Coronavirus and Its Impact on Green Energy

It is no secret, Coronavirus is affecting everything. The world economy is essentially shutting down, and this is not good for budding markets like green energy. Much needs to be done to keep the global economy afloat, especially when it comes to issues surrounding renewable energy. If the virus has shown us anything it's that the world is fragile and we are living unsustainably in the First World. Not only is the pandemic of COVID-19 slowing down economic activity, it is crippling some pivotal industries.

Impact & Governments

While the impact of COVID-19 takes up much of the daily conversation, it is turning into an unprecedented crisis. The turmoil it is causing has forced governments to respond with uncharacteristic urgency. According to the site used to switch energy suppliers, MoneyPug, sustainable stimulus packages have become completely necessary to keep modern life moving. When it comes to green energy, there is no exception. As leaders are forced to react to interlinked crises, it is key not to lose sight of major challenges.

Renewable Energy

Coronavirus is the current tumult, but it won't last forever. It is severe and must be treated as a threat, but the transition to green energy greatly affects the future of the species. With the economy grinding to a halt, governments are drawing up stimulus plans in an effort to counter the economic damage. Luckily this can be an opportunity to inject the industry with some much-needed capital. It could turn into a positive for green energy because they are much cheaper when they have a stimulus package to help them along. Solar, wind, and hydro are all necessary for the transition to renewables. To mitigate our impact on the atmosphere, we need to keep these businesses healthy while investing in hydrogen and carbon capture.

The Oil Market

There is a sharp decline in the oil market with the crisis of COVID-19, which provides a great opportunity to boost green energy and undermine fossil fuels. Cheap energy is always the leader, and it is used less efficiently. With assistance from lawmakers, we can reduce the appeal of dirty energy and pivot towards eco-friendly alternatives. There is a lot of uncertainty, but with the right investments it is possible to help minimize the damage down on the green energy market. Legislators, however, have to do their job.

Other Decreases

It isn't just oil that is going down. According to the International Energy Association, the demand for electricity has declined around 15 percent. This is largely due to large-scale businesses and factories shutting down production. This is happening all over the world and will continue to happen. It is imperative to uses these decreases in production to boost the industries that will help us get back on our feet when all of this comes to an end. One of those most imperative industries is renewable energy.

Dangers for Clean Energy

While there are some ways to facilitate the renewable industry with the downturn of other markets, that doesn't mean the industry is out of the weeds. For example, China has been, until recently, the most affected country but the virus. They are also the main production source of green energy technologies like solar panels and wind turbines. With the economy of not just China but the whole world thrown in jeopardy, production of these technologies will also slow.

The Uncertain Future

Coronavirus has shown that it is not predictable and that it will cause a lot of pain and inconvenience in its wake. No one knows for sure how this will all play out, and no one knows the full impact on the global economy. One thing is for sure. Legislators need to provide subsidies and stimulus projects to keep the economy moving. It is imperative to help these important industries stay alive and well during this time. The future is uncertain, but there are many things we can do to mitigate the effects this virus will have on the health, economy, and sustainability of the planet.

While it is tough to look at COVID-19 as a positive thing, it is necessary to keep up spirits and come up with new ways to facilitate this crisis. The truth is, there are a lot of opportunities to change the world. With this new sense of urgency, we can make changes that don't just help us right now, but help us into the future.

Ryan Beitler is a journalist, writer, and blogger who has written for a variety of sites on many different topics including Paste Magazine, The Slovenia Times, New Noise Magazine, and more.