Transforming Our Energy Systems
“The energy transition is effectively a complete rewiring, replumbing of the energy system as it sits today.”
What will the energy sector look like in 2050? Fossil fuels currently account for 80% of global energy consumption, but rapid innovation in cleantech is set to transform the landscape.
Electricity demand around the world is growing at about twice the rate of overall energy demand. In fact, as Nick Wayth explains, entire societies are beginning to electrify.
Nick is Chief Executive at the Energy Institute – a chartered membership body for energy professionals and a member of the Sustainable Markets Initiative’s Energy Transition Task Force. Energy Institute’s mission is to accelerate a just energy transition to net zero.
Technology is a vital piece of the puzzle, and most of the solutions we need to achieve clean energy at scale already exist.
Our capacity to generate renewables is booming, and as the cost of technologies drops, this growth is expected to continue. Batteries can help manage the variability of renewables, and changes in battery chemistry have the potential to reduce our reliance on precious minerals.
Areas that can’t be electrified like heavy industry require low carbon alternatives. This is where green hydrogen can play an important role. Fusion energy has enormous potential and, if harnessed on Earth, it could even be a catalyst for a clean industrial revolution.
Energy security and reduction in transportation are fundamental moving forwards. This involves more localised generation that’s closer to the consumer. Efficiency is key. High voltage direct current (HDVC) cables for example, can transmit electricity over many thousands of kilometres without significant losses.
A successful energy transition at this pivotal time on our planet needs cost-effective, stable, long-term solutions that support the bottom line. As Nick says, what’s important in each of these choices is that we optimise the solution and don’t just apply today’s thinking to tomorrow’s world.
By developing and scaling these innovative technologies, we have the opportunity to completely remap the future of energy.
To learn more about the Energy Institute, visit their website.
With thanks to the following contributors:
Energy Institute
Eco Wave Power
Tokamak Energy
LanzaTech
Northvolt
