Answer :

Introduction

From the perspective of modern industrial and technological development, it can be stated that one of the major challenges for today’s world is the issues associated with global warming. The substance, which is mainly responsible for global warming, is CO₂ and according to the current statistics, it can be stated that near about 90% of the CO₂ is emitted from the coal power plant (Amnh.com, 2019). As a result, near about 2.7-degree increase can be seen in the temperature of the world, which is elevating the effect of global warming (Nytimes.com, 2018). Fossil fuel such as coal is expensive and it can make an impact on the economy of a country. 

On the other hand, the application of renewable energy sources in place of fossil fuel is taken under the consideration it can be found that with the help of these innovative technologies Carbon Capture Sequestration process can be made more effective. Moreover, with the application of renewable energy sources, global energy demand also can be fulfilled. Hence, replacement of fossil fuel with renewable and economically sustainable energy sources can be considered as one of the best approaches in this aspect. This essay provides an argument on the behalf of replacement of the fossil fuel with environment-friendly and economically sustainable alternatives as well as counter-arguments in this regard.  

Outline

The application of fossil fuel can increase the emission of greenhouse gases in the environment and application of fossil fuel in a different power station is the major cause behind the rapid depletion of natural resources. From this perspective, it can be stated that the application of fossil fuel is not beneficial for developing economic and environmental sustainability of the world. Although with the application of renewable energy sources these issues can be mitigated, these alternatives are still under research consideration. These are two considered arguments of this study, which can help to determine one positive solution for these critical economic and environmental issues associated with the application of energy sources. 

Thesis statement

This study sheds light on the on the benefits of the replacing fossil fuel with the help of renewable energy sources on the environment and economy of the world. Although the application of renewable energy sources can help to mitigate the issues associated with the application of the fossil fuel on environment and economy, the techniques associated with the application of renewable energy sources are still under developing projects. In this research, this area is considered for defining the drawbacks of application of different renewable sources.  

Scope

This study delineates different aspects associated with the application of fossil fuel and tries to define the economic and environmental sustainability factors associated with it. 

Body

Environmental issue

Application of fossil fuel is the cause of the increasing level of global warming in the world. From the present energy demand statistics, it can be observed that the developing countries use more than 16000 Million Tons of Oils for fulfilling their needs of energies and this is increasing the rate of the CO₂ emission in the world (Spe.com, 2019). According to a study, it can be noted that Russia, US, China as well as India are those countries which are mostly responsible for increasing emission of the CO_2. This issue can be mitigated with the help of application of CCS technology in different thermal power plant and industries, which uses coal, as well as natural oil in this regards (Olson et al. 2015). This problem can be mitigated with the help of application of different types of renewable sources in place of fossil fuel. Application of renewable energy sources thus can help to mitigate the issues of air pollution, which can be considered as one of the major negative impacts of fossil fuel application. Moreover, another benefit of application of renewable energy in place of fossil fuel is this can help to reduce the rate of depletion of natural resources. This can help to save the resource level for future generation of the human race, which in turn can help to prevent situation associated with the energy crisis (De Bièvre, Espa & Poletti, 2017). 

Application of renewable sources by mitigating the issues associated with pollution can help to reduce the problems associated with the health problems of Human. Hence, application of renewable energy sources in place of fossil fuel can be considered as a beneficial approach, which can help to mitigate the issues associated with the environment (Hertwich et al. 2015). Comparison between the environmental impacts for application of different energy sources can be measured with the help of Life cycle assessment technology. 

From the assessment of LCA, it can be found that although the application of renewable energy sources is beneficial for the environmental sustainability of world application of renewable energy source is depends upon the geographical and environmental conditions. According to Hertwich et al. (2015), this has been noted that application of renewable sources is strongly dependent on the weather condition as for an instance cloudy weather can restrict producing energy sources with the help of photovoltaic cells (Berrill et al. 2016). Moreover, the geographical location of a place can make a negative impact on wind electricity production by including a restriction on the way of wind flow. These can make negative impacts on the production rate of energy. Hence, it can lower down the performance of different power station and it can be considered one of the major drawbacks of the application of renewable energy sources in place of fossil fuel (Jenkins et al. 2016). From this point of view, it can be stated from the modern perspective it can be stated that the4 application of renewable energy sources is not beneficial in all situation. 

