Page 43 - Banking Finance July 2019

ARTICLE

climate change and global warming. Renewable energy is Concentrated Solar Power - (also called concentrating solar
prominently used in power generation, heating and power, concentrated solar thermal, and CSP) systems
transportation. generate solar power by using mirrors or lenses to
concentrate a large area of sunlight, or solar thermal energy,
Increasing renewable energy deployment contributes to onto a small area. Electricity is generated when the
multiple policy objectives, including boosting national energy
concentrated light is converted to heat, which drives a heat
security and economic growth, creating jobs, developing
engine (usually a steam turbine) connected to an electrical
new industries, reducing emissions and local pollution, and
power generator.
providing affordable and reliable energy for all. Policy
makers continue to promote renewable heating and cooling, Bio energy - Biomass is biological material derived from
renewable transport technologies and renewable power by
living, or recently living organisms. It most often refers to
implementing a range of policies including targets,
plants or plant-derived materials which are specifically
regulations, public financing and fiscal incentives as well as,
called lignocellulosic biomass. As an energy source, biomass
increasingly, complementary policies enacted together.
can either be used directly via combustion to produce heat,
or indirectly after converting it to various forms of biofuel.
Diverse Modes of Renewable Energy:
Conversion of biomass to biofuel can be achieved by different
Now we try to understand different modes of renewable methods which are broadly classified into thermal, chemical,
energy. and biochemical methods.
Wind power - the use of air flow through wind turbines to
Geothermal energy - is thermal energy generated and
mechanically power generators for electricity generation.
stored in the Earth. Thermal energy is the energy that
Wind power is one of the best alternatives to burning fossil
determines the temperature of matter. The geothermal
fuels and is available in abundance, widely distributed, clean,
energy of the Earth's crust originates from the original
produces no greenhouse gas emissions during operation,
formation of the planet and from radioactive decay of
uses no water, and uses little land. The net effect is that it
materials. Geothermal power is cost-effective, reliable,
does not pollute the environment.
sustainable, and environmentally friendly, but has historically
been limited to areas near tectonic plate boundaries.
Hydropower or water power - the power derived from the
energy of falling water or fast running water, which may be
Investments In Renewable Energy
harnessed for useful purposes like a renewable energy
source for irrigation through water wheels and watermills worldwide and In India:
and also for the operation of various mechanical devices,
The top 10 national investors consisted of four developing or
such as gristmill, sawmills, textile mills, trip hammers, dock
emerging countries and six developed countries. In addition
cranes, domestic lifts, and ore mills. In late 19th century,
to China and the United States, top countries included Japan,
hydropower was first used to generate electricity.
India and Germany. The next five countries were Australia,
the United Kingdom, Brazil, Mexico and Sweden.
Solar energy - radiant light and heat from the sun, is
harnessed using a range of ever-evolving technologies. Solar The Indian renewable energy sector is the fourth most
technologies are broadly characterized as either passive attractive renewable energy market in the world. As of
solar or active solar depending on the way they capture, October 2018, India ranked 5th in installed renewable
convert and distribute solar energy. energy capacity. According to 2018 Climatescope report
India ranked second among the emerging economies to lead
Passive solar techniques include orienting a building to the to transition to clean energy.
Sun, selecting materials with favorable thermal mass or light
dispersing properties, and designing spaces that naturally The global think-tank said in a special report that the long-
circulate air. Active solar technologies encompass solar term outlook is favorable for renewable energy in India as
thermal energy, using solar collectors for heating, and solar the country saw a dramatic decline in the wholesale
power, converting sunlight into electricity either directly electricity tariffs from solar and wind generation sources in
using photovoltaics (PV), or indirectly using concentrated 2017-18 with capacity consistently awarded at sub-Rs. 3 per
solar power (CSP). unit through reverse bidding auctions.

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