UAE's $54B Plan: Energy Investment Triples Renewable Sources!

On March 29, 2022, Sheikh Mohammed bin Rashid Al Maktoum, UAE prime minister and ruler of Dubai, center, attends World Government Summit at the Dubai Expo 2020 held in Dubai, United Arab Emirates. In this summit, the UAE planned to triple its supply of renewable energy and invest up to $54 billion over the next seven years to meet its growing energy demands.

On July 3, 2024, Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice president and ruler of Dubai, announced the plans following a Cabinet meeting. The plans also include investments in low-emission hydrogen fuel and developing infrastructure for electric vehicles.

In this blog, we'll discuss the reasons why we should use more renewable sources, and as individuals, what we can do to help protect the energy and make full use of renewable sources. Also, we'll introduce the top 5 biggest renewable energy companies in the world.

Why we should use more renewable sources

Renewable sources are derived from natural resources that can replenish themselves in less than a human lifetime without depleting the planet's resources. These resources include sunshine, wind, rain, tides, waves, biomass, and thermal energy.

1. Emits no or low greenhouse gases

The combustion of fossil fuels energy leads to a great amount of greenhouse gas emissions, which contribute to global warming. Even when taking into account the entire life cycle of the technologies, the majority of renewable energy sources produce negligible to no emissions.

The dangers of global warming are many and varied, and they are already being experienced around the world, including:

Rising sea levels: As the Earth's temperature rises, the oceans expand and ice caps and glaciers melt. This is causing sea levels to rise, which is threatening coastal communities around the world.

More extreme weather events: Global warming is making extreme weather events, such as heat waves, droughts, floods, and wildfires, more common and more severe. These events can cause widespread damage and loss of life.

Changes in agricultural yields: Global warming is also affecting agricultural yields. In some areas, yields are increasing, while in others they are decreasing. This is making it difficult to feed a growing global population.

Harm to ecosystems: Global warming is also harming ecosystems around the world. Coral reefs are bleaching and dying, and many plant and animal species are being forced to move to cooler areas.

So now, we need to take action to reduce greenhouse gas emissions. Using more renewable sources instead of fossil fuels is an important step.

2. Emits no or fewer air pollutants

Rising levels of air pollution are caused by a growth in the use of fossil fuels for power production, industrial processes, and transportation (as well as the open burning of rubbish in many cities). The use of charcoal and fuelwood for heating and cooking also contributes to poor indoor air quality in many developing nations. Cities literally suffocate under the particles and other air pollutants produced by fossil fuels. The World Health Organization has conducted studies that show their presence over metropolitan skies causes millions of preventable lives and costs billions.

So using renewable sources is also better for our health.

3. Jobs and other economic benefits

The renewable energy sector requires more work than fossil fuel technologies, which are frequently mechanized and capital-intensive. Humans are required to install solar panels, while specialists are required to maintain wind farms.

This indicates that generally speaking, for every unit of power produced from renewable sources as opposed to fossil fuels, more jobs are created.

Growth in clean energy can have advantageous economic "ripple" effects in addition to the jobs that are directly created in the sector of renewable energy.

Clean energy also benefits local governments, most frequently in the form of property and income taxes as well as other payments from owners of renewable energy projects.

4. Stable energy prices

Currently, renewable energy sources around the nation offer reasonably priced electricity, and they may also contribute to the future stability of energy rates. Although building renewable facilities requires upfront investments, once they are operational, the cost of ownership is very low (the "fuel" for most clean energy sources is free). As a result, the cost of renewable energy over time may be fairly stable. Furthermore, it is expected that the costs of renewable energy technology will continue to decrease. In contrast, the cost of fossil fuels can fluctuate greatly and is subject to large price swings. For instance, US coal prices experienced a sharp rise before 2008 due to rising worldwide demand, followed by a sharp reduction following 2008 due to falling global demand.

5. Inexhaustible energy

Strong winds, bright skies, a lot of plant matter, the earth's heat, and swift water can all provide a lot of energy that is constantly renewed.

