Production of renewable energy that can sustain the masses has been the top priority of several research organizations within the energy dynamics. There have been ardent efforts to build a framework that allows for the creation of renewable energy that can solve the problems of environmental pollution and depleting natural resources. Along similar lines, a team of analysts working at the Swiss Investment Bank UBS have asserted the possibility of complete reliance on renewable energy in the residential sector by 2030. The analysts explained that the cost of renewable energy has been witnessing a descending graph over the past years. Hence, by 2030, renewable energy would be an affordable option within the residential sector.
Changing Scenario of Energy Dynamics
The biggest advancement in the energy domain over the past decade has been the creation of wind and solar farms. These farms are characterised by the presence of the latest equipment that can help in harnessing the energy of the sun and the wind, thus, making them a viable source of power. Furthermore, the popularity of renewable energy sources that are affordable for the masses is another precept which helps in deciding the fate of the renewable energy sector. Declining prices of renewable energy, economies of scale, and lucrative ways of energy production are some of the factors that have been considered by the analysts at Swiss Investment Bank.
Changes in Global Energy Dynamics
Several regions, especially the European countries, have made fundamental changes to their energy sector. The economies that previously relied on natural gas and coal have now shifted their focus towards renewable sources of energy production. Hence, the projection made by the analysts is a pragmatic and the actual figures may stay close to the estimations.