Wind energy soars to new highs among renewables

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  Quantumrun Foresight
• February 23, 2022

Insight summary

Wind power is gaining momentum globally as a cost-effective and sustainable energy source, with its capacity projected to increase significantly in the coming years. This growth not only contributes to environmental goals but also stimulates job creation and provides income opportunities, thanks to the development of wind farms and government subsidies. However, the rise of wind power also presents challenges, such as changes in local landscapes, power grid stability, and potential disputes over land use, requiring careful management and regulation.

Wind energy context

The quest for sustainable energy solutions is a global endeavor, with nations worldwide striving to meet their environmental commitments. Among the various renewable energy sources, wind power is emerging as a strong contender in the race towards carbon neutrality. According to consultancy firm Wood Mackenzie, the global capacity for wind power is projected to increase significantly, averaging 71 gigawatts between 2019 and 2023, and approximately 76 gigawatts in the subsequent four years.

Wind power's growth is not just about environmental stewardship; it's also about economic viability. Compared to other renewable energy sources, wind farms are often less expensive to establish and maintain. This cost-effectiveness, combined with the potential for significant capacity additions, positions wind energy as a potential leader in power generation. Moreover, the development and expansion of wind farms can stimulate job creation.

Wind farms have become a source of income for many individuals, often bolstered by government subsidies that encourage the adoption of renewable energy. Furthermore, the potential for technological advancements in wind turbine design and construction presents opportunities for even greater efficiency and cost savings. This ongoing development of wind energy technology can help to alleviate strain on power grids.

Disruptive impact

As wind power technology continues to improve, there are increasing opportunities for engineers and tech startups to contribute to energy infrastructure modernization. For instance, they could develop more efficient wind turbines or devise smart grid solutions that optimize the integration of wind power into the energy mix. These advancements could lead to more reliable and efficient power supply, particularly in regions where wind resources are abundant.

The rise of wind power also has implications for education and workforce development. Recognizing the growth potential of the wind energy sector, technical colleges are developing courses and training programs to prepare a new generation of wind energy technicians. This shift not only provides individuals with new career opportunities but also ensures that the industry has the skilled workforce it needs to continue its expansion. 

Finally, the integration of artificial intelligence (AI) into wind power management could significantly enhance the efficiency and predictability of wind energy. For example, DeepMind has partnered with Google to develop an algorithm that can predict optimal times for wind power generation. This feature could make wind power a more reliable source of energy, reducing the uncertainty associated with variable wind speeds. 

Implications of wind energy

Wider implications of wind energy may include:

• Improved energy security and less geopolitical tension over energy resources.
• A new generation of engineers and scientists, fostering a culture of environmental stewardship and technological advancement.
• Urban planners incorporating renewable energy infrastructure into city designs, leading to more sustainable urban environments.
• New financing models for renewable energy projects, opening up investment opportunities and democratizing access to clean energy.
• Changes in local landscapes and habitats causing conflicts with local communities and conservation efforts.
• The intermittent nature of wind power posing challenges for power grid stability, requiring significant investments in energy storage and grid management technologies.
• The need for rare earth metals in wind turbine manufacturing leading to increased mining activities, with potential social and environmental impacts.
• Disputes over land use and property rights, requiring clear regulations and fair compensation mechanisms.

Questions to consider

• Do you see wind power overtaking solar and natural gases to become the most widely-used alternative energy source? 
• Is wind power as cheap as they say and is it the best renewable energy source to replace carbon-intensive ones?