Renewable Energy Technologies and Energy Economics: An Overview

Abstract

The global energy sector is undergoing a significant transformation driven by the urgent need to address climate change, energy security, and sustainable economic growth. Solar, wind, hydropower, biomass, and geothermal systems are examples of renewable energy technologies that have become competitive substitutes for traditional fossil fuel-based energy sources. The development of significant renewable energy technologies is examined in this overview, along with its consequences within the context of energy economics. It demonstrates how the economic viability of renewable energy has increased in both established and emerging nations due to decreasing technology costs, increased efficiency, and supportive regulatory frameworks. The economic effects of deploying renewable energy, such as job creation, stable energy prices, less reliance on energy imports, and mitigation of environmental externalities, are also examined in the review. Additionally, the importance of renewable energy to long-term economic resilience and sustainable development is examined, with a focus on how it might lower greenhouse gas emissions and promote inclusive growth. Renewable energy technologies offer significant long-term economic and societal benefits despite obstacles such high initial investment prices, intermittency, and grid integration problems. In order to achieve a low-carbon, secure, and sustainable global energy future, the study suggests that including renewable energy into energy and economic planning is crucial.