How Economics Can Change the World with Renewable Energy
Microeconomics
How Economics Can Change the World with Renewable Energy For the longest people around the world have been trying to use renewable energy to help the planet. The energy system of the 20th century is based primarily on the use of fossil fuels (coal, oil and gas). These represented in 2008, 81% of all energy consumed, the remaining 19% originated in “traditional biomass”. (8%) used mainly in developing countries, nuclear (6%) large hydropower (2%) which are a renewable source of energy, and new renewable (3%) which includes modern biomass, solar, wind, small hydro and marine energy. Large hydropower and new renewable together are referred to as modern renewable. The 20th century marked the emergence of fossil fuels which represented less than 20% in the middle of the 19th century. Until then, renewable - mainly fuel wood -supplied the bulk of the energy needed for all purposes ranging from home heating to cooking and fuel for manufacturing. These energy sources allowed the industrialized countries to achieve a high level of development benefiting at least 1/3 of the world population. However fossil fuels were cheap and abundant through most of the 20th century which discouraged efforts to optimize energy systems and reduce losses. The continued heavy reliance on fossil fuels as the main source of energy is therefore facing serious problems which are becoming evident as time goes by for the following reasons:
1. Reserves of fossil fuels are finite and by the end of the 20th century showed signs of exhaustion.
2. Fossil fuels have impurities such as sulphur dioxide, particulate matter and others which became a main source of pollution at the local and regional level.
3. The combustion of fossil fuels has the unavoidable result of producing carbon dioxide which is changing the composition of the atmosphere, as well as other greenhouse gases. Before the Industrial Age the amount of CO2 in the atmosphere was 0.027%, but it has been growing
How Economics Can Change the World with Renewable Energy For the longest people around the world have been trying to use renewable energy to help the planet. The energy system of the 20th century is based primarily on the use of fossil fuels (coal, oil and gas). These represented in 2008, 81% of all energy consumed, the remaining 19% originated in “traditional biomass”. (8%) used mainly in developing countries, nuclear (6%) large hydropower (2%) which are a renewable source of energy, and new renewable (3%) which includes modern biomass, solar, wind, small hydro and marine energy. Large hydropower and new renewable together are referred to as modern renewable. The 20th century marked the emergence of fossil fuels which represented less than 20% in the middle of the 19th century. Until then, renewable - mainly fuel wood -supplied the bulk of the energy needed for all purposes ranging from home heating to cooking and fuel for manufacturing. These energy sources allowed the industrialized countries to achieve a high level of development benefiting at least 1/3 of the world population. However fossil fuels were cheap and abundant through most of the 20th century which discouraged efforts to optimize energy systems and reduce losses. The continued heavy reliance on fossil fuels as the main source of energy is therefore facing serious problems which are becoming evident as time goes by for the following reasons:
1. Reserves of fossil fuels are finite and by the end of the 20th century showed signs of exhaustion.
2. Fossil fuels have impurities such as sulphur dioxide, particulate matter and others which became a main source of pollution at the local and regional level.
3. The combustion of fossil fuels has the unavoidable result of producing carbon dioxide which is changing the composition of the atmosphere, as well as other greenhouse gases. Before the Industrial Age the amount of CO2 in the atmosphere was 0.027%, but it has been growing