The Alternative Energy Sources of the Future
Despite the hype around the progress of renewable energy, many people don’t realize that solar and wind have only made a tiny dent in the energy mix thus far. The good news is that costs are coming down and many people are starting to adopt green technologies, but there is still a mountain to climb if we want to truly get off of fossil fuels on a large scale.
To accomplish this, we’re going to have to think outside the box to come up with new ways to tackle the energy challenge. Luckily, the folks at Futurism have put ten of the most promising alternative energy sources of the future in a handy infographic. Some of these may be long shots, but some may also play a crucial role in the energy mix of the future.
Most solar energy doesn’t actually make it into the Earth’s atmosphere, so space-based solar power makes a lot of sense. The challenges are the cost in getting a satellite to orbit, as well as the conversion of electricity into microwaves that can be beamed down to the planet’s surface.
There’s over seven billion people walking around the Earth each day, so why not generate power from the movement of people? Many experts believe that we can harness this energy, and that we could use it to power our devices.
Five countries around the world are starting to operate viable wave power farm operations, but the potential is far higher: the U.S. coastline alone has a wave energy potential of about 252 billion KWh per year.
Hydrogen is a clean and potent source of energy, and best of all – it accounts for 74% of the mass of the entire universe. The only problem is that hydrogen atoms tend to only be found in combinations with oxygen, carbon, and nitrogen atoms. Removing this bond takes energy, which ends up being counter-productive. As a result, many people around the world are working on making these processes more economic.
The center of the Earth is very hot, so why not try and get closer to it to tap into some geothermal heat? People in Iceland are already doing this with red-hot magma after accidentally striking a pocket of it during a 2008 drilling project.
Only 5% of uranium atoms are used in a traditional fission reaction. The rest end up in the pile of nuclear waste, which sits in storage for thousands of years. Researchers and companies are trying to tap into these leftovers for a viable and economic energy solution.
Embeddable solar power
What if every window could be easily turned into a solar panel? Solar window technology turns any window or sheet of glass into a photovoltaic solar cell that harvests the part of the light spectrum that eyes can’t see.
Algae grows practically anywhere, and it turns out these tiny plants are a surprising source of energy-rich oils. Up to 9,000 gallons of biofuel could be “grown” per acre, making it one of many potential energy sources of the future.
Flying wind power
Winds are much more powerful and strong at higher elevations. If wind farms could be autonomous and flying, they could go to where the winds are strongest and deliver double the energy of similarly sized tower-mounted turbines.
Fusion has been the dream for some time – but scientists are making baby steps to achieving the power process that is harnessed in nature by our own sun. The ITER (International Thermonuclear Experimental Reactor) is currently being built in France, and it’s one of the most complex scientific and engineering projects in existence.
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Who’s Still Buying Fossil Fuels From Russia?
Here are the top importers of Russian fossil fuels since the start of the war.
The Largest Importers of Russian Fossil Fuels Since the War
Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day.
So, which fossil fuels are being exported by Russia, and who is importing these fuels?
The above infographic tracks the biggest importers of Russia’s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA).
In Demand: Russia’s Black Gold
The global energy market has seen several cyclical shocks over the last few years.
The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia’s invasion of Ukraine, which exacerbated the market shock.
Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia’s most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.
|Fossil fuel||Revenue from exports (Feb 24 - June 4)||% of total Russian fossil fuel export revenue|
|Liquified Natural Gas (LNG)||$5.4B||5.5%|
While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU.
The Top Importers of Russian Fossil Fuels
The EU bloc accounted for 61% of Russia’s fossil fuel export revenue during the 100-day period.
Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them.
|Country||Value of fossil fuel imports from Russia (Feb 24 - Jun 4)||% of Russian fossil fuel export revenue|
China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier.
The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.
Reducing Reliance on Russia
In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.
The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively.
On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.
It’s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU’s collective decision to reduce dependence on Russia, some countries have also refused the country’s ruble payment scheme, leading to a drop in imports.
The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EU’s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts.
While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia’s fossil fuels would also hurt the European economy—therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.
How Affordable is Gas in Latin America?
This graphic looks at gas affordability in Latin America, showing how much a liter of gas costs in 19 countries, relative to average incomes.
How Affordable is Gas in Latin America?
As gas prices have risen around the world, not each region and country is impacted equally.
Globally, the average price for a liter of gas was $1.44 USD on June 13, 2022.
But the actual price at the pump, and how affordable that price is for residents, varies greatly from country to country. This is especially true in Latin America, a region widely regarded as one of the world’s most unequal regions in terms of its income and resource distribution.
Using monthly data from GlobalPetrolPrices.com as of May 2022, this graphic by Latinometrics compares gas affordability in different countries across Latin America.
Gas Affordability in 19 Different Latin American Countries
To measure gas affordability, Latinometrics took the price of a liter of gas in 19 different Latin American countries and territories, and divided those figures by each country’s average daily income, using salary data from Statista.
Out of the 19 regions included in the dataset, Venezuela has the most affordable gas on the list. In Venezuela, a liter of gas is equivalent to roughly 1.3% of the country’s average daily income.
|Country||Gas price as of May 2022 (USD)||% of average daily income|
|🇩🇴 Dominican Republic||$1.41||12.6%|
|🇸🇻 El Salvador||$1.14||9.2%|
|🇨🇷 Costa Rica||$1.42||5.9%|
|🇵🇷 Puerto Rico||$1.35||2.2%|
This isn’t too surprising, as Venezuela is home to the largest share of proven oil reserves in the world. However, it’s worth noting that international sanctions against Venezuelan oil, largely because of political corruption, have hampered the once prosperous sector in the country.
On the other end of the spectrum, Nicaragua has the least affordable gas on the list, with one liter of gas costing 14% of the average daily income in the country.
Historically, the Nicaraguan government has not regulated gas prices in the country, but in light of the current global energy crisis triggered in large part by the Russia-Ukraine conflict, the government has stepped in to help control the situation.
As the Russia-Ukraine conflict continues with no end in sight, it’ll be interesting to see where prices are at in the next few months.
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