Energy

Lecture 8- Contemporary Issues in business and Economics
Energy and Sustainability
Sustainable energy refers to energy sources that can be replenished naturally and
can be used without depleting the Earth's natural resources or causing harm to the
environment. Sustainable energy sources include renewable energy sources like
solar, wind, hydro, geothermal, and biomass. Sustainable energy production and
consumption also involve minimizing energy waste and maximizing energy
efficiency.
This concept is based on the principles of sustainability, which aim to meet the
needs of the present without compromising the ability of future generations to
meet their own needs. Sustainable energy systems are designed to ensure that the
energy used today does not compromise the availability of energy for future
generations.
Sustainable energy plays a key role in reducing greenhouse gas emissions,
mitigating climate change, and protecting the environment. By transitioning to
sustainable energy sources and practices, we can reduce our dependence on non-
renewable energy sources, promote energy independence, and create a more
sustainable and equitable world.
Renewable vs. Non-Renewable Energy Sources
Renewable energy sources are those that can be replenished naturally and
quickly, such as solar, wind, hydro, geothermal, and biomass. Non-renewable
energy sources are those that are finite and can eventually run out, such as fossil
fuels like coal, oil, and natural gas.
The difference between renewable and non-renewable energy sources :
- The impact on the environment. Non-renewable energy sources are a
major contributor to climate change and air pollution, as their combustion
releases large amounts of carbon dioxide and other harmful pollutants.
On the other hand, renewable energy sources do not emit greenhouse
gases or other harmful pollutants and have a minimal impact on the
environment.
- The availability of the energy sources. Non-renewable energy sources are

limited and will eventually be depleted, leading to price volatility and
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supply disruptions. Renewable energy sources, on the other hand, are

widely available and can provide a consistent and reliable energy supply.
Renewable energy sources also offer a more sustainable path towards meeting
energy needs, as they do not contribute to the depletion of natural resources or
the degradation of ecosystems. By transitioning to renewable energy sources,
we can reduce our reliance on non-renewable energy sources and move towards
a more sustainable energy future.
Benefits of Renewable energy
- Reduced carbon emissions: Reducing carbon emissions is one of the

most important benefits of adopting sustainable energy. The use of non-
renewable energy sources, such as coal, oil, and natural gas, is a major
contributor to greenhouse gas emissions, which are a primary driver of
climate change.
- Energy security: Energy security is a term used to describe the
availability, accessibility, affordability, and reliability of energy sources
for consumers. With sustainable energy sources, such as solar and wind
power, becoming more prevalent, there is the potential to reduce reliance
on traditional fossil fuels, which are often subject to price fluctuations
and supply disruptions.
- Cost of savings: Adopting sustainable energy sources can result in
significant cost savings for individuals and businesses. While there may
be higher initial costs associated with installing renewable energy
systems, such as solar panels or wind turbines, over the long term, these
systems can generate significant savings by reducing or eliminating the
need to purchase electricity from the grid. Additionally, many sustainable
energy solutions, such as energy-efficient appliances, can reduce energy
consumption, resulting in lower energy bills. For businesses, sustainable
energy solutions can also lead to increased operational efficiencies and
cost savings, as well as improved reputation and brand value.
- Job creation: The shift towards sustainable energy sources can also have
a positive impact on job creation. The renewable energy sector is a
growing industry that requires a range of skilled professionals, including
engineers, technicians, project managers, and construction workers.
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According to the International Renewable Energy Agency, the renewable

energy sector employed 11.5 million people globally in 2019, and this
number is expected to continue to grow in the coming years. In addition,
the installation and maintenance of sustainable energy systems often
requires local labor, providing job opportunities in communities where
these systems are installed. Overall, the shift towards sustainable energy
can help support the creation of new, high-quality jobs and provide
economic benefits to communities.
- Improved public health: Another benefit of sustainable energy is

improved public health. The use of fossil fuels for energy production has
been linked to a range of negative health impacts, including respiratory
problems, heart disease, and cancer.
- Increased energy access: Another benefit of sustainable energy is

increased energy access, particularly in developing countries. these
countries do not have access to reliable sources of energy, which can
have a significant impact on their daily lives. Lack of energy access can
limit economic opportunities, hinder educational opportunities, and
reduce access to basic necessities such as clean water and healthcare.
Sustainable energy solutions, such as off-grid solar panels and mini-grids,
can provide reliable and affordable access to electricity, improving the
quality of life for millions of people.
- Improved public health: Another benefit of sustainable energy is

improved public health. The use of fossil fuels for energy production has
been linked to a range of negative health impacts, including respiratory
problems, heart disease, and cancer. In addition, the extraction and
transportation of fossil fuels can result in environmental pollution and the
release of harmful chemicals into the air and water. By transitioning to
cleaner, renewable energy sources, we can reduce these negative health
impacts and improve the overall well-being of communities. For
example, the use of electric vehicles powered by renewable energy
sources can reduce air pollution and improve air quality in urban areas,
leading to improved respiratory health for residents.
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- Increased energy access: Another benefit of sustainable energy is

increased energy access, particularly in developing countries. Many
people in these countries do not have access to reliable sources of energy,
which can have a significant impact on their daily lives. Lack of energy
access can limit economic opportunities, hinder educational
opportunities, and reduce access to basic necessities such as clean water
and healthcare. Sustainable energy solutions, such as off-grid solar panels
and mini-grids, can provide reliable and affordable access to electricity,
improving the quality of life for millions of people.

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Lecture 8- Contemporary Issues in business and Economics

Energy and Sustainability

- The availability of the energy sources. Non-renewable energy sources are

supply disruptions. Renewable energy sources, on the other hand, are

Benefits of Renewable energy

- Reduced carbon emissions: Reducing carbon emissions is one of the

According to the International Renewable Energy Agency, the renewable

- Improved public health: Another benefit of sustainable energy is

- Increased energy access: Another benefit of sustainable energy is

- Improved public health: Another benefit of sustainable energy is

- Increased energy access: Another benefit of sustainable energy is

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