NEWS

Green energy's economic influence over mitigation of geopolitical conflicts

APRIL 09, 2024

The production of "Green Energy" plays a significant role in minimizing carbon emissions that create ecological damage, combating environmental pollution, and ensuring energy security.

The production and adoption of green energy are crucial steps in addressing climate change, mitigating environmental pollution, and promoting energy security. By transitioning to renewable energy sources, societies can reduce their carbon footprint, preserve ecosystems, safeguard public health, and enhance resilience to energy-related risks.

Speaking to Azernews on the issue, Dr. Frank Musmar said that one of the most effective strategies to bolster energy security is diversifying the energy mix and ramping up renewable energy sources.

“This helps reduce our reliance on imported fossil fuels and significantly mitigates the risk of supply disruptions due to geopolitical tensions or market instability. Energy security is crucial for economic stability, national security, and quality of life.

A reliable and uninterrupted energy supply can prevent geopolitical conflicts, support economic growth, and protect vulnerable communities from price fluctuations. However, green energy, solar, wind, biomass, bioenergy, geothermal energy, and hydropower are important and varied depending on every country's technological abilities and strategic planning.”

According to him, one of the biggest challenges facing the widespread adoption of green energy is the cost of production.

“Currently, traditional fossil fuels are cheaper than renewable sources. While the price of renewable energy has decreased over the years, it remains higher than conventional power sources. The second obstacle is electronic waste. Green technologies, such as solar panels, wind turbines, and electric vehicle batteries, contribute to electronic waste, creating challenges for proper disposal and recycling. Moreover, regulatory uncertainty and market resistance will remain obstacles for some time.”

He stressed that government should adopt a number of policies to support investment in and adoption of renewable energy technologies.

“Some policies will be public benefits funds for renewable energy, renewable portfolio standards, interconnection standards, output–based environmental regulations, net metering, feed-in tariffs, and financial incentives. It’s important to mention that policies may vary according to every country's technological abilities and strategic planning.”

Dr. Musmar thinks that green energy helps mitigate climate change, reduce air pollution, enhance energy supply independence, and stimulate employment in various sectors.

“The investment spent on energy efficiency improvements drives direct and indirect job creation in labor-intensive industries such as construction, contracting, maintenance, and engineering. Moreover,switching to green requires less investment in the power sector than building new coal or nuclear power plants. That means a lower electricity price, which impacts everything in the economy. A lower electricity price reduces the cost of production and increases profit.”

“Accordingly, the demand for skilled workers in the renewable energy industry is rising. According to the International Renewable Energy Agency, by 2030, the renewable energy sector could create up to 30 million new jobs globally. According to the U.S. Department of Energy (DOE), there are over 8 million jobs in renewable energy today,” he added.

He consider that by promoting awareness and action, the involvement of individuals and communities becomes instrumental in facilitating lasting behavior change and the adoption of sustainable practices.

“Governments should design education that addresses the goals and values of green energy, supporting the understanding of green energy objectives and guidelines. Everyone at his level, government officials, researchers, practitioners, and teachers, may contribute to the green energy goals and future plans,” he concluded.

https://www.azernews.az/analysis/224243.html