Environmental Economics Essay

1937 Words8 Pages
Introduction With the rampant deterioration of the environment taking place, panic striking and scandalizing environmental issues like global warming and greenhouse effect making banner headlines in our news papers and bulletins. Entire world is busy in devising energy reforms that can save the planet from plunging deep into the pit of destruction and catastrophe. In order to counter the looming energy crisis that is engulfing the world, research scientists all over the world are busy brainstorming their ageing heads in order to devise reliable energy systems, which can prove effective in resolving environmental disasters. (Costanza, 1991) In order to achieve this objective, substantial progress has been made in the form of…show more content…
A question that can justly be asked here is why the exploration of renewable energy resources still in its embryonic stages? (Kosltad 2010) Renewable Resources and their Limitations From the past decade progress the renewable energy sector model under substantial innovation. The diversity of advancement ranged from the setting up of conventional wind mill and solar panel towers to the development of automobiles using water or vegetable oil as fuel. It is a well understood fact that the initial cost and expenditure required for the setting of basic infrastructure for such resources is immense. As far as solar energy and its usage are concerned another major area is that the installation of photovoltaic solar panels will cost more than a consumer can save in the form of electricity tariffs. That being said there are also a number of positive economic aspects of the renewable resources of energy that must also be considered. A collaborative research that was conducted by the professors of University of Ferrara and Bologna revealed that the use of domestic solar PV panels can save up to 2000kwh per square meter of energy and can work effectively for a period of 20 years. Moreover on conducting the cost-benefit analysis of the process it was found that over a period of 2 years
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