Fossil Fuels Vs Renewable Energies – An Ongoing Transition
key words – fossils fuels, renewable energies, energy transition
There have been eminent signs that fossil fuels are being phased out by renewables, marking an accelerating trend in shifting to “cleaner” sources on a global scale.
Fossil fuels like oil, natural gas, and coal have long been the prevailing sources of electricity, heat, and transport fuels. Drilling, processing, and production of these fuels are carried out by energy giants. However, the process of producing and burning fossil fuels is highly carbon-intensive, creating something called “greenhouse gases,” or “carbon emissions,” a major contributor to global climate change.
To reduce carbon emissions, public and private sectors have been investing heavily in alternative sources of energy. Renewables, including wind, solar, wave, hydro, bio fuels, to name a few, are at the centre of the transition to a more sustainable energy system with smaller carbon footprints.
Fossil fuels have long been considered more cost-competitive than renewables. Thanks to technological advancements, the costs of producing these cleaner energies have been declining quickly, allowing renewables to grow far more rapidly than fossil fuels in many parts of the world. According to the International Energy Agency, the resilience of renewables is driven by the power generation sector. In sharp contrast to all other fuels, renewables that were used to provide electricity are estimated to grow by almost 7% in 2020.
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