In contrast, fossil fuels such as oil, coal, and natural gas are available in finite quantities only. As we keep extracting them, they will run out sooner or later. Although they are produced in natural processes, they do not replenish themselves as quickly as we humans use them.

What we can do to help renewable sources

1. Use solar-powered technologies

The sun is the most potent energy source in the world, and nobody has to pay to use it. For this reason, many scientists worked to build technology that maximizes the utilization of the energy provided by the light and radiation emitted by the sun and other stars in our solar system.

Solar-powered automobiles and solar-powered household energy systems are now available. Such solar technology may be a bit pricey, but it is unlike anything else on the market and, in the best-case scenario, a one-time investment!

2. Use wind power for home or business

The use of wind-powered turbines to produce electricity is widespread throughout the world, and it has opened up new economic opportunities for many entrepreneurs. Both the plants and the electricity they produce are fairly simple to install.

In several places, like China, Germany, Australia, and some portions of the USA, wind energy has produced more power than is needed, therefore these plants sell the extra to conventional energy plants. These solutions offer power that is more affordable for families and cleaner than most.

3. Educate ourselves and others about the benefits of renewable energy:

We can help to spread the word about the benefits of renewable energy by talking to our friends, family, and neighbors about it. We can also share information about renewable energy on social media and other online platforms.

Top 5 biggest renewable energy companies in the world

1. NextEra Energy, Inc.

Electricity is produced, transmitted, distributed, and sold by NextEra Energy, Inc. to retail and wholesale clients in North America. The corporation uses nuclear, coal, natural gas, solar, wind, and other energy sources to produce electricity. The largest utility company in the world, NextEra was founded and is headquartered in the United States. They are the leading producer of wind and solar energy globally.

2. Iberdrola SA

Iberdrola is a global provider of electricity with headquarters in Spain. Electricity is produced, distributed, and traded by the business. It specializes in renewable energy sources such as solar photovoltaic, pumped hydro, onshore and offshore wind, as well as battery storage. Iberdrola also conducts business in the United States, the United Kingdom, Spain, Mexico, and Brazil. It also has a presence abroad in Portugal, Greece, Japan, and Australia.

3. Orsted A/S

By 2025, Orsted wants to have carbon-neutral operations and energy production. The worldwide power firm with its headquarters in Denmark focuses on offering renewable energy solutions, particularly in the wind power sectors where it builds and manages offshore wind farms. Operating combined heat and power facilities are its bioenergy and thermal power segments.

4. Enphase

For the solar photovoltaic business in the US and abroad, Enphase Energy, Inc. designs, develops, produces, and sells household energy solutions. Enphase, which was founded in 2006, revolutionized the solar industry with its cutting-edge microinverter technology, which transforms sunshine into a secure, dependable, robust, and scalable source of energy to run homes and businesses. These days, its award-winning smart batteries and sophisticated microinverters can be used with almost any solar panel produced, creating one of the best clean energy systems available.

5. Siemens Gamesa Renewable Energy SA

Wind engineering company Siemens Gamesa is headquartered in Spain. It offers sales of off-grid, onshore, and onshore wind turbines as well as turbine gearboxes. Additionally, it offers upkeep and refurbishment services. The business provides services to clients all over the world and has set up technologies and goods in more than 90 nations. 40 years ago, Siemens recognized the potential to combine engineering and nature, imagining the possibility of illuminating cities and powering factories while purifying the air we breathe. Today, they are bringing that vision to life by creating renewable energy that powers our homes, schools, and hospitals as well as keeps the world's largest cities and the most remote regions of the earth moving.

Conclusion

In conclusion, renewable sources play an important role in addressing the environmental challenges we face today. By using renewable sources, we can reduce our reliance on fossil fuels and mitigate the harmful effects of climate change. In this blog, we have discussed the reasons why we should promote renewable sources and what we can do to help promote these sources. Additionally, we have introduced the top 5 biggest renewable energy companies in the world. They have made great contributions to the renewable energy sector. Our efforts are essential for the widespread adoption of renewable resources. So, take action now!