Shift from fossil fuel to clean energy

1. Introduction

Despite increased emphasis on clean energy, fossil fuels continue to account for 80% of

global energy consumption and 75% of greenhouse gas emissions. Our fossil fuel-based

energy system is extremely expensive. Fossil fuels contribute to economic vulnerability by

subjecting governments and enterprises to unpredictable fuel costs; many rely on expensive

energy imports. Coal, oil, and gas significantly increase human vulnerability: the World

Health Organisation estimates that dangerous outdoor air pollution caused by fossil fuel

burning kills 4.2 million people worldwide each year.

2. Fossil Fuel Use and Climate Change

Climate change is typically defined as a change in average present weather conditions in

comparison to what has been normal in the past. Both fossil fuel combustion and

deforestation emit 'greenhouse gases' (GHGs), which alter the Earth's radiation and energy

balance, causing more heat to be absorbed in the Earth's lower atmosphere rather than

radiated into space. CO2 is the primary gas responsible for the 'greenhouse effect,' but

methane (CH4), nitrous oxide, ozone, water vapour, and other gases are also implicated.

Global warming began in the 1850s, when industry began utilising large amounts of coal.

Global atmospheric CO2 concentrations were near 280 ppm in 1860, but had risen to 317 ppm

and 400 ppm by 1960 and 2015, respectively. The atmospheric CO2 concentration reached

419 ppm in 2021, representing a 50% increase above the 1850 level. The current level of

CO2 in the atmosphere is thought to be the greatest in the last 800,000 years. CO2 levels have

always preceded temperature fluctuations. Depending on the scenario of fossil fuel use, CO2

levels by 2100 are anticipated to be in the range of 541 to 970 ppm (a 29 to 132% increase

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over the current level). This is expected to result in a worldwide temperature increase of 2 to

5 °C above the 1850 level.

3. Techniques for transitioning from fossil fuels to clean energy

Renewables have the ability to minimise these hazards while simultaneously providing a

variety of economic opportunities for businesses and communities to grow. Here are four

cost-effective methods for transitioning from fossil fuels to cleaner energy systems:

3.1 End fossil fuel subsidies and impose a carbon tax

Subsidies and other forms of assistance for fossil fuel production and consumption have

recently decreased. Subsidy reform paired with carbon pricing could yield $2.8 trillion in

yearly government revenue or savings by 2030, according to estimates. 70 national and

subnational economies that have put a price on carbon or are about to shows it does not slow

economic growth, but provides a clear and steady signal for business, industry and consumers

to shift course. Even where carbon pricing is not yet in place, businesses and development

finance institutions can implement shadow carbon prices to steer investments away from

increasingly risky fossil fuel options. These measures will help reveal the value proposition

of renewables and energy-efficiency and level the playing field for investment.

3.2 Increase energy efficiency investment

Innovative financing for increased energy efficiency in buildings is already driving economic

growth, but we need to step up and broaden the scope of legislation to get investment

flowing. Setting requirements for building and appliance efficiency, improved public

procurement, innovative financing, and leveraging public-private partnerships have all

yielded successes around the world. Property Assessed Clean Energy Programmes (PACE) in

the United States, as well as those managed by KfW in Germany, offer low-cost funding for

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energy efficiency measures, with outstanding outcomes. In less than a decade, these two

projects have saved billions of dollars. Investment in energy efficiency also creates up to

three times the amount of employment as investment in fossil fuels.

3.3 Establish the circumstances for the phase-out of coal

Diversifying economies, particularly ones dependent on fossil fuels, is difficult. Despite the

fact that renewable energy companies employed 10.3 million people worldwide in 2017 and

are the fastest-growing source of employment in some nations today, there will be transitional

effects at the regional and community levels. Even businesses who stand to benefit from

coal's demise will benefit from government-led measures aimed at ensuring a fair transition.

As China has delayed or halted construction on 151 coal power plants, it has also established

a $15 billion fund for the retraining, reallocation, and early retirement of the estimated 5-6

million individuals who would be laid off owing to coal or steel sector overcapacity.

Climate-related financial concerns can also be revealed through disclosure policies, which

can aid in shifting private investment. More than 500 corporations have pledged to support

the Taskforce for Climate-related Financial Disclosures' recommendations, and some have

begun to implement them. Such regulations give investors with the knowledge they need to

establish transition plans and risk management measures, such as for stranded assets in the

power sector due to prolonged investment in coal.

3.4 Increase access to power and clean cooking

Population growth, along with regulatory and financial shortfalls, is anticipated to leave about

700 million people without power by 2030, with more than 2 billion lacking clean cooking.

The potential for universal clean energy access to improve both the economy and human

health is enormous. Solar innovations, paired with high-efficiency lights and appliances, are

cutting residential electricity prices, while creative consumer finance is boosting affordability

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and creating markets for decentralised solutions. Access to clean cooking alone might prevent

1.8 million premature deaths per year by 2030, free up billions of hours spent cooking or

collecting fuelwood, and boost the livelihoods of hundreds of millions of women.

4. Renewable Energy in the Transition to Clean Energy

Renewable energy is derived from naturally occurring sources that are

replenished by natural factors. Renewable energy sources, being an unlimited

supply of clean energy, play an important part in the energy transition.

Improvements in conversion efficiency, the use of energy storage technology to

deal with changeable nature, and regulations that restrict further consumption of

fossil fuels are all strategies to boost access and consumption of renewable

energy sources. Renewable energy sources (RES) can make a significant

contribution to the economic, social, and environmental sustainability of energy.

Because renewable energy sources are generally locally available, they can be

used to enhance energy access for the majority of the people, reduce greenhouse

gas emissions, and potentially offer local socioeconomic development prospects

through job creation and improved local economies.

Renewable energy can be used in a variety of ways:

1) Wind, solar, and wave energy are used intermittently to generate electricity.

2) Hydropower dispatchable electricity, i.e., large, mini, micro, and others based

on resource availability.

3) Thermal dispatchable power from solar, geothermal, and biomass sources.

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4) Direct application of thermal energy derived from bioenergy and low-

temperature geothermal energy for heating and cooling.

5) Biochemical conversion, such as biomass to biogas and fermentation to

produce energy in gaseous and liquid forms.

After a century of fossil fuel supremacy, the world is shifting back to renewable

energy. Solar energy, wind energy, biofuels, and geothermal energy, among

others, will play a key part in the current transformation. However, the change

will necessitate greater creativity and innovation in the form of technological

and institutional reforms.

References:

1. Kabeyi, M., and Olanrewaju, O., (2022), “Sustainable Energy transition for renewable

and low carbon grid electricity generation and supply”, Front. Energy Res, 9, pp 1-

45.

2. Holechek , J., Geli , H., Sawalhah, M.N., Valdez,R., “ A global assessment: can

renewable energy replace fossil fuel by 2050?” Sustainability , 14(8), 4792.