email@example.com.
Until we rendezvous again,