Renewable energy benefits from oil glut

Oil prices are still seeing gloomy days with prices below US$30 a barrel. Some experts see this as an opportunity for renewable energy to be the more profitable solution.

Bloomberg predicts that 60 per cent of energy in 2040 will come from carbon neutral energy sources. Renewables will command just under 60 per cent of the 9,786GW of new generating capacity and two-thirds of the US$12.2 trillion of investment.

Marco Attisani, CEO and Founder of clean energy company Watly, comments: “The future is with sustainable energy. No matter how much energy we manage to squeeze out of fossil fuels, inevitably it will be new technologies that capture solar and wind energy that will provide a long-term solution. The capacity of harvesting solar energy defines the level of evolution of a given civilization, becoming self-sufficient will make the human race no longer dependent on natural resources under the ground. Getting involved early will offer a huge head-start, allowing companies to become pioneers and household brand names. In 40 minutes the solar irradiation that reaches earth equals the annual energy consumption of our entire civilisation, and we must start to take this energy source seriously.”

Marco continues: “Providing renewable energy is not merely an end in itself. Developing technology that can harness the untapped potential of the Sun’s energy is part of a recognition that sustainable energy will be key as the world pursues increased connectivity. Initiatives from major global companies such as Facebook and Google to provide internet connectivity in emerging economies fail to understand that sustainable energy systems must underpin initiatives of this sort. Providing essential energy alongside internet will offer businesses the chance to flourish, allowing for a more balanced and profitable world. Although aid is important to developing areas, it is trade that will secure their position on the global stage.”