The global population has reached a massive 8 billion this year. In addition to this milestone, the International Energy Agency (IEA) projects that renewable energy capacity additions could grow exponentially to a record-breaking 107 gigawatts (GW), surpassing 440 GW in 2023. On the contrary, fossil fuel subsidies to oil & gas and coal during the year 2022 amounted to $7 trillion or 7.1 percent of global GDP per the International Monetary Fund (IMF) report.
We mustn’t overlook the mounting pressures from climate activists worldwide relentlessly urging policymakers, such as MIGA and heads of states, to divest from fossil fuel subsidies and instead invest in clean energy or renewable sources.
With policy support and ever-increasing innovations in the sustainable energy sector, clean energy and renewable energy could soon replace fossil fuels due to their benefit of lower carbon emissions.
Clean Energy? Renewable Energy? Is there a Difference?
Although clean energy and renewable energy are often used interchangeably, the two terms do not mean the same thing. Renewable energy is produced from natural sources or readily replenished processes such as solar, wind, large hydro, biomass, geothermal, and renewable storage. On the other hand, clean energy comes from zero-emission sources such as large hydro and nuclear. As such, not all renewable energy sources are clean energy sources. That said, even nuclear and hydro may not be considered 100% clean if their construction, operation processes, and waste management are not emissions-free and environmentally sustainable.
A 2022 report released by the International Atomic Energy Agency (IAEA) revealed that about 390 million metric tonnes of spent nuclear fuel had been generated globally by the end of 2016. About two-thirds of the waste is in secure storage facilities, with the remaining one-third reprocessed.
Due to the radioactive nature of nuclear waste and the intricate facilities needed to handle them, fears have also been growing over radioactive nuclear waste piling up to unmanageable levels as data reveals 88,000 metric tonnes of nuclear waste from commercial reactors are stranded at US reactor sites. Surprisingly, the quantity is expected to grow by about 2,000 metric tonnes annually.
With such a high rate of nuclear waste pileup, policymakers and relevant authorities must focus on innovative or technology-neutral solutions to ensure the entire process is clean—from mining raw materials to proper management of radioactive waste to keep nuclear energy as clean as possible.
According to the IEA World Energy Investment 2023 report, global investment in clean energy is projected to grow significantly to USD 1.7 trillion in 2023, outpacing spending on fossil fuels, which have long been linked to climate change. The increasing investment in clean energy technologies will help global economies build a sustainable future for all.
In conclusion, while the terms “clean energy” and “renewable energy” are often used interchangeably, it is important to recognize the key differences between them. Renewable energy derives from naturally replenished sources, encompassing solar, wind, large hydro, biomass, geothermal, and renewable storage. On the other hand, clean energy comprises zero-emission sources, including large hydro and nuclear. Notably, not all renewable sources fall under the clean energy category, as their environmental impact depends on factors such as construction, operation processes, and waste management.
The issue of nuclear waste, as highlighted in a 2022 report by the International Atomic Energy Agency, underscores the importance of ensuring the cleanliness of energy production from nuclear sources. With concerns about the increasing accumulation of radioactive waste, it becomes imperative for policymakers and relevant authorities to prioritize innovative and technology-neutral solutions across the entire nuclear energy lifecycle, from raw material mining to proper radioactive waste management.
The trajectory of global investment in clean energy, as indicated in the IEA World Energy Investment 2023 report, presents a promising outlook. The substantial growth in clean energy investments, projected to reach USD 1.7 trillion in 2023, surpassing fossil fuel spending, holds the potential to pave the way for sustainable and environmentally friendly energy solutions, thus contributing to a more sustainable future for all.
