July 28, 2024 Sundeep Gupta, Vice Chairman and Managing Director, Jakson Group

Sustainability in the energy sector is crucial as the world grapples with the pressing challenge of climate change. The need for sustainable solutions becomes increasingly urgent. The energy sector, particularly the reliance on fossil fuels—coal for electricity generation, and oil and gas—is the largest contributor to global warming. These fuels currently account for more than 75% of the world’s greenhouse gas emissions and nearly 90% of all the carbon dioxide emissions. Half of these emissions need to be reduced within the next decade to avoid the most brutal effects of climate change and reach net-zero emissions by 2050.

The path to achieving these targets lies in transitioning away from fossil fuels and investing in renewable energy sources. Energy sources derived from natural processes that are replenished constantly—such as sunlight, wind, water, and geothermic heat—are considered renewable energy sources. They are sources that do not release greenhouse gases or much other pollution, thus providing a more sustainable and cleaner healthy alternative. Renewable energy sources differ from fossil fuels as they emit few or no greenhouse gases and other pollutants, making them an indispensable part of the global strategy to combat climate change and enhance sustainability.

Even though fossil fuels still dominate global energy production at present, the movement for a changeover to cleaner forms of energy is building up. Renewables presently provide some 29 percent of all electricity generated; a figure bound to enormously rise in the next few years. Indeed, by the year 2050, as much as 90 percent of the earth’s electricity could be provided by renewable energy, as suggested by IRENA. Such a shift would not only help the environment but also bring economic benefits.

Abundant renewable energy sources, then, readily available to all, can therefore offer a way out from dependency on fossil fuel imports—often linked with geopolitical risks and price volatility—for countries. Exploiting local renewable resources helps countries on the path toward greater energy security, lower exposure to global market fluctuations, and increased economic growth. Renewables have also become very affordable. For instance, the cost of electricity generated from solar power dropped by 85 percent from 2010 to 2020. That trend is making renewable energy increasingly attractive, even for low- and middle-income countries.

Besides economic and environmental benefits, the transition to renewable energy also has significant health impacts. The World Health Organization (WHO) estimates that close to 99% of the world’s population breathes air whose quality exceeds safe limits, mainly due to the burning of fossil fuels. The pollution is responsible for millions of deaths yearly and causes enormous financial costs. Renewable energy can bring down air pollution and its consequent health risks by denting the burning of fuels.

The renewable energy sector is also a vast domain for job creation. Investments in renewable energy have not only been projected to create millions of new jobs, but they also supersede the job reductions in the fossil fuel sector. According to the IEA, an outcome of reduced net-zero emission could be a net gain of 9 million jobs in the energy sector by 2030, with many more in related investments like electric vehicle production and energy-saving technology.

The bottom line is that fast-tracking the transition to renewable energy drives the battle for nature and a sustainable future. We at Jakson, have been taking this mission forward providing innovative and affordable renewable energy solutions. Sun energy and other renewable resources can be tapped to build a healthier, cleaner, more prosperous world for present and future generations alike. Now is the time to act, and there is no limit to how great this change could be.

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