An Importance of Renewable Energy in Achievement Net Zero Concept

The global renewable energy industry is driven by an increase in the consumption of electricity, a surge in demand for renewable energy, and a rise in financial and legislative initiatives. An increase in the search for energy, a lack of progress in nuclear power application, concerns about reducing greenhouse gas emissions, and a rise in the search for energy security are estimated to propel the demand for geothermal power throughout the forecast timeframe. Renewable energy is mainly differentiated into six types, namely, geothermal energy, wind energy, biomass energy, solar energy, tidal energy, and hydropower energy. 

Governments, businesses, and individuals across the world are increasing their investments in renewable energy projects, extending renewable energy infrastructure, and enacting laws and incentives to accelerate the integration of renewable energy into their energy mix. 

Relation between Net Zero Concept and Renewable energy:

The state in which the balance between greenhouse gas emissions created and greenhouse gas emissions removed from the atmosphere is zero is referred to as net zero. The Net Zero Emissions aim is accelerating the expansion of renewable energy, and governments are increasing their investment in renewable energy sources. Power generation based on fossil fuels must be substituted with clean energy sources, particularly renewable energy sources.        Presently, hydropower energy garnered major share in renewable energy contributing to more than half of the total energy generation. However, wind and solar will be essential in achieving the Net Zero aim because solar radiation and wind are present in every country and may be utilized for energy production. There will be a focus on other sources like hydro, ocean, and geothermal. 

Along with a greater emphasis on clean energy, the “Net Zero concept” will emphasize effectiveness, which necessitates the renovation of power infrastructure. Transformation of the power section involves the usage of software, subsurface distribution systems, smart grids, microgrids, and smart meters.  It will also include the incorporation of new technologies such as artificial intelligence, EMS, and Internet of Things into the infrastructure.

The switch to renewable energy is speeding up in 2023, and the world is concentrating more on approaching Net Zero. According to the International Energy Agency, in order to achieve Net Zero, the world's renewable energy capacity must be tripled by 2050. This shift will necessitate significant investments in renewable energy infrastructure, but the benefits will be tremendous, including decreased greenhouse gas emissions, improved air quality, and increased energy independence.  

Recent Development in the Renewable Energy Industry:

DGA and EGCO group joined forces on 21st July 2023 for Renewable Energy Projects in Australia:

The Diamond Generating Asia, Limited (DGA) unit of Mitsubishi Corporation from Hong Kong and The Electricity Generating Public Company Limited (EGCO Group), have come together in an innovative endeavor to build a low-carbon society. This partnership involves the development of green hydrogen generation at Boco Rock Wind Farm, an EGCO Group-owned plant in New South Wales, Australia. The collaboration intends to expedite the adoption of renewable energy technologies while also driving future development in the region.

 For more Details:

https://www.alliedmarketresearch.com/press-release/renewable-energy-market.html#:~:text=According%20to%20a%20new%20report,reach%20%241%2C977.6%20billion%20by%202030%2C

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