Openings for Energy Transition During the Epidemic
Received: 01-Jan-2022 / Manuscript No. IEP-22-53312 / Editor assigned: 03-Jan-2022 / PreQC No. IEP-22-53312 (PQ) / Reviewed: 17-Jan-2022 / QC No. IEP-22- 53312 / Revised: 22-Jan-2022 / Manuscript No. IEP-22- 53312 (R) / Published Date: 29-Jan-2022 DOI: 10.4172/2576-1463.1000266
The COVID-19 epidemic has also created a unique occasion for the renewable energy transition. First, the pitfalls of investing in fossil energies have increased dramatically as global demand for fossil energies has declined. Second, governments have unknown perpetration capacity to legislate energy reform programs and legislation during profitable recovery [1]. Third, the unique advantages of renewable energy in allowing remote operation and digital intelligence give a great occasion to replace fossil energies with renewable energy during the epidemic.
Specifically, while the drop in canvas and natural gas prices has weakened renewable energy’s price competitiveness, the unpredictable reactionary energy request during epidemic times has presented new openings. As of late April 2020, roughly 54 of the world’s population were under epidemic lockdowns, with their diurnal conditioning heavily confined. Domestic profitable and trip conditioning were reduced and transnational trade was confined. As a result, global canvas demand has dropped to the smallest position since 1995. As utmost countries’ profitable conditionings were halted due to the lockdown, electricity demand fell rashly. According to the Renewables 2020 Global Status Report, global demand for canvas, coal, and natural gas fell by 8, 8 and 4 by the end of 2020, independently [2], while global energy demand declined by 6 compared to 2019. And it's doubtful that it would surpass the high in 2019 in the future. On the one hand, the canvas and gas requests are no longer stable due to the unknown impact of the epidemic on reactionary energy diligence. The epidemic undermined fossil energies’ dominancy in the energy sector, hanging multitudinous long- term canvas and gas contracts. Transnational canvas companies drastically cut their investment plans, and capital began to flow out of the reactionary energy request. These capital overflows will produce new space for renewable energy investments. On the other hand, low canvas prices have reduced the rate of return on reactionary energy investments. To hedge the losses of reactionary energy investments, investors may expand marketable investments in renewable energy, speeding the energy transition.
Also, the government has enormous reform capacity in terms of energy transition in the post-pandemic period. Although the COVID-19 epidemic largely halted products and operations worldwide and redounded in wide severance, it also provides chances to reshape the global frugality and energy system. During the epidemic, governments have unknown perpetration power to put reform. The post-pandemic period is a precious occasion for governments to legislate legislations and regulations to impel energy-ferocious companies to shoulder structural adaptations so as to operate in an terrain-friendly and low-carbon manner. Still, policymakers should be aware not to repeat the mistake made after the 2008 global fiscal extremity (GFC) when profitable encouragement plans redounded in large-scale finances flowing to reactionary energy diligence [3].
Likewise, renewable energy has demonstrated several advantages during the epidemic, offering new perceptivity for policymakers. On the one hand, air quality bettered vastly during the COVID-19 lockdown, egging people to be more conscious of environmental governance and clean energy. Since renewable energy is clean and produces much lower emigrations than traditional energy, the renewable energy is honored to be the key to perfecting air quality and public health. On the other hand, as utmost renewable energy sources can be ever controlled and digitally intelligent, renewable energy plays a crucial part in maintaining a stable energy force during COVID-19 [4]. For illustration, the combination of the Internet of Effects (IoT) and renewable energy generation allows technicians to use pall-grounded regulators to emplace distributed generation grounded on different stages of electricity demand. Either, grounded on detectors’ perception of ambient terrain information similar as light intensity and wind speed, power generation outfit can also be started and stopped automatically, greatly perfecting energy effectiveness and outfit life. In discrepancy, traditional power generation is both energy-and laborferocious, and the lack of reactionary energy force and labor failure during the epidemic makes it delicate to achieve an acceptable force of electricity. In addition, the use of renewable energy has also made significant benefactions to the epidemic control, e.g., hydrogen/ solar-powered unmanned ground vehicles and their airborne counterparts can be used for hunt & deliverance, and remote monitoring of civic ecosystems and husbandry product during lockdowns [5]. With tremendous reform capacity, governments can use these forwar-dallowing renewable energy technologies to open up a new path for the energy transition.
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Citation: Pimentel D (2022) Openings for Energy Transition During the Epidemic. Innov Ener Res, 11: 266. DOI: 10.4172/2576-1463.1000266
Copyright: © 2022 Pimentel D. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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