The Future of Renewable Energy and RE Policy Mechanisms

Albert Einstein, the famed physicist, once noted that â€Å"We can’t solve our problems with the same kind of thinking we used when we created them.† Today’s world is faced with the dual threats of climate problems brought on by the use of fossil fuels and the economic challenge caused by the increasing scarcity and demand for those fossil fuels. It is time for society to look beyond the limited and dirty fossil fuels as the energy of choice and promote the use of the abundant renewable energy sources we are endowed with. Because the subsidies to wind and other alternative energies ultimately generate more income than their initial costs and because we continue to subsidize fossil fuels, we should modify governmental tax policy to incentivize†¦show more content†¦manufacturing jobs, even in the depths of the recession, †¦ with over 400 American manufacturing plants now producing †¦ all the major turbine components, towers, and blades† ( awea.org). Investments, stimulated by the PTC, have catalyzed advancements in wind technology, lowering the cost of wind energy installations by 90% since 1990 (Passero 132). With the use of PTC, wind has proven its competitive position relative to traditional fossil fuels and â€Å"provided 26% of all new U.S. electric capacity in 2010 †¦ and over the past four years †¦ more than 35% of all new U.S. electric capacity† (awea.org). With such dramatic growth, is the PTC still necessary? In order for renewable energies to compete with the established fossil fuels, the playing field must be level. â€Å"The Congressional Research Service notes that fossil fuel subsidies are †¦ as old as fossil fuels †¦ and for more than 90 years have taken subsidies via generous tax breaks† (awea.org). One recent attempt to analyze subsidies on all levels pegged â€Å"2006 federal fiscal subsidies for energy at nearly $75 billion, with over 85% of those subsidies g oing to fossil fuels ($49 billion), nuclear energy ($9 billion), and ethanol ($6 billion). The remaining $10 billion in federal subsidies were split between the broad array of renewable energies with wind receiving 3.4%, solar 2.8%, and hydroelectric 2.2%.† The massive subsidies to fossil fuels originate primarily fromShow MoreRelatedTypes Of Re Policies On The Growth Of Renewable Energy Sources And Technologies1710 Words   |  7 PagesChapter 3- Comparison of RE policies This chapter will examine the available literature on policies used to encourage the growth of renewable energy sources and technologies. A wide variety of policies have been introduced around the world with differing levels of success. This chapter will look at some of them and discuss whether Scotland should adopt, intensify or even abandon each one. Research and Development support Although the majority of research and development funding is generallyRead MoreEvolution Of The Uk Energy Policy1500 Words   |  6 PagesName: Egbo, Kingsley O. Student No: 150432009 SPG8009 Assessment. The Evolution of the UK Energy Policy The UK government had made concerted efforts over the years in developing a definite course of action for the Renewable energy industry in the UK in light of changing conditions of the industry. This was done in order to guide and determine the conditions of engagement while proposing future directions and decisions. The intentions of these high level overall plans were to provide clear goalsRead MoreEvaluation Of A Projects Sustainability1352 Words   |  6 Pagesavailable; b. CREIA (The Chinese Renewable Energy Industries Association) does not receive any direct subsidies from the UNDP/GEF Project and will not be economically sustainable after 5 years because of low income generating capacity; c. The implementing capacity of national organizations is weak and the responsibility for the implementation of multiple outputs simultaneously is unclear and inefficient; d. China will not adopt Mandatory Market Share mechanism for renewable energy in guise of quota systemRead MoreExamples Of Environmental Policy1326 Words   |  6 PagesPolicy Brief The future appears in dark after Trump’s presidency. With numerous allegations with the president’s election, periodic recessions, and a massive drop in soft power at global stage, the world could be encountering an unstable multipolar international system. With the recent catastrophic drainage of fossil fuel, the world desires a new source to fuel their countries, as oil has been the backbone of economy for many years for nations. This policy brief contains a recommendation to establishRead MoreCarbon Dioxide Emissions in Australia and Climate Change1375 Words   |  5 PagesMarket-based policies are a proven way to limit carbon pollution and channel capital and innovation into clean energy, helping to avert the catastrophic consequences of climate change† - EDF vice president for international climate, Nathaniel Keohan Introduction In a contemporary political setting, it is now broadly recognized that over the 20th century, the atmospheric concentrations of key greenhouse gases, particularly Carbon Dioxide have been amplified by human activity. Australia can be heldRead MoreThe Global Energy System Of Ghana2129 Words   |  9 PagesOverview Energy, most often is regarded as a catalyst for development at all levels of habitation; Global, national and local. In rural areas predominantly in developing countries, energy application is seen majority in household use as well as certain agricultural activities and the running of small scale enterprises. â€Å"Africa’s energy sector is vital to its future development and yet remains one of the most poorly understood areas within the global energy system† (IEA, 2014). Ghana is often consideredRead MoreEssay On Carbon Credit1630 Words   |  7 Pagesusually bought and sold at international market. The Multi- Commodity Exchange of India (MCX) will soon become the third exchange in the world to trade Carbon Credits. developed countries can also provide clean electricity by introducing latest renewable technologies in the form of solar, wind to developing countries and get Carbon Credits in return. There are no complex procedures for this system which increases the system stable and more successful. Asian countries like India, China are biggestRead MoreThe Renewable Energy Technology Innovation Essay2267 Words   |  10 Pageshumans have inflicted on earth: renewable energies. This paper will discuss the renewable energy technology innovation required to mitigate climate c hange. There are five main areas of renewable energy I discuss in this paper. In the first section discusses the potential for renewable energy technology. The second section outlines some of the main scenarios that illustrate future use of energy. The third section explores the economic potential of renewable energy. The last two sections compare theRead MoreThe Indian Solar Pv Market10243 Words   |  41 Pagesat rates lower than those offered by domestic banks. Coupled with the falling cost of solar modules, this low-cost financing strengthened the industry by contributing to an impressive drop in the cost of solar energy even as new capacity was added. The viability gap funding (VGF) mechanism employed in the first batch of NSM Phase 2 projects in 2014 allows developers to bid for additional upfront capital required to make the project financially viable at a tariff of Rs 5.45/ kWh. Utilizing a reverseRead MoreModern Lifestyle Is Completely Dependent On Reliable Energy Supply2116 Words   |  9 PagesModern lifestyle is completely dependent on reliable energy supply. We cannot imagine world, its further development and constant economic growth without security of energy supply. But new reserves of fossil fuels are becoming more difficult to find, what makes energy industry to invest in and use unconventional resources such as shale gas and oil sands. Prices of oil, gas and energy itself will get higher but the demand of energy does not seem to decrease. What is more, the European Union hence