As reported by this daily on Saturday, liquefied natural gas (LNG) and coal prices have shot up recently in Asian markets. It is apprehended that the sharp rise in coal and LNG prices will prompt the expansion of renewable energy in the long run.
It needs no mentioning that renewable energy has become an important source for power generation as it is environment-friendly, and we can use these resources again and again to produce useful energy. Having no or little emission of exhaust and poisonous gases like carbon dioxide, carbon monoxide, sulphur dioxide, most renewable energy sources produce little to no global warming emissions.
The government should formulate
and implement new policies to increase the
production and consumption of renewable energy
Needless to say, the incumbent government has undertaken a number of projects to enhance use of renewable energy. Recently, the government has set a target to generate more than 1400MW of electricity from renewable energy by 2022. It is worth mentioning that as a part of the government's initiatives to embrace renewable energy, 10 proposed coal-fired power plants with an estimated capacity of 9346 megawatts (MW) of electricity were scrapped at the end of June. It is good to note that the government has revisited its energy policy and such steps will be helpful for safeguarding the environment indeed.
While experts realise that tackling climate change is impossible without reducing greenhouse gas emissions and the reliance on fossil fuels, many say that the transition to renewable is not going to be easy. Currently, renewable energy contributes approximately 4 per cent to the country's national energy power mix. However, in order to increase it, the government should devise a number of initiatives, including allowing tax-free import of the tools and equipment which are needed for environment-friendly energy production. Sustainable and renewable energy is the future of energy sector. Therefore, the government should formulate and implement new policies to increase the production and consumption of renewable energy.
