Leveraging COVID19 to accelerate the energy transition

Automotive Oct 26, 2020

Covid-19 definitely has been an experience that humans would remember in the future, the way how society functions has adapted to this pandemic, wearing masks always carrying sanitizers, and avoiding social interactions on a large scale rather on any scale if it’s not that necessary. But we are pretty sure everyone reading this is well versed with the Corona norms and we should jump right into the topic. So in March of 2020, the world came to standstill. The biggest events including the Olympics and Wimbledon were canceled for the first time since World War 2. All schools and colleges shut down and professionals started working from home. Now, in the energy sector, the world saw a steep fall in oil requirements and accordingly its prices fell. Economically, the traditional energy sources have suffered the most during the pandemic while companies with heavy renewable energy share in their production and supply portfolio have been doing extremely well. Stocks of these companies recovered very quickly from the vertiginous falls in the worst days of the pandemic and some are touching all-time highs.

The dues and other taxes levied on the renewable sector was reduced or given a very flexible timeline, enabling them to set up their plants during the pandemic and as it is with renewable energy which gets viable financially with time, it now stands as a potentially tough competition to the traditional energy sector in the post-covid era. There also have been a few cases where big investors have shifted from oil to renewable energy to cut their losses. So, evidently, the economic scenario around the energy sector is changing rapidly but could there be other ways through which people and the government could promote this inevitable transition?

Since a lot of college and university students are back at their homes, government or industry leaders can launch various competitions on this topic to curate fantastic ideas. Experts and social scientists can be connected under special national or international partnership programmes. A lot of people are at their homes and paying attention to the news especially during this time so we can use this opportunity to disseminate information about clean energy to the masses. And to further promote electric vehicles and normalize their use and ownership, governments can award electric vehicles to the well-deserving COVID warriors who have helped humanity immensely during these trying times. In conclusion, the traditional energy sector is seeing a steep decline, and the companies and investors are moving towards renewable energy sources. There is plenty of opportunity to build new infrastructure without disturbing daily lives as most people are in lockdown. Also while we propagate information about Covid-19 we can also take this as an opportunity to inform people about climate change, renewable energy, sustainable development and realize our dream of a better tomorrow.

Tags

Team BITS, Shell Eco Marathon

A team of budding engineers across various disciplines with a shared passion for building the most fuel-efficient and futuristic car for Shell Eco-Marathon Asia. Interesting? Do reach out to know more

Great! You've successfully subscribed.
Great! Next, complete checkout for full access.
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.