24-Feb-2022 | Market Research Store

Climate change has caused massive changes in global politics and business, with renewable energy leading the way.

Last year, while the world was crippled by the COVID-19 pandemic, Andrew "Twiggy" Forrest, chairman of Fortescue Metals Group, had been on the journey. Over the journey of 5 months, the billionaire mining magnate and his motley crew visited 47 nations, persuading some of them to open their doors to the authority amidst the pandemic.

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When Forrest came back to Australia, he announced that Fortescue, an iron ore miner, was going all-in on green hydrogen. He trusted the industry might be worth up to USD 12 trillion by 2050. "For decades, the voyage to substitute fossil fuel with renewable energy has been shifting at slow speed but it is now viciously on the move," he stated in a TV lecture series.

Countries like Norway, France, and Bhutan are already far ahead in aspects of outsourcing renewable power. The North Sea Link, the world's longest subsea power cable, will be completed in a few months by Norway and the United Kingdom. The Norwegian side of the transmission line moves thru snow-capped mountain ranges and a deep lake before diving submersible for more than 720 kilometers across the North Sea to reach the UK. The highly specialized cable is also made in Norway, in a factory near a fjord, so that it can be quickly loaded onto vessels and transported out to ocean for setup. Norway's 7th subsea interconnector, the North Sea Link, will enable the nation to outsource its plentiful hydroelectric power to its neighbors.

"Our world order has been built on oil," Lont says. That is evolving: "As we move away from fossil fuels and toward electrons, we would have a global order in which the electron is more essential than carbon."

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The COVID-19 pandemic has hastened the process. Last year, new renewable energy capacity reached a record 200 gigatonnes, whereas the rest of the energy industry dwindles. As per the International Energy Agency, the Paris-based oil watchdog, during the recession was caused by the pandemic, demand for oil fell 8.8 % and demand for coal fell 5% compared to the previous year. In 2020, renewable energy was the sole part of energy segment that grew. The speed and scale of the renewable energy shift have already outpaced even the most optimistic estimates.