Celebrating World Energy Conservation Day: Harnessing the Power of Renewables for a Sustainable Future

In a world where energy is essential for every aspect of our daily lives, it’s crucial to find ways to conserve it and ensure a sustainable future. World Energy Conservation Day, celebrated on December 14th, serves as a reminder of the importance of responsible energy usage.

Understanding World Energy Conservation Day

World Energy Conservation Day is an annual global observance that encourages individuals, organisations, and governments to take action to reduce energy consumption and promote a more sustainable approach to energy use. This day serves as a call to action, reminding us of the limited nature of fossil fuels and the environmental consequences of their overuse. 

The role of renewable energy in world energy conservation is paramount and multifaceted. Renewable energy sources play a pivotal role in addressing our planet’s growing energy demands while simultaneously reducing our environmental footprint. 

Glimpses of the Renewable Energy Sector in India

As of 2020, the Indian renewable energy sector is the 4th most attractive renewable energy market in the world. The country has been ranked 4th in wind power, 5h in solar power and 4th in renewable power installed capacity. The nation has surpassed its target of installing 175 GW of renewable energy capacity by 2022, with a projected capacity of 280 GW by 2025.

By 2040, around 49% of the total electricity will be generated by renewable energy as more efficient batteries will be used to store electricity. This is likely to cut the solar energy cost by 66% compared to the current cost. In the upcoming 4 years, the country’s renewable energy sector is anticipated to attract investment worth US$ 80 billion.

The Government is actively pushing green energy and is now working on a number of large-scale sustainable power projects as part of its commitment to using more clean energy. The sector is fully backed by the attractive schemes launched by the Government. For example, it allocated ₹19,500 crore (US$ 2.57 billion) for a PLI scheme to boost the manufacturing of high-efficiency solar modules in the Union Budget 2022-23. 

Importance of Renewable Energy

• Sustainability: Renewable energy sources, such as solar, wind, hydro, and geothermal power, are the cornerstone of sustainable energy solutions. Unlike fossil fuels, these sources are naturally replenished and have a significantly lower impact on the environment. Using renewable energy helps reduce greenhouse gas emissions and combat climate change.
• Reduced Dependence on Fossil Fuels: One of the most critical aspects of renewable energy is that it reduces our dependence on finite fossil fuels like coal, oil, and natural gas. As these fossil fuels become scarcer and more expensive, renewable energy offers a reliable alternative that can ensure a stable energy supply for future generations.
• Environmental Benefits: Renewable energy technologies have a minimal impact on the environment compared to traditional fossil fuel-based power generation. Solar panels, wind turbines, and hydropower plants produce little to no air or water pollution, preserving the quality of our environment and reducing health risks associated with pollution.
• Job Creation: Investing in renewable energy projects can lead to the creation of numerous jobs in manufacturing, installation, maintenance, and research and development. This not only stimulates economic growth but also supports a transition to a more sustainable energy landscape.
• Energy Security: By diversifying our energy sources with renewables, nations can enhance their energy security. Unlike fossil fuels, which often rely on international trade and geopolitical stability, renewable energy sources can be harnessed domestically, reducing vulnerability to energy supply disruptions.
• Long-Term Cost Savings: While the initial investment in renewable energy infrastructure may be higher, the long-term cost savings are substantial. Renewable energy sources have lower operational and maintenance costs, and once the infrastructure is in place, they provide energy at a predictable and stable cost.
• Technological Advancements: Investments in renewable energy have driven significant technological advancements. As technology improves, renewable energy becomes more efficient and cost-effective, making it an increasingly attractive option for businesses and individuals alike.
• Mitigating Climate Change: Perhaps the most critical aspect of renewable energy is its role in mitigating climate change. The burning of fossil fuels releases carbon dioxide and other greenhouse gases into the atmosphere, contributing to global warming. By shifting to renewables, we can significantly reduce these emissions and slow down the adverse effects of climate change.

Conclusion

World Energy Conservation Day serves as a valuable reminder of our responsibility to protect our planet and secure a sustainable future. Angel One Limited recognises the importance of renewable energy in achieving this goal. By embracing renewable energy sources, we can reduce our carbon footprint, create a cleaner environment, and pave the way for a more prosperous and sustainable world for generations to come. If you are looking for investment opportunities, open a demat account with Angel One today.

Disclaimer: This article has been written for educational purposes only. The securities quoted are only examples and not recommendations.