Leading Approaches to Energy Solutions in the 21st Century

Our paper tackles the issue of the novel energy solutions in the 21 century and the leading approaches how to face them. Specifically, we are researching the leading approaches to saving, generating and storing energy, as well as their impacts on the world’s economic growth. Moreover, we look into the investments into energy technologies that encompass renewable energy sources (RES) and energy efficiency solutions. Renewable energy sources are expected to become the main source of electricity by 2030. In order to achieve that, governments need to take serious steps in funding and supporting renewable energy initiatives (e.g. in a form of feed-in-tariffs, incentives for installing solar panels or wind turbines, or payments for house insulation). In addition, a general understanding of the importance of the shift to the renewable energy for the sake of mitigating the results of global warming and climate change should be established. Consumers should be informed of the approaches to energy saving and energy efficiency and a nation-wide support for them should be gained. The leading approaches to energy solutions should also be popular and sustainable among the masses. In general, one can see that renewable energy is protected from these risks by state subsidy programs and continually falling costs. In the long term, this will reduce the supply of traditional energy resources such as oil and gas and, as a result, increase their prices. An impetus in the energy transition process should in turn lead to cheaper renewable energies.