Spain, a leading nation in renewable energy adoption, achieved a significant milestone recently. According to a report by El Pais, renewable sources such as wind, solar, and hydro power were able to meet the electricity demands of mainland Spain from 10 a.m. to 7 p.m. on Tuesday.
Scientific American notes that renewable energy has experienced substantial growth worldwide, now accounting for approximately one-third of global electricity generation, with further expansion anticipated.
Aside from its positive environmental impact by reducing emissions, the transition to green energy proves financially advantageous, reducing costs in the process. El Pais highlights that in Spain, the incorporation of solar panels has had a dual effect: contributing energy to the grid while decreasing reliance on other sources during sunny periods.
Although not all oil and gas companies have embraced renewable energy, some are already reaping increased profits from the shift. Ørsted, a Danish firm that has progressively transitioned from fossil fuels to green energy, has generated billions in profit over the past two decades. In 2022, 90% of Ørsted’s energy production derived from renewable resources, resulting in a net profit of $2 billion.
In the United States, the momentum towards green energy continues to build. The Associated Press reports that President Joe Biden’s administration recently approved a multibillion-dollar transmission line to transport wind energy from New Mexico to West Coast cities.
While the progress in green energy, exemplified by Spain, does not entirely eliminate the need for oil and gas, it represents a step towards reducing reliance on these sources and mitigating carbon emissions. Natalia Fabra, an economics professor at Madrid’s Carlos III University, emphasized to El Pais that the increase in photovoltaic generation and the sustained nature of this trend make it a significant and structural development rather than a temporary cycle.
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