When the resources are getting exhausted for power generation, and the experts are finding new ways to reduce the usage or find a new source of power generation. Whether renewable or non-renewable, power usage is influenced by the cost of the resources used to generate power. It is observed that the price of renewable sources in generating power is comparatively lower than fossil fuels. The cost of fossil fuels is increasing, and the same has been declared by The International Renewable Energy Agency (IRENA) also. A recent report issued by the organization revealed that the cost of power generation through renewable sources compared to volatile fossil fuels is less. Thus, renewable sources have saved around $55BN.

The International Renewable Energy Agency (IRENA) works in the renewable energy sector. Its objective is to promote renewable energy and spread awareness among countries to have a sustainable future by meeting the power requirements through renewable sources. The report issued by the organization has highlighted many aspects of the current energy scenario, the cost, and the course of action to be taken today. Let’s see some of the essential elements that raise concern in the energy sector and how we must deal with them.

We understand that non-renewable power generation sources will no longer be available to us. So, the role of renewable energy is going to be vital in the generation of energy. We need to understand the cost-competitive renewable resources and how they will help meet the current and future energy requirements. The transition will shape the future of the energy and power sector.

Solar and wind energy are proving to be a saviour to our environment. There are many positive aspects of these energy sources. The first one is that the solar energy and wind energy projects are completed within a short period. So, to meet the power emergencies through, solar and wind projects can be quickly executed. The other thing is the usage of fossil fuels gets reduced, or even they are replaced. So, the damages caused to the environment are less or zero.

When renewable sources of energy/power generation are used, an economy is saved from the clutches of volatile fossil fuel prices. Also, the project owners need not get into the complications of imports and high energy costs. The dependence on specific sources is removed and enhances market resilience.

The current situation of the energy crisis demands a response. We no longer think about climate goals without any action. Renewable energy is the only solution to get a long-term solution to meet energy emergencies. Energy saving and renewable sources are the future.

Investments are welcomed in the said sector by looking into the benefits of renewable energy sources. In the report issued by The International Renewable Energy Agency, it is said that there will be considerable dividends in 2022, so investment in the renewable sector will be beneficial.

The rise in coal and fossil gas prices in 2021 and 2022 have encouraged countries to shift towards renewable sources for generating power. Solar and wind costs are comparatively lower than fossil fuels.Renewable energy sources have added diversity to the energy system. Energy security is improved as the world is gradually shifting to green and clean energy. It is saving considerable energy costs and reducing the ill effects on the environment.