Advanced Economies May Suffer Downfall With Less Energy Storage for Future

By Shubhendra Anand , 23 April, 2024

Globally, the countries are adopting renewables to go greener by 2050. Countries are focusing on utilizing renewables as their energy source. It is to support the clean energy transition by limiting carbon and other harmful gas emissions. However, the developed nations are heavily dependent on fossil fuels. As fossil fuels appear to be easily available, their availability is declining gradually in the environment. Therefore, a study in 2024 shows that advanced nations may face a downfall due to energy shortages.

According to recent surveys, developed economies like the United States, Japan, and other European countries suffer from energy shortages in 2023. The same situation is expected to continue nicely in 2024. However, Asian countries like China are increasing their power, with the leading country with the highest renewable sources being 2-24. China surpasses the mighty West to be the top of leading renewables producer. Experts anticipate emerging economies will suffer from power shortages due to the availability of fossil fuels soon. In the energy sector, fossil fuels are expected to reach their limits in the upcoming years. Therefore, nations globally are focused on improving their renewable energy sector. However, it will be hard to achieve the target of green energy by the end of 2050.

According to surveys from 2023, the record of fossil fuels was noted to be 19 percent in power generation. It is mainly due to the region's shift in focus towards renewable energy sources. Similarly, the surveys show that gas and coal production was reduced by 15 and 26 percent, respectively, in 2023. This indicates that the European region is growing efficiently with renewable energy generation. However, power generation at a faster rate is complex and may take some time, according to industrial experts. The main concern from the ongoing situation is that if developed economies fail to meet the energy demand with renewables, the problem may worsen. This is due to a lack of fossil fuels for power generation, which cannot support the energy sector. This situation can lead to the downfall of advanced economies, supply chain disruptions, and economic crises, among others, in the future.