Urge for Wider Adoption of Renewable Energy

The urge for wider adoption of renewable energy is emerging as an irreversible worldwide trend. Apart from looking at renewables from the environmental angle, the search for new energy sources as substitutes for fossil fuels is another reason providing the drive.

With a projected world population of 10 billion by the year 2050, the increasing global energy
demand will bring about more rapid depletion of the world’s fossil fuel reserves. The possible tightening of energy supplies in future will inevitably result in higher prices of fuels and electricity.

Renewable energy can reduce the reliance on exhaustible sources of fossil fuel. Developed countries are now making more and more investments on the development of the related technology on renewable energies. We would envisage that when those equipment and systems for harnessing renewable energies are to be produced on a massive scale, the unit price of electricity so generated could be comparable to conventional electricity generated from fossil fuels.

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