The global economy is today far more intertwined than perhaps ever before. A natural calamity or terrorist attack affects the stock indexes of stock markets around the world. The mortgage crisis in the US has played havoc with the stock markets globally. Recession in the US and Europe causes a slide in the global economy. If these are rather obvious and agreed upon, it can also be accepted that the rising oil prices in the world market are pinching the lay consumer worldwide. Economic development and the consumerist culture have led to a spurt in the purchase of cars in several countries of late, notably India and China. Besides, car sales in the US and other developed nations show little sign of decreasing.
Environmental Concerns on the Rise
The environmental lobby is, in today’s world, alive and kicking, if not influential as well. Indeed, there is growing awareness about the need for caring for the environment, among both governments and citizens. Global warming, the threat of an Arctic meltdown, and the like have acquired sinister overtones owing to unusual climatic phenomena being experienced in various parts of the world in recent years. When it doesn’t rain in the rainy season, winter barely occurs, or it rains in deserts, you are wont to sit up and wonder just what the dickens might be happening. Hence, when the burning of fossil fuels is decried as adding to pollution, and depleting the ozone layer, it does acquire a negative tinge to it in the collective psyche.
Limited Reserves of Fossil Fuels
Fossil fuels have been formed over a period of time spanning millions of years. The entire known reserves of fossil fuels worldwide cannot last beyond perhaps centuries. This is assuming constant prices and no price is paid for the entailed environmental degradation. Even in view of the scarcity of the supply if fossil fuels as a source of power, it makes eminent sense to be actively considering alternative forms of energy. Once the economic, environmental and political issues are factored in, the quest for feasible alternative sources of power takes on an element of urgency.
Nations Toying with Alternative Energy
In recent years, we have been witnessing this urgent search for alternative energy the world over, whether it is France’s adoption of nuclear energy, the Indian massive development of hydroelectricity, the Dutch fondness for wind energy, or the “corn for energy” experimental project in the US. Dependence on certain foreign nations for oil is fraught with the risk of letting them hostage the growth of the national economies. Wars have traditionally been fought over scarce resources, be it as varied as gold, land, spices, water or oil. The world might perhaps witness fewer conflicts if the crucial energy requirements of the various nations began to be met in greater proportion by renewable, locally prevalent and environment-friendly modes of alternative energy.
Inevitable Proliferation of Alternative Energy
To sum up, alternative energy is important because fossil fuels exist in limited reserves. Moreover, the consumption of fossil fuels is associated with unsavory environmental and medical consequences. The rising oil import bills is causing various nations to actively explore alternative forms of energy. in a bid to buoy up their respective economies. Several types of alternative energy are easily available, commercially viable and practically applicable. The energy scenario the world over can be expected to turn much more variegated, innovative and conscious of environmental concerns in the times to come.