Renewable energy (RE) is increasingly being seen as a strategic asset by governments and major corporations to promote growth and cost reduction. Renewable energy is increasingly a priority for governments all around the world, even in emerging countries.
Singapore's approach to alternative energy:
- Wind rates of about 4.5m/s are required for commercial wind turbines, while the average wind speed in Singapore is only about 2m/s.
- Due to Singapore’s small tidal range and calm waters, commercial tidal power generation is limited. Ports, anchorages, and shipping lanes occupy a large portion of our marine area, limiting the utilisation of ocean energy technology.
- Because Singapore lacks a year-round river system with fast-flowing water, hydroelectric electricity cannot be utilised.
- Our tiny physical size (728 sq km), high human density, and lack of land hinder our ability to produce domestic biomass sustainably. It also limits Singapore’s ability to safely deploy nuclear power.
Renewable energy projects have emerged as realistic low-carbon alternatives to carbon-intensive fossil fuel-based projects during the previous decade.
Despite the impact of reduced oil prices, several nations have seen a shift in their renewable energy profiles, mainly to a range of interventions:
- Where law and a feed-in-tariff (FiT) are available, they should be used.
- Incentives for technology development and imports
- Green bond finance, for example, is a novel kind of commercial structure and funding.
- Technological advancements on a commercial scale
Upcomming trends in Renewable Energy :
- Mini-grids or hybrids are made up of a collection of energy generators coupled to a distribution network that provides power to a small number of consumers
- Homes are increasingly being powered by stand-alone systems such as rooftop solar panels.
- Utility-scale battery storage improves grid stability and eliminates the intermittent nature of renewable energy supply.
- Building integration, including the use of energy-efficient equipment and the incorporation of renewable energy technology, has been a major emphasis in global environmental sustainability.
- In the future, artificial intelligence will drive an increase in the use of renewable energy.