CLIMATE CHANGE CANT WAIT..
A new energy order is coming but
we are falling short by half in the increase of renewable energy capacity
In accordance with the International Energy Agency, current global renewable energy production capacity is increasing as half of what is needed to catch-up on the climate targets. So, we are falling behind big time as we will need circa 500GW of new capacity to be added annually. As comparison current fossil and nuclear capacity is 4,900GW. Higher commodity prices and scarcity of raw materials may jeopardize this needed catching up effort.
This definitely means that a new global energy order is emerging where renewables production, new batteries technologies and partial comeback of nuclear as a substitute of fossil fuels also in the context of the Ukrainian war will shape the energy mix for the next decades.
Other technologies like green hydrogen will also shape the new world. In accordance with public available data, the main application of hydrogen will be power generation (30%), Transport (30%) and construction (25%). The market is currently estimated to be US 600bn market. Some experts call this is the “hydrogen decade” but Green H2 depends on technological developments that can make its production more cost efficient. Currently the Green H2 represents 1% of total production.
Renewables face many challenges
but I’m confident that technology will get us there. Once build renewable
energy is extremely competitive if we are able to solve the issue of storage to
save surplus in off-peak production time. Green H2 is currently costly but new developments
will solve this issue in the next 5-10 years. Nuclear can be a good transition
and baseload production capacity that needs to be done properly under the highest
safety and environmental standards.
The civilized world can’t depend
on tyrannic and dictatorships regimes that control fossil and natural gas
reserves in the world. Democratic societies must be energy independent and
should build its way of life on sustainable and independent sources. Of course,
the problem is not ringfenced to certain countries but is a global issue. In my
opinion, the best we can do is to show that this system works and try to export
it so less developed economies can follow.
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