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Harnessing Nature's Power: Renewable Energy and Carbon Offsets


Apart from the carbon market mechanisms put into place by the Kyoto Protocol, the other major source of offsetting carbon emissions is the use of renewable energy. By harnessing the power of nature and modern technology, it is possible to generate energy with a minimal carbon footprint. From the invention of the windmill in 1854 to the modern mega hydroelectric power project in China named “Three Gorges Dam”, science has made it possible to harvest energy from sources that do not require the burning of fossil fuels. As of recently, global temperatures and populations are on the rise, and the world's limited resources are dwindling. This has brought more attention to the increasing need to harness renewable energy sources. The goal to eventually switch to completely eco-friendly fuel can only be achieved by taking the initial steps towards it. The International Energy Agency, estimates that renewable sources account for close to 40 percent of all energy, as indicated in the figure below. This number is only set to grow with more and more key stakeholders switching to green energy alternatives. In recent years, renewable energy has become cheaper, encouraging governments and individuals to adopt the technology.

asset-imageAs the share of these new sources increases, a parallel increase in policy measures across the world is needed to facilitate a smooth, seamless transition from conventional energy sources to the latest renewable variants. COP28 UAE 2023 was a significant turning point for renewable energy capacity building. The conference took up the impetus to expedite the goals of the Paris Agreement and produce renewable energy as forecasted by the International Energy Agency. The IEA targeted building 11,000 gigawatts of clean energy to maintain limited warming to 1.5 degrees Celsius. The conference marked a significant turning point, with all signatories pledging to work collectively to build energy efficiency solutions.

The need for effective transitions to renewable sources underscores the importance of adopting renewable energy. Some common steps to assume renewable energy tech include -


  1. Research: It is essential for companies first to grasp the nuances of the climate policy environment. Research is vital to ensure compliance with safety and environmental standards set by particular regional and international organizations like the United Nations.
  2. Strategizing and Implementation: It is essential to accurately track a company's current emissions to form a successful improvement strategy. Once this is done, companies can move to implement the plan through collaboration with other stakeholders in the renewable energy domain.


For businesses to adopt renewable energy as a primary source, they must weigh its pros and cons. A significant drawback is that embracing renewable energy is an expensive project. The cost-to-performance ratio when dealing with renewable energy reveals a relatively low performance compared to traditional energy sources. The example of the United States electricity generation forecast in the figure below demonstrates that despite the drawbacks, there is a tendency to adopt renewables in the future.

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This tendency is an opportune moment for entities experienced with onboarding renewable energy projects to scale up and make a tangible effort towards a net zero future. With its cutting-edge products and services, Sustainiam, a leader in the industry, allows budding projects to kickstart their carbon management journey. Through its revolutionary Emissions Calculator (ECal) to track and enable comprehensive reports about their carbon footprint to the transparency and security-oriented Certificate Issuance Platform (CiP) to issue I-REC compliant certificates, Sustainiam is a frontrunner in facilitating energy transition.


Today, multiple success stories around the globe inspire hope of seeing a genuinely sustainable world sometime in the near future. In 2015, Cochin International Airport Limited (CIAL) in Kerala, India, became the first airport in the world to operate entirely on solar energy. In Saudi Arabia, a trillion-dollar revolutionary city project called “The Line” was announced in 2021. This ambitious 170-kilometer-long city was planned to run entirely on wind, solar, and green hydrogen energy. In April 2024, the project was scaled back to only about 2.4km. The vision for renewable energy remains, with The Line still planned to run entirely on clean energy. Such initiatives must rally efforts to create collective action toward adopting renewable energy sources across all industries. The global push for renewable energy must remain at the forefront of socioeconomic goals to ensure a sustainable planet for the future.

Date: 17/04/2024
Tags:
renewable energy
solar
technology
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