The Future of Renewable Energy
Currently, 82.8 million barrels of oil are consumed everyday. 30% of this energy is wasted. Energy forecasts for the year 2050 are 4:1 in terms of renewable energy to conventional energy consumption. While this number may sound positive, we have to incorporate the facts of life into the future energy equation i.e. there will be more people, there will be more devices, there will be more infrastructure, there will be more aggressive control mechanisms put into place to combat climate change etc.
In order to reach that ratio, our renewable energy source has to produce an exponential amount of power to meet growth expectations. Already smart grids, wind turbines and solar panels are being aggressively installed in China. Japan is actively looking into this space. The US understands the need to be vigilant in this space in order to not face another OPEC crisis. With oil prices going through the roof, airlines industries on the brink of going sour, more aggressive funding needs to go into energy R&D to deal with this in a more punctual manner. Maybe we can expect some new developments in the field of hydrogen fuels.
Lovely little video.