Economic issue

Amount of carbon dioxide in the future largely depends on the consumption of fossil fuel. Fossil fuels are comparatively less expensive than non-conventional energy sources and thus fossil fuel will remain the primary combustible source and according to IEA, a sharp demand in fossil fuel will be seen in the near future (Kammen & Sunter, 2016). However, with the rising demand in fossil fuel, there is a chance of inflation in fossil as a bank of these non-renewable sources is progressively decreasing. By, 2030, there will remain a minimal amount of fossil fuel. Thus, inflation will create an impact on the global economy. The price of fossil fuels will be hiked in an exponential manner.    

With the increasing demand for fossil fuels, the price of petroleum and coals are becoming high. However, the rising in demand is not supported by supply in resources. Supply of the fossil fuels is diminishing with every year. The non-renewable energy sources are therefore not remained supportive and their longevity becomes less. Non-renewable energy sources, from this perspective, are far more reliable as they depend on natural energy such as solar, wind and tide (Cleary et al. 2015). These sources have no future possibility of ending and thus, scarcity of energy resources will not arise (Bhattacharya et al. 2016). With the paucity of fossil fuels, there is a chance of inflation as fossil fuels are in a verge of end. Without fuel, the economy of a country will be in a halt. Thus, it can be inferred that relying completely on fossil fuels will heavily influence the global economy, and therefore a renewable source of energy is recommended (Tietenberg & Lewis, 2016).  With a reduction in carbon emission caused by fossil fuels, countries do not need to implement countermeasure of the pollution cost (such as the air purifier implemented by the Chinese government). Thus, the sunk cost required to counterbalance the pollution will be reduced if renewable energy sources are used instead of nonrenewable sources.  Wind power causes $30-60 per megawatt-hour and solar plant cost $43-53/MWh, whereas coal power costs $60/MWh.  In addition to that, the cost of photovoltaic modules have decreased from $3.50/Watt to $0.72/Watt- an abrupt decrease of 80% within 10 years indicates the economic effectiveness of renewable energy (Amnh.com, 2019).

Although solar energy can be easily used as an electric source, by converting it into the photovoltaic voltage, the similar application is difficult for wind and tidal power. Wind power requires a wide area where wind flows with high velocity. The windmills implemented in USA, Australia are made very high so that they can capture high wind velocity. The manufacturing of a windmill is costly. Thus, a country will medium sized GDP growth cannot afford to implement windmill to support their fuel requirement (Obama, 2017).The solar car has been invented by some companies; however, compared to the conventional car these cars are significantly costly. This gap significantly influences the economy of a particular country (Dai et al. 2016). People of countries like India, Myanmar, and Bangladesh still use thermal power as a prominent power source. The adoption of renewable sources in these countries is delayed due to design complexity of power devices (Arriaga et al. 2016). 

Conclusion

Application of fossil fuel in a continuous manner increases air pollution. Carbon emission enhances greenhouse emission by depleting the ozone layer. It has been estimated that developing countries use more than 16000 Million Tons of petroleum, which causes major air pollution (Spe.com, 2019). It is thus advised to increase use of renewable energy sources to protect environmental sustainability.

From an economic perspective usage of renewable energy sources, can enhance economic growth by reducing power consumption. For example, solar plant cost $43-53/MWh, whereas coal power costs $60/MWh. A considerable gap can be observed among these two power sources. Moreover, the cost of solar energy per unit has been reduced abruptly in pat ten years making it affordable for plebeians. Wind power also costs lower than the coal power costing only $30-60 per megawatt-hour compared to the $60/MWh (Amnh.com, 2019). Again, usage of solar energy as a car fuel can decrease the use of petroleum, thereby reducing air pollution. Sunk costs can be thus reduced in air purification and counter-productive measure against air pollution. Moreover, as renewable sources are not limited by their amount, there is no chance of inflation.   

This study highlights the benefits of renewable energy sources over fossil fuels to develop a sustainable environment for global economy. Although, application of renewable energy sources can mitigate the environmental issues (pollution), as well as economic issues (sunk cost, price hike of fuel), the techniques associated with the application of renewable energy, are still under development (to eliminate design complexity so that it can reach the home of plebeians). This puts a halt in the adoption of these sources as the conventional one, which is hoped to be eliminated in near future.  

Solar cells are set up preferably in the roof of every house to gather the maximum amount of solar energy and turn it into photovoltaic voltage. This distribution is localized in nature. The electricity distributed from fossil fuels is not localized in nature, as it is transferred from the substation. This distribution technique needs to be preferably used and in order to do that solar cell implementation in space is recommended.

The economic issue can be countered by implementing a large solar plant as India did recently. An artificial hydro power plant has to be established where water is made to fall from a rough surface. In addition to that, usage of nuclear power is recommended (preferably by using Uranium).