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Environmental Business Review | Wednesday, December 21, 2022
Because of greater public awareness of the value of environmental and social governance (ESG) issues, significant political incitements exist.
FREMONT, CA: Humanity must stop burning fossil fuels to protect the planet and its ecosystem. As people search for sustainable or renewable alternatives to coal, oil, and gas, this has spawned several scientific and corporate advancements.
Still, while it would be ideal to believe that everyone wants to preserve the world, there are also substantial financial incentives. As per a recent report, the renewable energy market is anticipated to grow from $880 billion to more than $2 trillion by 2030. Because of greater public awareness of the value of environmental and social governance (ESG) issues, significant political incitements exist.
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The number of fossil fuels substituted by renewable energy is foreseen to hit a new high. This is also the year earlier unheard-of energy sources made their public debut after years of development in laboratories and trial programs. Consequently, let's look at some of the most expected new energy market trends in the coming year.
Green hydrogen energy
Hydrogen is the amplest element in the universe,
yet its combustion produces negligible greenhouse gas emissions, making it an ideal fuel source. Due to these two features, it has an excellent capacity as a source of energy. Making it into fuel has customarily required burning fossil fuels and discharging carbon dioxide into the atmosphere. Coal-derived hydrogen is brown, but natural gas-derived hydrogen is grey.
Renewable sources such as wind & solar power can be used to supply the electricity needed for green carbon production, making the process carbon-free.
The Internet of Energy (IoE)
The Internet of Things (IoT) is involved with the production and distribution of electricity. IoE is intrinsically linked to energy decentralization—the transition toward a more sustainable power infrastructure in which energy is used as close as feasible to the time and places it is created.
This new energy infrastructure paradigm necessitates a high degree of automation to manage the new technology platforms, and the financial framework markets require supporting energy trading and delivery. As with IoT, IoE comprises edge and cloud architecture, with sensors and scanners processing data close to the source (where electricity is generated or consumed) and through remote data centers. This technology layer will enable utility firms to engage in real-time, data-driven decision-making and predictive maintenance to increase efficiency and enhance customer satisfaction. Other emerging technology developments, such as blockchain, which will enable transparent and secure records of trades and payments, also play a significant role.
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