[Answered] The path to energy security, stable power prices, and a livable planet lie in abandoning polluting fossil fuels and accelerating the renewables-based energy transition. Discuss

Introduction: Contextual introduction.
Body: Explain the benefits of renewable energy. Also write some solutions to accelerate the renewables-based energy transition.
Conclusion: Write a way forward.

Renewable energy (RE) sources are resources which can be used to produce energy again and again e.g. solar energy, wind energy etc. India has taken the lead in the renewable energy sector in the world. According to the “World Energy Transitions Outlook 2022” report of International Renewable Energy Agency (IRENA), current crisis of high fossil fuel prices, energy security concerns and the urgency of climate change underscores the pressing need to move faster to a clean energy system.

Benefits of renewable energy:

  • Most renewable energy sources produce little to no global warming emissions.
  • Fossil fuels are the cause of the climate crisis. Renewable energy can limit climate disruption and boost energy security.
  • While oil and gas prices have reached record price levels, renewables are getting cheaper all the time. The cost of solar energy and batteries has dropped 85 per cent over the past decade. The cost of wind power fell by 55 per cent. And investment in renewables creates three times more jobs than fossil fuels.
  • Non combustion based RE power generation technologies have the potential to significantly reduce local and regional air pollution and lower associated health impacts compared to fossil-based power generation.
  • Renewable resources do not deplete over a lifetime and there is zero possibility that they will run out (sustainable source of energy).

What can be done?

  • We must make renewable energy technology a global public good, including removing intellectual property barriers to technology transfer.
  • We must improve global access to supply chains for renewable energy technologies, components and raw materials.
  • There is need of a global coalition because shipping bottlenecks and supply-chain constraints, as well as higher costs for lithium and other battery metals, are hurting the deployment of such technologies and materials.
  • We must cut the red tape that holds up solar and wind projects. We need fast-track approvals and more effort to modernise electricity grids.
  • We need to triple investments in renewables. This includes multilateral development banks and development finance institutions, as well as commercial banks.

Of course, renewables are not the only answer to the climate crisis. Nature-based solutions, such as reversing deforestation and land degradation, are also essential. As we stop using fossil fuels, the benefits will be not just to the climate but energy prices will be lower and more predictable, with positive knock-on effects for food and economic security.

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