Solution
Manisha answered on
May 21 2022
Renewable energy, innovation, and sustainable development will fight against the global climatic crisis in future
Introduction
Many reports have shown that earth is facing a global emergency. The ongoing technological advances, globalization of the economy, and paving of a future towards the extra-te
estrial spaces resulted in human-induced climatic changes. Such activities have resulted in a cascade of climate change events. Paris Agreement, 2015 aims to keep global temperature rise below 2°C above pre-industrial levels. It aims to strengthen the capacity of countries to deal with the global climatic crises with the help of innovative technology frameworks and appropriate financial flows.
According to IPCC (The Intergovernmental Panel on Climate), various human activities have resulted in an increase of 1°C rise in temperature. This increase in global average temperature in the mid-20th century was a result of an increase in anthropogenic gas concentration. The concentration of ca
on dioxide has increased above 390 ppm above the industrial levels.
Harvard Biologist, Edward O. Wilson stated that by the end of the century, there is a chance of elimination of nearly half of the species from the earth as a result of human activities.
Industrialists and businessmen must look upon climate change as a central issue, not from the near obscurity. They need to understand that such drastic changes in the climate will not only create an imbalance in the ecosystem, but will also result in property damage, disruption of business cycles, and thus loss of human life.
This disruption resulted in more calamities that can cause more economic loss than the money spent on preventive measures.
Although multinational companies are reckless about their expansion on the verge of nature, they don't know that climate issues are amongst the top five risks resulting in the most damage to the economy globally.
Major industries resulting from global warming are the telecommunication sector, mobility & logistics, power and electric energy, and the building sector.
According to Kingsmill Bond, the cu
ent energy transition in the world will take place in multiple stages. In stage 1 (initial innovation stage), solar and wind energy provides 2% of energy. In Stage 2 (peaking stage), solar and wind energy acquire 5-10% of the market. At this stage, the demand for fossil fuels peaks resulting in a loss of market share. In stage 3 (rapid change stage), solar and wind energy acquire 10-50% of the market. The final stage or death knell results in solar, and wind energy crossing 50% of the energy market.
Why are people so concerned about climate change?
The change in the climate affects the hydrosphere of the earth which is responsible for sustaining life on this planet.
When the temperature rises as a result of global warming, it increases the water-holding capacity of air by 7%. Due to this, precipitation in the clouds becomes more concentrated resulting in extreme water events, blockbuster snow, frigid winter temperatures, prolonged summer droughts, hu
icanes, and ho
id wildfires with the devastation of land, life, and ecosystem.
It was found that between 1800 to 2012, the global average temperature rose nearly 0.85°C. Many results proved that with a 1°C rise in the temperature, grain yield declined by around 5%.
If not taken care of early, the global climatic crisis might result in an increase in stranded assets, total investment cost, and costly negative emission technologies.
Cu
ently, fossil fuels have dominated the energy supplies around the world with volatile prices changing according to the global economy. Conversion of thermal energy to produce electricity results in around a loss of 40-80% of that energy. This loss leads to the use of fossil fuels. Direct energy conversion from solar panels, hydropower, or wind energy to electricity can save this loss of energy. Innovations
Innovations by humans can be described as changes in technology, society, and culture. It acts as the holy grail for sustainable development and economic growth (OECD, 2016; Fage
erg, 2018). According to Fage
erg, 2017 innovations play a pivotal role in transit towards sustainability. The fourth industrial revolution (4IR) focuses on the challenges imposed by industrialization resulting from the global environmental crisis.
Innovation in industrial products requires gradual shifts in the market to open space for innovative energy sources rather than traditional non-renewable energy. Greater efforts are required to deca
onize the energy resources by 2050. As per the Paris agreement, the world must accelerate the energy transition to check the global climate crisis. Innovation is not just required in the power sector but the end-use sector (transport and industry) as well. This transition requires improvement in the existing technologies. Innovation needs government funding for the research & development department. It must focus on decreasing the cost of deca
onization and reducing the cost of zero-ca
on technologies.
This innovation needs an upper hand from the market by incorporating suitable technical policies and business models. The initial stage...