Wind and solar electricity are ushering in a new age of global prosperity

DNHN - The armed standoff between Russia and Ukraine has wreaked havoc on the global energy sector. Economic penalties have exacerbated the eurozone's energy dilemma, as governments and huge enterprises join forces to push the development of renewable energy sources in the face of a frigid winter.

Clean energy sources like wind and solar power will help Russia cut back on its use of fossil fuels, which will make it less dependent on them. Mercedes-Benz MB. DE, the luxury manufacturer, is seeking to increase its energy independence this decade via investments in solar and wind farms.

In conclusion, rising oil and gas prices will raise long-term economic interest in renewable energy sources. This week, Mercedes-Benz CEO Ola Kaellenius remarked, "Our immediate aim must be energy security, but our long-term goal must be independence."

The conflict in Ukraine has heightened tensions in Europe's energy markets, which have been thrown by the pandemic's supply chain disruptions. COVID-19 After being booted out of the SWIFT payment system, Russia requested payment in rubles for its gas, requiring it to seek alternative energy sources. 

According to BP, Russia's crude oil and gas exports to Europe are the world's second-largest bilateral supply stream, and Europe depends on Russia for 40% of its supply. Trotz hurdles, Europe's goal this year is to reduce reliance by two-thirds. Increasing the cost of alternative fuels like diesel and coal increases CO2 emissions.

For the first time in history, the average price of diesel in Europe has surpassed that of gasoline. Despite the expenses, the Danish Crown, one of the biggest pig exporters in the world, has started renovating four more diesel-powered slaughterhouses in Denmark.

Harboe HARBb.CO, Denmark's third-largest brewer, has hired an oil-fired generator so that it can keep making beer even if there isn't enough gas.

Google and Amazon are two international firms that recently inked contracts promising to pay a set price for renewable energy over many years for a specific power plant.

The Ingka Group, which owns the majority of IKEA shops worldwide, said this week that it has invested 340 million euros in nine solar energy projects in Germany and Spain as part of a long-term goal to boost sustainable energy usage.

According to the spokeswoman, power will be sold via recurrent supply contracts. The European Commission has decided to speed up the guidelines for renewable energy trading next year due to significant demand.

In the first ten months of 2021, 203 renewable energy supply contracts worth a total of 22 gigawatts (the equivalent of 22 nuclear power reactors) were signed internationally. According to data from the Spanish utility Iberdrola IBE.MC, this represents a 44 per cent year-on-year increase.

President Frans Timmermans recently visited Vietnam to discuss Vietnam's commitments made at the UN Climate Change Conference (COP26) in Glasgow, as well as EU support for solar and wind energy conversion. Solar energy, he maintains, is the cheapest energy source known to man, with a quick return.

Coming up with a tropical environment and a long coastline, Vietnam has several advantages for developing solar and wind energy, most notably Sao Mai Group Joint Stock Company (ASM). ASM invested $2 million in 2016 to build a solar power producing system with a capacity of 1.06 MWp.

ASM will keep investing in a 210 MWp solar power plant in An Giang, a 50 MWp solar power plant in Long An province, and rooftop solar power projects in An Giang and Binh Duong. This will happen in the future, not just to save money on fossil fuels, but also to safeguard the environment for future generations.

 Dũng Anh