Our reliance on fossil fuels has led to some disastrous consequences. Not only has it crippled nature, but it’s created a reliance on a depleting fuel source that is driving up demand, cost, and tension between nations. The recent crisis surrounding the coronavirus outbreak has only escalated our experience of this. It has left us exposed to economic shock and desperate implementations of power-saving, such as load shedding. But in response to these devastating effects, the situation is also encouraging us to pour more energy into renewable power.
With millions of people now confined to their homes, operating small to large businesses through teleconferencing, digital networks and email, the necessity for a reliable and sustainable source of energy is highlighted more than ever before. It’s become quite clear that our modern society cannot function without the provision of stable electricity, most especially in times of crisis. This is pushing us to consider what we are doing to secure this sustainable future of power.
“I think we’re entering a whole new phase of volatility,” Dr Charles Donovan, Executive Director of the Centre for Climate Finance and Investment at London’s Imperial College Business School stated to Forbes, in response to the Dow Jones Industrial Average falling by 10% (the biggest drop since 1987). “These are the unfortunate repercussions of a global market that’s exposed to the volatility of the oil markets, and suffers when unforeseeable events like coronavirus arise at the worst time […] There has to be recognition that the increased volatility in the oil markets will stand in stark contrast to what may become the great virtue of renewable energy, which has nothing to do with its greenness, but more about the stability of cash flows from underlying assets […] The relative stability of renewable energy that’s fully contracted, that already has power purchase agreements, should make it immune from deterioration.”
How Coronavirus is Proving the Necessity of Solar Power
Above, Dr Charles Donovan lays out the idea that renewable energy sources are part of a more sustainable economic future, seeing as they are more resistant to monopolisation or outright manipulation. But that’s just the tip of the iceberg when we look at the benefits of solar energy in particular. Solar power is not only economically resistant to manipulation, it is a far more reliable, cost-effective and environmentally sustainable power source than any fossil-fuel energy. Given our current circumstances, the necessity of moving to a more solar powered nation is being proven over and again.
The COVID-19 virus outbreak has highlighted the great inequality of people in South Africa, especially with regards to access to basic needs like electricity. This is an ideal time for the private and public sectors to invest into renewable energy and make power more affordable in the long-term, which will be especially beneficial for vulnerable communities who are feeling the worst effects of our current lockdown state. While load shedding may be suspended during this time, it is inevitable that it will return, and solar storage solutions can help communities to lessen the impact of that when the time comes. Whilst investment in renewable energy will not only be beneficial for the sustainability of our economy it is vital in our fight against climate change and for the survival of us as a human race.
I we don’t stop the destruction of nature, nothing else will matter. Simple as that.