Today’s Silver Lightning
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- Jul 10, 2020 10:41 am GMT
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As Covid-19 continues to change the world, it also has changed the game in the energy sector. As we know, 80% of today’s energy comes from fossil fuels and have to be the dominant energy source for a very long time. Nevertheless, at this rhythm of consumption, fossil fuels will no longer be a reliable source of energy, since the approximate lifetime of these fossil fuels is 20 years for oil, 92 years for coal and 22 years for gas. Meaning that by the end of 2042 we will only count with coal for energy. However, this new virus can change this, by leading the industry to move for a cleaner energy approach. This year, 2020, we have experienced an improvement in the environment as the factories have shut down due to quarantine. We have experienced an 8% decrease in global carbon emission. This pandemic has also shown the vulnerability of fossil fuels to storage and distribution problems. This has been shown due to the drop in the oil prices turning negative for the first time in the US, mostly due to the impact of the Covid-19 on aircraft and the use of cars. This made a demand for alternative energies.
In these difficult times, we have all experienced a change of usage in the electricity bills in the households since all the energy that was previously used at the office has now changed to the household. This crisis times, made us move into our homes and use our computers, phones, air conditioners, stoves, and electrical appliance much more since it’s the only place we can be right now. The total percentage of electricity demand has decreased since many factories and corporations are closed. However, the demand for energy in households has increased by 6% overall, since we are staying home, cooking more, turning on the AC, and turning the light on more frequently. This has made people realize the cost of energy, which will later make a demand for more economic and sustainable energy.
As we know, the Coronavirus has made a huge impact on the economy. We can see this based on the US unemployment rate which claimed that it had risen to 19.7% last April. The renewable energy industry can be a solution for fixing employment gaps after this crisis. The International Renewable Energy Agency pointed out in 2018, that 11 million people were employed in renewables sectors and they predict by 2050 this number can add up to 42 million. As the International Energy Association pointed out, sustainable energy is a key component of global economic recovery. It has also pointed out by Francisco La Camera, Director General of Flightradar24, “Investing in those areas can create jobs, make economies more competitive and steer the world towards a more resilient and cleaner energy future”.
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