Renewables in Focus to Revive Energy Sector as Economies Ease Lockdowns
Though the oil industry is still struggling for a comfortable price, the trends in the reviving energy sector indicate the importance of clean and renewable energy. As indicated in the previous research-based analysis of the Centre of Excellence on Emerging Development Perspectives (COE-EDP) titled ‘Energy markets post-COVID 19: Recovery may take time, transition to continue‘ the clean energy has retained its importance in global energy scenario. The economies are coming up with new policies to promote clean and affordable energy, companies forming alliances and updating strategies to occupy the potential markets. Furthermore, several countries are showing a strong urge for inward-looking policies to achieve greater degrees of self-reliance in the energy sector.
Spain, one of the worst COVID-19 affected European countries, has announced to give legal status to its ‘green deal’ target of reducing greenhouse gas emissions to net-zero by 2050 by shifting away from fossil fuels. Spain also aims to get all of its electricity from renewable sources by the middle of the century. In the interim, it wants to increase the share of renewables from existing 47.3% in April 2020 to 70% by 2030. So far, five European countries such as Sweden, Britain, France, Denmark, and New Zealand have enacted laws to achieve the ‘net zero’ emission target by 2050 in pursuance of their commitments to the Paris Agreement on Climate Change 2015.
Photo courtesy of Usukhbayar Gankhuyag.