Renewables; environmental, social, and financial impact

Renewable energy will emerge as the primary driver of global energy demand in the coming decades. Projections from the International Energy Agency (IEA) suggest a remarkable growth trajectory, with renewable energy demand forecasted to soar by an average annual rate of 7.3% from 2007 to 2030 (Sadorsky). In stark contrast, conventional energy sources like coal and oil not only pose significant environmental hazards but also endanger human health and impede economic progress. With mounting concerns over the environmental impact of fossil fuels, there's a palpable shift towards renewable energy sources. While traditional energy sources theoretically offer an abundance of energy, the promise of renewables is undeniable. Notably, the cost of solar and wind power systems has witnessed a substantial decline over the past three decades and continues to plummet. In contrast, the prices of oil and gas remain volatile. This trend underscores the increasing feasibility of transitioning to renewable-based energy systems, marking a pivotal moment in our energy landscape.