Green Technology vs Fossil Fuels. Which Is Better for Our Economy?

When it comes to the economy, there’s no magic formula to bring prosperity. But as time goes on, it’s becoming clear that the green sector - including renewable energy and pollution solutions - may have a positive influence on national wealth and growth. To understand more, we’re delving into the battle of energy generation: green technology vs fossil fuels. Which is better for our economy?

The case for innovation

One of the biggest benefits of green technology is the boost it gives to innovation. It’s known as ‘knowledge spillover’ - where expertise and new discoveries in one area are shared with the industry at-large or even across different industries altogether. As a result, the green sector continues to grow and develop, while helping other businesses too. And all that innovation is a big bonus for our economy.

Now let’s look at the alternative: fossil fuels. We have been using coal, oil and gas to generate energy since the Industrial Revolution. That’s over two centuries of research and knowledge - meaning any developments now are relatively slow, because the innovation boom happened many years ago. We know how to generate energy using finite resources. Now, it is mainly a question of refining the process by reducing emissions and increasing efficiencies.

For examples of developments into the petroleum industry, take a look at: How Has Oil Rig Technology Improved? Alternatively, you can see how a soccer pitch-sized structure, believed to be the world’s largest compressor offshore, was plunged to the bottom of the ocean in: Is This the End for Oil and Gas Platforms?

Green technology is a different story altogether. As a reasonably new area of energy generation, the science behind renewables is continually changing for the better. From electric cars to tidal energy, it’s an exciting area of research and development. According to research by Imperial College Business School, clean technologies are quite simply better for the economy.

The employment effect

We know all too well that unemployment is a major drawback of economic hardship. But when the economy is growing, new jobs are created and sustained into the future: and that’s something green technology is contributing to in a big way. In fact, a study by the UK Energy Research Centre has shown that green projects recruit ten times more employees than their fossil fuel counterparts. Around 10 jobs are created per £1 million investment, and there are currently 3.4 million ‘green’ jobs in the EU. It may surprise you to learn, that’s more jobs than both car manufacturing and pharmaceuticals.

Green sector employment covers a wide range of disciplines. Researchers are needed in the initial phase. Construction workers are required to build the facilities. Maintenance workers need to run the sites, while project managers are tasked with overseeing the entire process. Employment prospects are both long and short term, which is nothing but good news for the economy.

As debate continues about the remaining lifespan of fossil fuels, it’s positive that an alternative is in place. And it seems that green technology is helping our economy in more ways than one. What do you think? Do you agree or disagree with the findings? Let us know in the comments section.