How Has Coronavirus Revealed the Need for Renewable Energy?
Governments and industries throughout the world are grappling with responses to the Coronavirus crisis that is affecting the economy and daily life of millions of people. Countries across the globe have seen reduced levels of air pollution and greenhouse gas emissions as the coronavirus pandemic slows travel and economic productivity.
Despite the slowed economy, renewable energy is predicted to grow and has proven itself to be a worthy, stable investment. This article will explore how the coronavirus has affected the environment and economy and how that in turn has revealed the need for renewable energy.
Sustainability and the Economy in the Wake of the Coronavirus Pandemic
The Coronavirus has had a massive global economic and environmental impact. It has caused the price of oil to drastically fall, which is going to force producers and supply chains to adapt to successfully rebuild the economy. An important aspect of this rebuilding is investing in renewable energy for your business. In an effort to increase future employment and reduce energy bills, many advocates and trade groups are proposing boosting funding for sustainable infrastructure, energy efficiency, electric vehicles, and other low-carbon technologies. The renewable energy industry is ripe for investment and is a burgeoning employment sector.
The Previous Over-Reliance on Fossil Fuels
The reliance on fossil fuels leaves many countries more exposed to the economic shock of global crises, like the coronavirus. Governments should look to renewable energy to help reduce such volatile risks, recommends leading financial economist, Dr Charles Donovan.
The unfortunate repercussions of a global market that is exposed to the volatility of the oil markets are that they suffer when unforeseeable events like coronavirus arise. Decision-makers should, therefore, prioritize developing economies into ones that are not tied to oil and gas.
While climate campaigners and scientists encourage and back-up the switch to renewable energy on environmental grounds, sustainable energy sources such as wind, solar, and tidal power should also be more attractive to investors and policymakers compared to fossil fuels purely on an economic basis. The relative stability of renewable energy that is fully contracted makes it more immune to deterioration.
The Environmental Impact of the Coronavirus
The mandatory lockdown of countries across the globe, which is aimed at controlling the spread and death toll of the Coronavirus, has led to various environmental improvements. As industries, transport networks, and businesses have closed, it brought with it a sudden drop in carbon emissions. Since the Coronavirus outbreak, there has been a significant drop in air pollution in many parts of the world.
This recent improvement in air quality could be made permanent by replacing fossil fuel generation with renewable energy and other low-carbon sources. The renewable-energy industry is therefore expected to keep growing, though more slowly, in contrast to fossil fuel companies which have been far more negatively impacted by low oil and gas prices.
Investing in Renewable Energy Post Coronavirus
Although some work on renewable energy projects has been delayed by the Coronavirus outbreak, industry executives and analysts expect the renewable energy industry to continue growing in 2020 and onwards as oil, gas, and coal companies struggle financially.
Many renewable energy businesses’ projects around the world have benefited from government leaders’ efforts to address climate change. That has helped lower the costs of wind and solar equipment and made the renewable energy industry more resilient to economic swings.
Fossil fuel-based sources of electricity have been negatively impacted by brutally reduced requirements. Coal, which is usually one of the cheapest options, is now the most expensive in the world as recorded by Bloomberg Green. This means that now is a great time to invest in alternative energy solutions.
If you are interested in investing in solar power, contact Mypower to protect your business from rising energy costs and to reduce your business’ impact on the environment in the future. The impact and effects of the Coronavirus have made it clear that there has never been a better time to make the switch to solar energy. Pollution and greenhouse gas emissions have fallen across the world as countries try to contain the spread of the new coronavirus and investing in renewable energy could be a great way to continue these improved conditions post lockdown.