Renewable energy is the energy that takes its source from nature and has continuity. It is possible to obtain energy from different sources such as the sun, wind, water, and geothermal. There is no such thing as the exhaustion of these resources. For instance, electric energy can be produced using sunlight. This generation does not reduce or destroy the energy of the sun. Therefore, the sun is considered as an energy source that can constantly renew itself.
Besides, obtaining energy from renewable sources does not cause any harm to nature. For all these reasons, many countries in the world have started to invest in this field. However, it should be underlined that there are some leading countries in this field. Latvia stands out as one of the most important countries in renewable energy resources.
How Will the Renewable Energy Affect the Future?
Investment in renewable energy continues increasingly every year. It would not be wrong to say that these investments will seriously affect the future. When the period of the last 5 years is examined, it will be seen that the investments made in wind and solar energy are twice more than those made in fossil fuels. This situation is even higher in developed countries.
Some countries in different parts of the world have recently made some tests. In these tests, the electricity needs of the whole country were supplied only from renewable energy sources for a few days. Moreover, some countries in Northern Europe, especially Latvia, met their own needs and managed to export excess electricity. This situation clearly shows that the dependence on fossil resources will decrease significantly soon.
As is known, the energy demand is constantly increasing worldwide. The cost of energy obtained from fossil fuels, the environmental damage of the production process, and other factors started to highlight renewable energy sources. The widespread use of renewable energy in the future will pave the way for people and factories to use energy more cheaply. Besides, the damage to nature will be minimized and the world will be saved. It can be said that leading countries such as Latvia and investors will reach very important levels in the future.
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Why is Investing in Renewable Energy Important?
Investing in renewable energy is one of the most sensible investment options today. Because the problems and risks arising from the use of fossil fuels have led countries to seek different resources. At this point, the most important option is renewable resources. The amount of investment made in this field is increasing day by day.
EU countries, with the agreement they have made with each other, have recently decided that at least 20% of the amount of energy they use is from renewable sources. It is known that huge investments have been made to achieve this. Deriving from here, the world’s energy source will soon be the renewable options.
The impact of fossil fuel use on the environment is accepted by everyone. Different international agreements are desired to be made in this field as the use of fossil resources is about to cause an irreversible problem such as climate change. Besides, the decrease in fossil fuels and fluctuations in their prices are considered to be a serious risk for the world economy. For all these reasons, the demand for renewable energy will increase rapidly soon. Those who invest in this area now will have a huge advantage.
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The Importance of Investing in Latvia in the Renewable Energy Sector
Latvia, a northern European country, has a surprising amount of natural resources. Having extremely high biodiversity, there are natural resources, biosphere reserves, and many national parks in the country. Latvia, which is very rich in natural resources and biological diversity, is poor in fossil resources. Therefore, the country is dependent on other countries for resources such as oil and coal for a long time.
When examined in terms of water resources, surprising figures are again there. There are more than 12,400 rivers and more than 4,000 lakes within the borders of the country. It is known that the total area of such water resources is approximately 4% of the country’s total land.
These characteristics of Latvia and the conditions it is in have caused the country to turn to renewable resources for energy. Thanks to the investments made in the past and still ongoing ones, approximately 40% of the energy need in the country is met from such sources. This situation has contributed to the economic outlook of Latvia to a great extent.
The diversity of renewable energy sources in Latvia is quite high. However, two of them stand out more;
Intensive investments have been made in these two areas. In addition to these, it can be said that many opportunities can be developed regarding wind and solar energy.
This is the general information on renewable energy in Latvia. This issue is developing rapidly in this country. It can be said that there are extremely favorable conditions for investment in terms of technological and technical infrastructure.
Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.