The recent and still ongoing energy crisis resulting from Western sanctions and Russian counter-sanctions has caused a stir in energy markets around the world, scaring world leaders. This has resulted in an unbridled desire to increase domestic energy production capacity as quickly as possible.
Renewable energy sources are growing at an incredible rate. Not only have they become competitive with major fossil fuels, but in many cases they are more cost effective. And on top of that, governments around the world are helping to cut costs by offering strong stimulus packages and subsidies, which is good business.
Wind and solar power generation capacity is growing faster than liquefied natural gas and nuclear power generation has ever grown. A recent report by Shell Plc examined and compared the performance of these energy sectors, which have emerged over the past 60 years. The graphs are very clear on the growth and evolution of the global energy market. Simply put: the latest and cleanest energy technologies have been growing the fastest in the world for at least 50 years.
In Europe, government efforts have led to record growth in solar power generation. And last year, for the first time in history, the solar and wind energy sector produced more electricity than natural gas produced in the whole of the EU. Solar and wind energy accounted for more than a fifth (22%) of European energy in 2022, while fossil natural gas accounted for just 20%, according to data published by the European Electricity Review.
Against a backdrop of dramatically increasing global energy demand, the growth of renewable energy and other clean sources offers optimism for a future that is no longer dependent on hazardous emissions and no longer offers solution to the dilemma of meeting level needs at the expense of habitat destruction.
Perhaps the only real and positive role of global or regional conflicts is that they mercilessly push the world towards self-salvage, the elimination of bureaucratic inertia in the development of useful industries, the reduction of bureaucracy and legislative hurdles that have always lurked in the form of promising but poorly paid environmental initiatives.
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