RENEWABLE ENERGY AND TECHNOLOGY
Renewable energy is the backbone of any development that wishes to be sustainable. However, the cost of capital has been the greatest challenge since it is too expensive even when the government gives subsidies. Regions that wish to implement can, however, level this cost by holding competitive bidding processes when launching new plants which have been effective in countries such as China and
Mexico. Also, banks such as the World bank have initiatives that provide financial support to almost 60%. Another way that this region can support themselves is bypassing the cost of fuel to the consumer
Like any other industrial factor, renewable energy has developed technological advances that would ease the geographical spread of this energy. The changing system is set to include a large role for batteries for both electric vehicles and power storage. This power storage initiative is beneficial to the electricity system as it helps shift demand and is important in enabling the integration of solar power improving reliability. Many countries in Africa have deployed battery utility-scale systems since they are quick and offer modularity. Battery storage systems are delivering reliable and clean power and have better supply chain resilience. Renewable energy technologies are important in providing energy in developing countries as it provides cheaper, reliable options.
One of the most used renewable energy is solar. Solar power is energy from the sun that is converted into thermal or electrical energy. There are three main ways to harness solar energy: photovoltaics, solar heating and cooling, and concentrating solar power. Photovoltaics generate electricity directly from sunlight while the SHC and CSP use the heat generated by the sun. China is the world’s largest solar generator with the energy of 130 gigawatts incapacity. When a photon, a basic unit of light, strikes a solar cell, it loses electrons which flow through a circuit providing electricity. The amount of electricity produced by a panel depends on its size, the efficiency of the cells in the panel, and the amount of sunlight.
As we have seen, technology is important in providing energy mainly due to innovations. In Canada for example, the Saskatchewan province is looking into using technology to adopt modular nuclear powerplants as a source of energy. This small modular reactor can produce up to 50 and 300 megawatts of power which can be transported. This would be more efficient to the already in place nuclear energy. Another innovation is the blockchain technology which would see the delivery of sustainable and cheaper energy to consumers. This blockchain would allow those with renewable energy to sell surplus power directly to neighbors and improve access to low carbon electricity. Peer to peer energy trading which is currently in use in Canada, Australia, and Germany, brings rise to the prosumer in the industry and therefore delivering a positive social impact.
Reference
Turkenburg, W. C., & Faaij, A. (2000). Renewable energy technologies (pp. 219-72). UNDP/UNDESA/WEC: Energy and the Challenge of Sustainability. World Energy Assessment. New York: UNDP, 219-272.