The Impact of Renewable and Cheap Energy on the World Economy and Society

Could the invention of a renewable, very cheap, and virtually unlimited source of electric energy fundamentally change the world economy and society? It is a topic often debated by policy makers, environmentalists, and industry stakeholders alike. While it’s difficult to predict exact outcomes, there's no doubt that such a development would bring revolutionary changes. However, some argue that despite such advancements, inequality and exploitation might still persist.

The Inevitability of Inequality

It is impossible to eliminate every form of societal inequality, and history suggests that the existence of wealth disparities is a recurring pattern. Folks who have significant investments in fossil fuels will likely ramp up their efforts to keep their market advantage. By using sophisticated marketing strategies, propaganda, and misinformation, they can maintain their dominance. This trend is already being witnessed with renewable energy sources. Hence, even with cheaper and cleaner energy, a disparity in access and utilization will likely persist.

Achieving Affordability and Profitability

The affordability of electricity and the profitability of renewable energy infrastructure are crucial for a healthier and cleaner world. Evidence suggests that wind and solar technologies have already proven their economic viability. Consider the following points:

Wind turbines produce more energy in their first six months of operation than they cost to manufacture, highlighting their quick return on investment.

Solar and wind energy systems generate electricity at a significantly lower cost compared to traditional fossil fuel alternatives.

These systems often recover their costs through energy savings over decades, leading to what could be termed as a 'gravy' situation after the initial investment is recovered.

Environmental and Economic Benefits

Transitioning to renewable energy would have profound positive environmental and economic impacts:

It would significantly reduce carbon emissions and other pollutants, contributing to cleaner air and water.

There would be a notable improvement in public health due to decreased air and water pollution.

This shift would trigger a massive economic expansion, creating new jobs and industries.

Homeowners and businesses would benefit economically, with reduced energy costs leading to increased disposable income.

Compare this investment in cleaner, renewable energy with the devastating legacy of coal mining, which has left a trail of toxic waste dumps and health challenges. For instance, coal mining has resulted in thousands of open-air toxic waste dumps in the United States, directly affecting the health of millions. Studies have found that 91 of these sites are contaminating drinking water aquifers and nearby waterways, emitting harmful pollutants like sulfur dioxide (SO2), nitrogen oxides (NOx), particulates, and carbon dioxide (CO2).

The Laws of Supply and Demand

The availability of inexpensive, renewable energy would dramatically alter supply and demand dynamics. With the possibility of near-infinite energy availability, traditional economic principles could be disrupted. However, it's important to recognize that the sun, as the primary source of renewable energy, already provides a virtually limitless supply. The challenge lies in efficiently harnessing and distributing this energy to all sectors of society.

Conclusion

While the invention of a renewable, very cheap, and virtually unlimited source of energy would bring numerous benefits to the world, it is crucial to address the challenges of inequality and misinformation. By prioritizing affordability and profitability, we can ensure that the benefits are equitably distributed and that societies remain healthy and sustainable in the long term.