RISKS AND CHALLENGES OF FOSSIL FUELS AND INCENTIVES FOR INVESTMENTS IN RENEWABLE ENERGY

Joseph Chike Ajadike

Abstract


Global energy systems since the Industrial Revolution of the 1750 has been dominated by fossil fuels especially coal, petroleum and natural gas as well as nuclear power and large dams of more than 50 mega watts capacity. But this paper shows that coal, petroleum and natural gas, nuclear power and large dams have serious environmental risks and challenges. Fossil fuels pollute waters of the earth and fouls the air that envelopes the earth and hence create very serious environmental and health issues to the inhabits. One of the clear risks of massive use of fossil fuels on earth is the increasing trapping of heat by some gases such as carbon dioxide, nitrous oxide and methane collectively called greenhouse gases. Greenhouse gases lead to global warming and anthropogenic stimulated climate change. Climate change is now posing serious environmental and developmental challenges and this paper is recommending that the only way to avoid catastrophic climate change from happening across the world is to transit from global economy based on fossil fuels to the one that is based on renewable energy systems.

Keywords


Risks, Challenges, Fossil fuels, Incentives, Investment and Renewable Energy

Full Text:

PDF

References


Ajadike, J.C. (2014) Climate Change and Investment Opportunities in the Energy Sector of Nigeria Unpublished Ph.D Seminar 3 Submitted to the Department of Geography, Enugu State University of Science and Technology, Enugu.

Bruges, J. (2007) Big Earth Book-Ideas and Solutions for A Planet in Crisis, Alastair Sawday Publishers, London, U.K.

Edwards, M. (2002) “Chernobyl: Living with the Monster” in Modica, M. A and Morrison D. L (eds) World Geography – A study Guide, Emancipation Press Waterbury, USA pp 139-144.

Enger E. D. and Smith, B.F. (2004) Environmental Science-A Study of Interrelationships, McGraw-Hill Higher Education, New York.

Green Jobs: Towards Decent Work in a Sustainable, Low-Carbon World. A Publication of UNEP, ILO, IOE and ITUC.

Intergovernmental Panel on Climate Change (IPCC, 1996), Technologies, Policies and Measures for Mitigating Climate. Watson, R.T., Zinyowera, M.C and Moss, R.tt.(eds) IPCC Working Group II.

IPCC (2013) Climate Change 2013: The Physical Science Basic Summary for Policy Makers Working Group I Contribution to the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report, Cambridge University Press Cambridge United Kingdom.

Lodha, R. M. (2007) Academics Dictionary of Geography Academic (India) Publishers, New Delhi, India.

Light, A (2010) Progress from Copenhagen Accord: A Good Start to Global Programme on Climate Safety. A Publication of Centre for American Progress, USA.

Ochs. A. (2010) Mapping the Future; Why Bidding Farewell to Fossil Fuels is in Our Interests –and How it can Be Done, In Bristow R.(ed) Climate Action by Green Media in Partnership with the United Nations Environment Programme (UNEP), London, United Kingdom pp 60 – 63.

Magazin Deutschland (2011) Frankfurter Societats-Medien Gmbtt in Cooperation with the Federal Foreign Office, Berlin.

Miller, G. T. and Spoolman, S.E (2010) Environmental Science Brooks/Cole Cengage Learning Belmont, California, U.S.A.

Montgomery, C. W. (2003) Environmental Geology- The McGraw-Hill Companies Inc; New York.

Nebel, B. J. (1990) Environmental Science – The Way the World Works, Prentice Hall international (UK) Ltd, London

Pipkin, B. W. (1994), Geology and the Environment. West Publishing Company, New York.

Sambo, A. S. (2009) The Challenge of Sustainable Energy Development in Nigeria. Paper Presented at the Nigerian Society of Engineers Forum, Shehu Yardua Centre, Abuja, 2nd April.

Sulphey, M. M. (2013) Introduction to Environmental Management (Second edition) PHI Learning Private Limited, Delhi.

The Economist (2007) Pocket World in Figures, The Economist Newspaper Ltd, London.

The Economist (2013) The Economist Newspaper Ltd, London.

UNEP (2011) Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication –A Synthesis for Policy Makers, www.unep.org/greeneconomy


Refbacks

  • There are currently no refbacks.