In: Economics
Renewable energy is the source of energy which is collected from renewable sources like sunlight,wind,rain,tides,waves and geothermal heat which are naturally renews with time and there are different sectors where we can use renewable energy very efficiently such as electricity generation, heating and cooling air and water , transportation and different kind of small scale industrial and domestic needs.differents research repoorts and statistics indicates that renewable energy contributes atleast 20% of human global energy consumption.
At national level most of the developed and developing countries around the world are contributing towards production of renewable energy and have their fair share. Countries like Iceland and Norway generate all their electricity using renewable energy sources and atleast 50 countries around the world are generating 50% of their energy needs from renewable sources and looking forward for replacing the use of fossil fuel in future.
The renewaeble energy sources exist all over the world geographical area in comparison to fossil fuel which is concentrated only over few specified area and rapid transaction towards renewable energy helps promoting energy security, reduces the impact of climate change and reduction of pollution and gives economic benifits.
The use of renewable energy has become a matter of equality at the national and international level as differnent states of a country as well as different countries are now having a compitation among themself for generating more and more of renewable energy and replacing fossil fuel in this race there are leading developing countries like china and also Latin American countries, Africa have proved their contribution. Renewable energy projects in many developing countries have demonstrated that renewable energy contributes in poverty reduction by providing energy needs for cooking ,heating,lighting and its contribution towards small business and educational institutions.