Question

please discuss the role of technology in efficient utilization of these exhaustible resources which you might have come across in your own work experience. You could also discuss instances of firms taking steps to adopt renewable natural resources to cut down their reliance on exhaustible resources.

Answer 1

Importance of technology in utilization of exhaustible resources has never been this critical. In order to rationalise and use the exhaustible resources such as crude oil, fossil fuel resources such as coal and other precious resources in an efficient way technology is very crucial.

For example, the cars in the US in 1970s used to be very inefficient and consumed large quantity of gas for per mile travel. The US government brought regulations that encouraged production of more efficient cars. In a matter of 10 years the efficiency of cars was enhanced drastically using technology. Prime example is of Japanese cars that are relatively more efficient.

By some estimates the crude oil reserves in the world could only last till 2040 at current rate of consumption. Therefore, it is very important to find substitutable resources to power vehicles and industries.

Solar energy is an excellent example of a natural resource that could be substituted for exhaustible resources.

Tesla, an electric car manufacturer is again a good example of a firm using natural resources using highly efficient technology.