Borg Energy India Pvt Ltd, a renowned organization harnessing Solar and Wind Power to offer innovative micro power plants and effective products explores reasons why you need to invest in renewable energy in the coronavirus lockdown.
The unprecedented coronavirus crisis has not only disrupted our lives but also the economy and this whole world might simply be on the verge of experiencing the worst economic downturn in history. With government strict stay at home orders to combat the spread of the virus, businesses are halted, borders are closed and the movement of people has screeched to a halt.
This, however, has come with a silver lining to the world’s dark clouds. Almost empty cities are bathed in blue skies, the air is cleaner, thanks to the reduced air pollution. The lockdown has led to the reduction of emissions from fossil fuel combustion which have dropped radically in many countries.
One of the most pervasive, and neglected problem crippling the environment, air pollution can intensify the pandemic. The most vulnerable include people living in cities with highly polluted areas as their respiratory and cardiac systems are likely to be compromised. This has led many to embrace the cleaner, renewable sources of electricity including wind, solar PV, hydropower, and nuclear.
While many sectors have been impacted including the global energy which has been predicted to fall by 6% in 2020, this might be the best time for renewable energy to soar. Renewable power started off as a booming industry helping to reduce the emission of carbon and other types of pollution. It is expected to increase by 1% amidst the coronavirus crisis. Could this be the shift to cleaner energy? As many are ditching the dirty fossil fuels to a cleaner one and government and businesses alike are ensuring to build new energy and cleaner environment, renewable energy promises to a good one during this period of crisis.
Here, Borg Energy India Pvt Ltd, provide 3 reasons why investing in renewable energy is the best decision you can make during the coronavirus lockdown.
1. The Benefits of Renewable Energy over Fossil Fuels
With renewable energy being the cleaner alternative, it has assumed a great significance over the years. According to the experts of Borg Energy India Pvt Ltd, renewable energy has become a more reliable power supply with fewer oil spills, and more safety to the world’s natural resources. With the battle to solve climate change, renewables are simply the answer as they don’t release greenhouse emissions which pollutes the air and pollutes the environment. Moreover, the price of renewable energy falls at a substantial rate and is more affordable as compared to the high volatility of fossil fuels. This can help protect investors when oil prices spikes and they can substantially mitigate risk. The growth of renewable energy will continue to soar. It is simply good for the people, the investors, and the planet.
2. The Decline in Oil Prices Present Huge Opportunities for Renewable Energy
Since lockdown has been imposed across countries and there are restrictions in movement, this has led to a sharp decline in oil globally. The oil sector struggle for survival as they face the harsh reality of the pandemic and the US experienced a negative oil price for the first time in years says the experts of Borg Energy India Pvt Ltd. This shows our need for more reliable sources of energy and the IEA forecast that 2020 will see renewable electricity growing higher as global installations of solar PV and wind were set to surpass 2018 levels by over 20%. We have already seen the USA increased its renewable energy consumption by nearly 40% and India by 45%, including China, Spain, and the European Union set to drive the expansion.
3. The key to Post-Pandemic Economic Growth
According to the International Energy Agency, investing in renewable energy can drive economic growth and quadruples the number of jobs in the sector. This might be the time for the government to step up and proactively plan towards the transition to renewable energy and its implementation for post-pandemic economic recovery.