Rational Use of Natural Resources and Innovative Development of Renewable Energy

Abstract

A full scientific assessment of the rational consumption and utilization of the earth’s valuable resources (fossil fuels) and the development of innovative renewable energy in view to their depletion was conducted. The study investigates worldwide trends in the expansion of solar, wind and hydroelectric power generation and uses logistic growth modelling: as a tool to forecast future development of renewable energy until 2030. The identification of dominant factors in the transition toward sustainable energy was based on a combined approach involving statistical analysis, modeling and experimental evaluation of novel energy-saving technologies. In this respect, innovation consists in a combined analytical-modeling approach (including resource assessment over longer time ranges, modeling of logistic growth and comparative technology efficiency analysis) in the same framework. In contrast to literature, this paper provides author-generated graphs, tables and models that show the evolving relationship between resource depletion and renewable energy growth prospects. The relevance of the work is in its scope to energy policy making and planning, makes recommendations for investment and technological upgrade of national systems. It also contributes to the scientific foundation for developing energy storage tactics, enhancing the penetration of renewable energy integration and sustainable social economic development. By and large, the findings provide evidence that cutting-edge technologies, international collaboration, and long-term strategies are necessary conditions for a rapid transformation toward economic, environmentally sound and material efficient energy system.