Spain is one of the few countries leading the world in promoting renewable energy.
On May 16th, Spain announced that it has reached a significant milestone. The energy generated from wind, solar, and hydropower can now meet the national electricity demand from 10 AM to 7 PM.
This image shows photovoltaic panels with windmills in the background in the town of Milagro, Navarre, Spain. (Photo: ANDER GILLENEA/AFP/Getty Images).
Renewable energy has rapidly developed in recent years. Currently, this energy source accounts for about one-third of the world’s electricity production. Transitioning to green energy not only helps address the climate crisis by reducing emissions but also brings profits and reduces costs.
Spanish media reports that in the country, the addition of solar panels provides dual benefits: it increases the amount of electricity fed into the grid while reducing the demand for other energy sources when the sun sets.
Although not all oil and gas companies are gradually transitioning to greener energy, some have seen increasing profits from this shift.
Over the past two decades, Ørsted – a Danish company, has gradually transitioned from fossil fuels to green energy, yielding billions of dollars in profits to date. Last year, the company reported a net profit of $2 billion and generates 90% of its energy from renewable sources.
Even though advancements in green energy are expanding, with Spain being a positive example, we have not completely eliminated the need for oil and gas. However, this is a step towards reducing fossil fuel consumption and carbon emissions.
