Shulou(Shulou.com)11/24 Report--

"A sustainable energy transition is the way forward.

Written by Roberto Bocca|

Compilation: Tang poetry|

Energy security is currently a top priority for many Governments and is characterized by short-term policy measures.

A big question dominating 2023 is whether this priority will adversely affect long-term sustainable development goals.

By 2030, large-scale investment, transformation, and deployment must occur in a manner unmatched by any other global transformation.

The epidemic in Ukraine, economic rebound, uneasy geopolitics and war have put severe pressure on the entire energy value chain from supply to delivery and demand, resulting in a global energy crisis.

Achieving a comprehensive energy transition is still possible, but as the events of 2022 highlight, plans and priorities are at the mercy of geopolitics, investment decisions, and economic development imperatives, suggesting that pragmatism, agility, ambition, and a systemic approach will be necessary.

Energy security is currently a priority for many Governments and is characterized by short-term policy measures such as fuel substitution, market interventions and fiscal policies aimed at maintaining the standard of living provided by functioning energy systems. In the medium to long term, achieving climate goals, ensuring economic growth and achieving a just energy transition for everyone is critical, as it is estimated that the global economy will double in size by 2050, serving billions of people worldwide.

01. The cornerstone of the modern and future economy

Energy is the foundation of the global economy, so this crisis forces us to fundamentally rethink the way we produce, deliver and consume energy. However, the task of addressing the status quo and achieving sustainability, safety and affordability is a daunting and highly complex one, underpinned and interwoven by numerous challenges.

A big question that emerges in 2022 and will dominate 2023 is whether the short-term urgency of keeping lighting on will adversely affect long-term sustainability goals. While the evidence in recent months has been mixed, the crisis has sounded alarm bells about the urgency of reforming energy systems, not just for sustainability reasons.

Balancing multiple dimensions and ultimately achieving net-zero emissions by 2050 depends on rapid deployment of clean power generation, energy efficiency improvements and widespread use of CO2 removal measures. The clock is ticking and significant changes need to be made immediately. By 2030, large-scale investment, transformation, and deployment must occur in a way that no other global transformation can match.

Key Pillars of the Energy Transition

Improving efficiency is the first step in transformation. While energy efficiency may not have the allure of new energy sources, advances in digital technology offer tremendous opportunities to eliminate unnecessary waste embedded in our current energy systems. This has been accompanied by considerable emission reductions.

The second step is to change the pattern of industrial and retail demand. As the economy develops and grows, so does the demand for energy-intensive products such as cement and steel. Responding to these developments in a way consistent with the SDGs means that the amount of energy needed to produce a unit of GDP by 2050 must be 50 percent of what it is today. In this regard, in addition to clean energy electrification, fuels such as hydrogen will play an important role as decarbonization tools in industry processes, thus transforming the industry.

The World Economic Forum's Transition Industry Cluster initiative brings together businesses and governments to share knowledge and best practices for achieving net-zero emissions. The overall goal is to reduce emissions from hard-to-reduce sectors and energy sectors while supporting economic competitiveness and job growth.

The third factor is the need to generate clean electricity on a large scale. To achieve this goal, zero-carbon electricity supply must increase at least threefold by 2030. In addition, the licensing process for clean energy and related infrastructure from project to operational phase must be accelerated. Total investment in the grid must increase from about $82 billion to $203 billion by 300, and the length of the grid (which took more than 2040 years to build) must more than double by 130 and increase by another 2050 percent by 25 years.

Finally, recognizing that fossil fuels will remain an important part of the economy for years to come, one possible and realistic short-term direction is fossil fuels. This means accelerating progress on carbon capture, utilization and storage (CCUS) technologies and maximizing the efficiency of existing assets. CCUS can play three roles at the global and national levels. It could reduce net greenhouse gas emissions in the short term, offset hard-to-reduce residual emissions in the medium term, and achieve net negative emissions in the long term.

03. Integral and structural solutions

Accelerating a sustainable, safe and equitable energy transition requires holistic approaches and structural solutions. Focusing on energy supply, delivery and demand, as well as a broader transformation in all areas, from the fuels used to the infrastructure built, is critical.

There is a need to address new-and largely unforeseen-problems that will arise from different fuel types and their supply chains. Policymakers also need to take into account the interlinkages of the energy sector with other major systems, particularly food, water, biodiversity and mobility. New energy policies will have an impact on these systems and vice versa.

Developing common ground through radical collaboration between financial, regulatory and industry models will ensure that we can weather this crisis and pursue opportunities to create a sustainable, secure and affordable energy future.

This article comes from Weixin Official Accounts: New Research (ID: chuxinyanjiu), by Tang Shi

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