The Sustainability Of Energy Sources - 1138 Words

The term sustainability is defined as endurance of a system. Likewise, the sustainability of energy sources is the provision of energy sources without compromising for present and future use. The major sources of energy are natural resources such as fossil fuel and coal. These natural resources are limited in our universe. Therefore, there is maximum compromise in the use of these resources. To sustain the lives of future generation, alternative sources must be created. The energy which can be provided without compromising is renewable energy sources and they are reproducible. For instance: wind energy, geothermal energy, solar energy, bio energy, etc. Due to increased urbanization, mobility, and economy; necessities of renewable sources†¦show more content†¦Despite many calls for reducing subsides for fossil fuel and nuclear power; in practise this proves political difficulty (Beck, Martinot 2). Renewable energy sources generally requires higher amount of financing for the same capacity as of non-renewable. Depending on these circumstances, capital markets may demand a premium in lending rates for financing renewable source of energy (Beck, Martinot 2). Renewable energy technology faces the higher taxes and import duties. These duties may exacerbate the high initial cost relative to non-renewable energy sources (Beck, Martinot 2). Since, renewable projects are generally smaller projects than conventional projects, they also need higher transaction cost. These projects may require additional information not readily available, may require additional time and may require additional time sources (Beck, Martinot 2). These small projects encounter problems because of unfamiliarity with technology and uncertainty over performance. Based on these reasons the cost of energy project – including resource assessment, sitting, permitting, planning, proposals, will require vast amount on a per kilowatt (kW) capacity basis than for conventional power plants. The second major barrier to the renewable sources is the legal and regulatory powers. Due to the lack of legal framework for the Independent power producers, the creation rate of sustainable energy sources are minimal. In many countries, power utilities