Efficiency: The Central Theme in latest Energy Industry Developments
As the drive towards total dependence on renewable energy sources gains traction, certain realities have stood in the way. Only 13 percent of the total energy consumption in the US was from renewables as of 2015. One of the main reasons for the slow conversion to renewable energy sources centers on the vulnerability and reliability of the associated technologies developed so far.
It is good to note that the primary sources of renewable energy such as the wind and solar power are subject to climate change risks. Rather than rapid conversion to these renewable sources, the industry will mostly focus on improving the efficiency of existing technologies – while slowly introducing practical renewable energy solutions. Here are some of the reasons why this trend will persist in the future.
Technological innovations in oil and gas prospecting have led to new discoveries of deposits that were never thought to exist decades ago. This, therefore, means earlier projections estimating the total depletion of world reserves have been upwards revised. The question that lingers now is how to efficiently use these resources to not only extend their viability but also to reduce toxic emissions and greenhouse gasses.
There is a zealous advocacy among Non Governmental Organizations, the corporate world and even millennial getting into the workforce on sustainability. This movement is calling for the efficient use of traditional sources of energy if not total conversion to renewable energy. It is no wonder that products from companies like Tesla are becoming increasingly popular.