By Hanat Oladele.

A Question of Necessity in the Economic, Health and Social Sector.

The newfound gold in Renewable Energy has led to the surge of investments in it but for billionaires like Elon Musk and Bill Gates, the gold has always existed and they have been enjoying its riches while breathing in cleaner air. The gold you all should be tapping into, the clean air you all are entitled to, and yet you sit back and let greenhouse gas emissions snatch this opportunity from you. A simple “how?” and “why ?” Would shut down any doubts blocking your way to billions and clean air.

Before delving further, what is Renewable Energy? According to the Engineering Institute of Technology, Renewable Energy, also known as clean energy, is energy derived from naturally replenished sources such as sunlight, wind, water, biomass, and geothermal heat. It comes in the forms of solar power, offshore and onshore wind, hydropower, bioenergy, and geothermal energy.
Let’s also look at the threatening part of the energy family – the non-renewables. Non-renewable energy is unsustainable energy in the form of fossil fuels, which often leads to hydrocarbon and greenhouse gas emissions.

Investment in renewable energy cuts across economic, health, and social reasons. Billionaires should invest in renewable energy because it is profitable to them, in a business sense, and it is also profitable to humanity, in terms of a greener and cleaner environment.

Would anyone choose to invest in something profitable but harmful to the place one lives in, or choose to invest in something more profitable and more life-nourishing? One would definitely go for the one which is green, clean, and has no emissions.
The reasons for investments are explored, one breath of clean air at a time.

ECONOMIC REASONS

Profitable returns on investment.

Investment in renewable energy has always proven to compound into greater profit over the years. A sneak peek into the profits made by Elon Musk, a renewable energy tycoon through his Tesla Inc., was provided by the Nasdaq article. In the article, it was written that “Tesla’s energy business delivered stunning results in 2024. Total energy generation and storage revenue jumped 67% year over year to more than $10 billion.”

Renewable energy also checks the box when it comes to “a fast-growing industry that attracts profitable returns on investments”. According to the International Renewable Energy Agency (IRENA), 90% of the world’s electricity can come from renewable energy by 2050.

Another interesting fact about clean energy according to the analysis made by the International Energy Agency (IEA), is that clean energy accounted for 10% of the global GDP growth in 2023, showcasing that the industry is very profit-oriented.

Africa also has the spotlight when it comes to renewable energy. According to the essay, “Renewable energy – powering a safer and prosperous future” by the United Nations, it was stated that by 2040, Africa could generate ten times more electricity than it needs from renewable energy. Shocked? These are the doings of clean energy. Interested? Investment is never too late. Your investment can make this possible by 2030! Indifferent? Are you also indifferent about the fountain of profit that would be flowing in, on, and before 2040?

Versatility of Renewable Energy.

Although there is fast and continuous growth in the solar and wind industry, renewable energy has also made name for itself in other industries such as in aviation, to produce Sustainable Aviation Fuel (SAF) using biomass; in the AI industry, to power data centers; in architecture, aiding the designs of rooftops; in oil refineries, to make oil product cleaner¹ and in the paper and pulp industry, where it makes use of bioenergy². We are not ignorant of the billion-dollar profits made from such industries. This alone sets the renewable energy industry apart from other industries because it ensures diversification and continuity.

Cheap and Stable.

The major resources of the renewable energy industry – sun, wind, and water – are free gifts of nature, readily available, abundant, and replenishable.

“Almost every nation has enough sun, wind, or water to become energy self-sufficient.”
                    — António Guterres
    Secretary General, United Nations.

These readily available resources save not just money but also stress, in terms of the low capital required for sustaining a renewable energy startup. Clean energy also bypasses customs duties (that non-renewables attract), receives tax breaks, and ensures stability by protecting the industry’s products against price swings since there is no importation.

HEALTH AND SOCIAL REASONS

Drive against Climate Change

The Renewable Energy industry has successfully been able to fight off climate change to an extent, and more investment in it would further raise the bar. According to IRENA, doubling renewable energy capacity could cut global CO₂ emissions by up to 70% by 2050 if paired with energy efficiency measures. Investment in renewable energy also supports the United Nations’ Sustainable Development Goals. It supports SDG 7: Affordable and Clean Energy, SDG 9: Industry, Innovation and Infrastructure, SDG 11: Sustainable Cities and Communities, SDG 12: Responsible Consumption and Production ( reduces reliance on fossil fuels) and SDG 13: Climate Action. Likewise, it honours the Paris Climate Agreement of 2015. All these features of renewable energy have made its social end product decarbonization.

Job Creation.

“For every dollar invested, renewable energy creates three times as many jobs as the fossil fuel industry.”
coiled from the UN’s essay, Renewable Energy – powering a safer and prosperous future.

The Renewable Energy industry is known to have a larger workforce and is more labour-intensive, and this has required the mass employment of workers in the industry. According to IEA, 30 million jobs can be created in renewable energy and low-emissions technology by 2030. This would be a life-changing opportunity for millions of lives. It could help fight poverty, especially in rural areas, and make the world a happier place to live in.

War against Pollution.

Renewable energy is clean energy, meaning that there are no toxic gas emissions during production. According to the World Health Organisation (WHO), 99% of the world’s population is breathing polluted air. It also reported that breathing in polluted air has further led to 7 million premature deaths. No doubt, investment in renewable energy would help fight air pollution because it deals with clean energy, clean resources, and workers breathing clean air.

Saving.

Reduction in vices such as climate change and pollution has not only made the earth safer but it has also enhanced savings.
According to IRENA, $4.2 trillion dollars can be the potential annual savings due to pollution and a few climate impacts by 2030. Bold figures, a bold and simple step – investment – for a cleaner, greener, and brighter future.
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As the questions regarding “Why?” Have been answered, the follow-up question should be “How?” Let us all indulge ourselves in creating a safer, cleaner, greener, and more sustainable future.