Covid-19 Radically Highlights the Prominence of Renewable Energy

May 28, 2020 by Jiro Olcott

As countries across the world prepare for the post pandemic society, energy and digital communication are at the forefront of their agendas. According to the EIA (International Energy Agency) Covid-19 crisis will wipe out demand for fossil fuels. (1) This is evidences by the recent dramatic fall in prices at petrol pumps.

That puts companies involved in DER, such as Power Transition which is powered by Hedera Hashgraph (2) in an extraordinarily strong position to launch into a sustained growth period as soon as the lockdown ends!

However, the good news is that renewable electricity or Distributed Energy Resources (DER) has remained very resilient, seeing a big boost and is expected to rise by at least 5% this year.

Satellite images since the outbreak of the pandemic have shown astounding drops in energy consumption and pollution across all major metropolitan zones throughout the globe. (3)(4)(5)

It is imperative that we keep up this momentum and continue our transition over to renewable energy sources and away from fossil fuels. We must speed up the uptake of new technologies which will expedite this transition, such as DLT-Blockchain. Power Transition has teamed up with Hedera Hashgraph which is the only DLT network that can perform to the rigorous demands of the Energy Sector.

Combining new technology with our desire to better our world will not only create highly profitable sustainable businesses but will empower individuals and the communities they live in to better their lives. The New Zealand government is a particularly good example of this positive shift. They have pledged to drastically reduce dependence on fossil fuel energy after the pandemic by strategically retooling and re-skilling their capabilities and positioning their future workforce to meet the challenges of the evolution of the energy sector. (6)(7)