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| SOURCE: C&G Law Office |
The economic principle I'm exploring is institutions are the "rules of the game" that influence choices.
First, according to the US Energy Information Administration, "renewable energy is energy from sources that are naturally replenishing but flow-limited. They are virtually inexhaustible in duration but limited in the amount of energy that is available per unit of time."
Sounds pretty good right? Then why aren't we taking advantage of these brand new energy sources? There are many reasons why and why not, for my third post I will focus especially on which country relies the most on renewable energy sources.
According to Click Energy, “Iceland generates the most clean electricity per person on earth, with almost 100% of its energy coming from renewable sources that make the most of its unique landscape.”
When they say “make the most of its unique landscape” it is referring to how Iceland is defined by its dramatic landscape with volcanoes, geysers, hot springs and lava fields. Most of the population lives in the capital, Reykjavik, which runs almost completely on geothermal power from the abundant volcanic activity under the Earth’s crust in Iceland.
According to Inspired by Iceland, “Abundant renewable power and a favorable business environment have brought investors to Iceland who wish to limit the carbon footprint of energy.” Fossil fuels are still used in transport in Iceland. Ships, planes and cars still run on conventional energy, although electric vehicle ownership is growing quickly.
Recently there have been large investments in charging stations all over the country. The government’s policy of reducing the country’s reliance on imported fossil fuels has really taken off the past few years and is paving the way for other countries to start moving over to 100% renewable energy as well.
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