Energy Transition in London (U.K.) — Research Article by Financial Economist
Over the recent decades the World has been relying on Fossil Fuels, all the sectors of the economy i.e. Agriculture, Industry and Services are running on Conventional Energy Sources. By Definition, Energy Transition is the changing or shifting of the Global Energy Sector from conventional fossil fuel based production towards zero carbon based renewable energy sources. Globally the policymakers and businesses are struggling towards achieving this target and energy sufficiency. The Energy Transition Index (ETI) is developed by World Economic Forum having great significance in modern times. U.K is ranked as 7th Best Country on ETI. For the fact, during recent years the Global Air Quality has been worse, Ozone layer has broken more than 60 pc, according to WHO every year 4.5 Million people die of air pollution and millions get into different respiratory diseases occurred by bad air. The Guardian reports 2 Million people in London are living in toxic air that causes various deadly diseases. However, the major contributing factors are Petroleum Products, Toxic Gases, and other Carbon producing products. Moreover, Global Warming is another interlinked terminology to Energy Transition. If Energy Transition is accomplished the Global Warming would be gone and Environment will be safer for upcoming life on Earth. Whereas for centuries the majority of electricity production is obtained by conventional methods including Thermal, Nuclear Power Plants which is now been shifting to Wind, Solar and Hydro Power Energy Projects. Also, the cars and other vehicles running on petrol, diesel and other petroleum products are now turning to electric based hybrid cars. But another important point is “Before achieving sustainability in Hybrid Cars, sustainability in Renewable Energy Source is compulsory.”
Who are the key players, organizations, initiatives and big events (like Think Tanks) in London/UK across 2020–2021?
For the fact, Energy Transition Commission, an institution globally working on creating awareness on the matter is London, U.K based commission. The authorities are working on the agenda of shifting the World to Non-Conventional Resources till 2050. Energy Institution is another charity organization creating awareness, seminars on energy provision. However, as far as authorities are concerned the U.K adopted various strategies achieving the target of sustainable energy source. In 2019, U.K. left the European Union and started another chapter of development. In a report, they aimed 25 years environment plan under National Energy and Climate Plan (NECP) for which Energy Transition is the most important factor. Another Climate Change Act 2008 of the U.K. commitment to reduce emissions up to 80% to the rate of the 1990’s, moreover another terminology Low-carbon and renewable energy economy (LCRE) has also been introduced, which nowadays in discussions on economic debates over Global Policymakers. The department for Business, Energy and Industrial Strategy (BEIS) is responsible for future growth planning in the relative sectors of the U.K.
Key themes or areas of focus for Energy Transition specific to London/UK
The main focus is required to be made on a few themes.
1. The start should be started from Basic level and later taken to Tertiary Level i.e. Electricity production first before encouraging Hybrid Cars.
2. The economy should be low carbon producing, choosing the recommended and proven renewable sources of energy formation i.e. Solar, Wind, Hydro, Bioenergy.
3. In a single line, the alternatives of all currently contributing factors should be adopted. The eco-friendly environment encouraging resources should be preferably adopted.
4. Policymakers should revise the policy structure after every few years. In this way, they can add more available options to achieve targets.
5. As per the London map, there is not a possibility of Hydro Power Project. Rather if the government adopts the policy for Wind and Solar Power, this would be a great option to follow.
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This article is written by Ahmad Zahid (Financial Expert | Digital Marketer). Follow on Medium at https://iahmadzahid.medium.com/
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