• Critically analyse the factors affecting the content of international agreements for the oil and gas industry
• Critically examine the framework of the energy policies.
• Demonstrate the key global challenges and issues facing the world oil and gas industry and the factors affecting the long term prospects?
Individual and social well-being that maintains the consumption in sustainable forms will need technologies, institutions, and integrated change-encompassing practices, whilst remaining within ecological limits. The cultural aspect of a consumer society and the prevailing growth based on macroeconomic model has entangled with the current energy and carbon-intensive forms of consumption. Changes in the interactions between complex social and technology that led us in that particular situation in order to see how a transition to sustainable consumption can be achieve (Therivel et al., 2013).
The climate is changing due to the increasing rate of carbon dioxide. Due to the increasing effect of carbon dioxide, the demands of renewable energies are increasing day by day. That created a positive impact on the UK’s market. The environmental changes have created a negative impact on the economy. The macroeconomic and microeconomic factor has generated a particular situation in the economy. The changes in the renewable energy have created an impact in the environment. That affects the economy.
In this essay, technological changes and technology advances play a major part. The technological cost must be lower so that the market penetration of renewable energy technologies (RET) should not be increase. Renewable technologies should be low cost so that the technological development should be increase. Multiple obstacles carton the rapid adoption of renewable energies. Non-consideration of collateral benefits and the increasing cost of the market that tremendously affects the economy, the UK market and numerous market failures all are included in this research (Tang, Snowden and Höök, 2013).
By using the SWOT analysis, we can understand the impact of advancements in the direction of the UK energy policies in the renewable energy technologies. The analysis is following:
Renewable and sustainable energy technology industry must be shaped and modeled in the evolving stage
In any training and development opportunity, the Renewable and sustainable energy technology can be more visible
The potential for huge growth
The skills and knowledge has a worldwide demand
Due to the climate change impact, high awareness should be needed
Due to climate change, the general public should be self promoted
The qualified and trained people are highly in demand at UK
Experienced research and sustainable energy technology trainers are in high demand
Quality training courses and materials in research and sustainable technology are in high demand (Tanaka and Chen, 2013).
The development and training will not happen due to the lack of financial support
Immediate development for the required level of priority is not given
Recognizing or addressing the urgency and timeliness
At present implementation is too haphazard
Not enough financial support or investments or not enough government policy
Regarding research and sustainable components, there is a lack of manufacturing capacity
The advancement of renewable energy technologies creates a great impact on the economy. With the advancement of renewable technology energy, many people can avail the resources.
Society’s economic activities affect the environment; this determines how renewable technology created an impact on the growth of the economy. After conducting, the research in the renewable energy technologies we can understand the impact of the economy and understanding of innovation is the main section that defines the impacts on the renewable energies (Moritz, 2013).
In order to correct the externalities, the government policies and procedures helps the economy to differentiate the renewable energy and they should implement it to lower the risk of the market failures. Under neo-classical assumptions, market failures are understand that deviate the whole market. Costs cannot completely internalize or consumptions cannot be restricted, this is the two options in the price mechanism. Discouraging market entrance is the main market barriers in the adoption and use of the goods and services in the economy (JAFFE, 2012).
The price of the fossil fuel that does not reflects the associated cost of the price that reflects the total price that created an impact on the economy. The emission from the fossil fuel combustion that does not supports the clean and clear environment. Due to the economic impact, the imports and exports are decreasing. For that, there is no investments are coming in UK. The economic impact due to the decreasing rate of exports has risen up the total import. Those will create a bad effect in the economy (Hidden costs of energy: unpriced consequences of energy production and use, 2011).
A conflict is raising that firm with the clean energy technologies that will help in generating the benefits of the economy. There is no marginal cost in the knowledge because it is a non-rivalry in consumption. Knowledge can shared with others but not anyone can snatch it from others. In these positive externalities, knowledge through research and development not incurring the consumption cost because it generates the social benefits. The intellectual property right that help in preventing the interventions in the economy and the policy. Allowing sufficient, socially beneficial knowledge diffusion to generate knowledge in the case of provides incentives (Chawla and Pollitt, 2013).
The impact on the economy due to the changes in the renewable energies has created a positive impact. For the advancement of technology, the companies are using it to increase the brand value and the quality of product and services. With the help of this, the market power is increasing. Increasing the rate of export to the other countries helps the country to uplift the total economy with a short span of time. In the economy, according to the demand the supplies are there. The bundle of goods satisfies the increasing demands of the customers. The supply of the goods is increasing due to the increasing demand of the customer (BanionienÄ— and ValanÄÂienÄ— 2013).
