Authors: Dr. S. AGILADEVI, Dr. B. MURUGESAN, Mr. R. VEERASAMY, Dr. M. RAJASEKAR
The Economics of Green Energy Balancing Environmental and Economic Goals In an era marked by growing concerns over climate change, depleting fossil fuel resources, and the need for sustainable development, the transition to green energy sources has gained prominence as a critical pathway towards a more environmentally responsible and economically viable future. The economics of green energy embodies the intricate interplay between environmental objectives and economic goals, aiming to strike a harmonious balance between the two while addressing the urgent challenges posed by climate change. At its core, the transition to green energy involves a shift from conventional, fossil fuel-based energy sources (such as coal, oil, and natural gas) to renewable sources like solar, wind, hydroelectric, geothermal, and biomass. These renewable sources offer a unique advantage by harnessing energy from naturally replenishing resources, thereby mitigating greenhouse gas emissions, reducing air and water pollution, and minimizing the ecological footprint associated with energy production and consumption. However, the adoption of green energy solutions presents a complex economic landscape that requires careful consideration. This landscape encompasses a range of factors, including: Initial Costs and Long-Term Benefits: One of the main challenges in transitioning to green energy is the often-higher upfront costs of renewable energy infrastructure installation compared to traditional fossil fuel infrastructure. While the initial investment can be substantial, the long-term benefits include reduced operational and maintenance costs, as well as insulation from the volatility of fossil fuel prices.
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