There are many opportunities in the renewable technologies in case of directing the policies of energy in United Kingdom. Those are given below
Renewable energy technologies are used to increase the growth of the industry
The international economic investor can get a great potential
In development and training, the investment of government get more potential
Both the overseas and the UK investors get potential in case of manufacturing in United Kingdom
The UK and international industries now required more knowledge and skills
The information should be gather and required to learn from the leading countries in case of renewable drive about how the efficiency, speed and effectiveness can make faster in case of processing
In case of slowing down the change of the climate, huge effort is needed at every level of industries and government
The renewable energy technologies in case of energy policy, UK is many years behind other European countries
The crisis of economics through worldwide which is not proceed but used as excuse
The facility of training and required resources are not sufficient in the renewable energy technologies
It will create a heavy impact due to absence of proper quality training and trained people
The implementation of the renewable technology became random and slow
Due to shortage of current vision, there are shortage of producing capacity in UK
The impact of using the advance renewable technologies is very high regarding to the energy policy in UK. Many opportunities are there in case of energy policies as the renewable technology provides the industry a very high growth (Gillingham et.al. 2013). It is similar to the former computer technologies. The economy investors of the energy policies of the UK have a great potential through internationally due to usage of the advance renewable technology. The advance renewable technology helps the investors to get the possible requirements in the economic field (Solangi et.al. 2011). In case of training to the employees the investments of the government is very high. Although in case of development, the investment of government is very likely. This investment in the direction of the energy policies of United Kingdom, government role is very high. This advancement of the renewable technologies in the industries of the UK gives a great opportunity of the jobs for the employees. The advancement of the renewable energy technology in the energy policies of the United Kingdom provides more opportunities for new green jobs and also has a great effect to the transition of the existing green jobs (Timilsina, Kurdgelashvili and Narbel, 2012). In case of manufacturing of new policies by using the new renewable technologies, the United Kingdom get a great potential in the abroad investors and the united kingdom investors. There will be current requirement of the knowledge and the skill in United Kingdom and the abroad industries in case of implementing the new renewable technologies in the energy policies. It is required to learn from the countries that are used the renewable technologies to proceed with proper efficiency, effectiveness and speed (Böhringer, Balistreri, and Rutherford, 2012). A better idea can get from the countries that used the advance technologies in their energy policies about how the policies can be used in other industries.
There are several threats that can occur in case of implementing the advance renewable technologies in the energy policies of the UK industries. In case of slowing down the changes that are happens regarding to the climate, a huge effort are required in every levels of industries and the governments (Wüstenhagen, and Menichetti, 2012). Most of the Europe countries have a benefit in respect of implementing the renewable technologies in their industries. The UK industries have to work very hard to implement the advance technologies in their energy policies. There is a great excuse in case of avoiding the implementation. This excuse is such as there is a crisis in the economic system of the government. This excuse helps them not to proceed. To implement the new technologies in the system the industries need to provide training to the system administration and to the employees. In the industries of UK there are shortages of these training about the usage of the advance renewable technologies. The required supported resources are also not available in the industries in case of energy policies. The trained facilities are required to handle the advance technologies, which are unavailable in the industries (Kaygusuz, 2012). There is a very bad impacts in the industries of United Kingdom in case of the advancement of the renewable technologies in the in their energy policies. The industries cannot provide an appropriate training and a proper quality to use the advance technologies (Dincer, 2011). The industries don’t have the qualified people and also cannot supply the development technologies to them. The implementation of the advance renewable technologies in the industries of the united kingdom are become very slow and done in random, hence this cannot be proceed in the serial ways. There are also very shortage of the present vision in the UK industries. Lack of capacity of manufacturing in the industries of United Kingdom is also noticed (Chu and Majumdar, 2012). Due to this lack of capacities in the industries, the implementation of the advance renewable technologies in the energy policies cannot do in the proper ways in every industry.
From this research, we can conclude that the proper implementation of the advance renewable energy technologies in the energy policies of the industries of United Kingdom provide the industries a great opportunities of growth not on UK but also overseas. The demand of the industries will increase throughout the world. It also presents the demands of the quality to very high. But there are also some weakness and threats. There is lack of investors and it also became a great issue not to use the advance technologies in the industries. Also the industries do not have a proper trained quality and people in the industry to handle and to understand the advance technologies. There is also insufficient manufacturing capacity in the industries of the United Kingdom.
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