During the COP28 climate conference, a historic decision was made to transition away from fossil fuels. While the high-level announcements caused a media buzz, important discussions also took place on practical ways to utilize existing technologies that enable this transformation.
Infrastructure and knowledge related to various clean energy solutions such as hydrogen, carbon capture, utilization, and storage (CCUS), electrofuels, biofuels, and renewable energy already exist. What is now needed is the appropriate economic, investment, and regulatory environment that will help these next-generation technologies overcome existing barriers.
So, how do we accelerate the development of these solutions on a sufficient scale to achieve zero-emission targets?
Acceleration and Scaling
These questions formed the basis of discussions during a panel session titled “Prioritizing Technologies for Rapid Decarbonization,” held at the United Nations Climate Change Sustainable Innovation Forum.
Professor Dr. Emmanouil Kakaras, Executive Vice President of NEXT Energy Business at Mitsubishi Heavy Industries (MHI) EMEA, stated that while innovation is important, the key to accelerating progress lies in leveraging existing technologies.
“If we assume that we are aiming for carbon neutrality by 2050, we don’t have time to invent new technologies,” he warned. “We must build upon what we have at hand. And that is sufficient – simulations show that we can achieve decarbonization in a timely manner, for example, by utilizing carbon capture in hard-to-decarbonize sectors and large-scale electrolysis for hydrogen production.”
“Both are existing technologies – electrolysis, for instance, has been around for 200 years. The difference now lies in business models, scale, and efficiency – because we need to make the best use of our limited resources.”
COP28 led to discussions on the progress of developing and scaling green technologies. Kakaras explained that the focus is on scaling, finding additional applications, and maximizing their efficiency. He cited the growing use of heat pumps as an example.
“Heat pumps are an excellent example of transforming an existing technology initially used for heating and cooling homes into industrial applications, providing emissions reductions on a larger scale,” he said.
Economic Viability
Ken West, President and CEO of Honeywell Energy & Sustainability Solutions (ESS), stated that the adoption of green technologies largely depends on their economic viability.
“Institutions seek opportunities to finance projects that generate high returns. One way to achieve this is by increasing the demand for these technologies,” he said.
Policies such as the U.S. Inflation Reduction Act and the European Hydrogen Bank can create favorable economic conditions for investors, minimizing risks while supporting energy transformation.
Meanwhile, long-term agreements and partnerships with the private sector can signal demand and create real conditions for the necessary infrastructure, added Dr. Gabrielle Walker, Co-founder of the non-profit organization Rethinking Removals.
New Clean Energy Infrastructure
“It took a century to build the current coal-based energy system,” said Bill Newsom, President and CEO of Mitsubishi Power Americas. “Now the challenge is to build new low-carbon infrastructure within less than 30 years.”
Some of these infrastructure projects span multiple continents and require extraordinary cooperation between the public and private sectors.
An example is the European Hydrogen Backbone, which may have up to 53,000 kilometers of hydrogen pipelines deployed by 2040, along with imports of clean hydrogen from the U.S. and North Africa.
Discussing the infrastructure needs of this project and infrastructure in general, Jorgo Chatzimarkakis, CEO of Hydrogen Europe, told delegates, “If we really want to build the infrastructure we need, we cannot do it solely through public financing. We need… private capital.”
Policies like the European Hydrogen Bank help minimize investors’ risks in green projects.
Moving Forward Together
With many entities moving in the same direction towards decarbonization, Honeywell’s West agreed that a philosophy of cooperation, rather than competition, creates the right conditions for scalable and cost-effective projects.
An example of this is the GravitHy project in France, which will establish an ecologically friendly steel production plant, utilizing hydrogen for direct reduced iron production, replacing fossil fuels. Engie, MHI-Primetals Technologies, the innovative intermediary EIT InnoEnergy EU, and French real estate developer Idec are among the entities involved in this endeavor. The project will be a key part of France’s decarbonization strategy and hydrogen economy development.
Meanwhile, in Utah, Mitsubishi Power Americas and Chevron are developing the Advanced Clean Energy Storage Hub (ACES Delta Hub). This will pave the way for a publicly usable, large-scale clean hydrogen production facility that will nearly double the world’s clean hydrogen production.
Commenting on this project, Craig Broussard, President, CEO, and Chairman of the ACES Delta Board, said, “Choosing the right partners is crucial; make sure they share the same values as you. If you diverge, it won’t end well.”
The discussions and insights from experts at COP28 underscored a crucial truth – the technologies necessary for a clean transformation already exist. Newsom even mentioned that Mitsubishi Power Americas has been working on additional projects, using the same model as the ACES Delta Hub, to replicate this concept throughout the United States.
The challenge now lies in quickly adapting business models, effectively scaling, and expanding the application of existing clean energy solutions.
In conclusion, the imperative is not only to embrace change but also to accelerate the pace of that change for a more sustainable and resilient future.
FAQ Section based on key themes and information presented in the article:
1. What technologies enable the transition from fossil fuels to clean energy?
– Infrastructure and knowledge related to technologies such as hydrogen, carbon capture, utilization, and storage (CCUS), electrofuels, biofuels, and renewable energy already exist.
2. How can we accelerate the development of these technologies?
– The key to accelerating progress lies in leveraging existing technologies, particularly in hard-to-decarbonize sectors such as carbon capture and large-scale electrolysis for hydrogen production.
3. How to increase the demand for green technologies?
– Economic viability is crucial, so it is important to create favorable economic conditions through supportive policies for investors and establish long-term agreements and partnerships with the private sector.
4. What role does infrastructure play in the energy transformation process?
– It is necessary to build new low-carbon infrastructure within a short timeframe. There are already infrastructure projects like the European Hydrogen Backbone that require collaboration between the public and private sectors.
5. Why is cooperation more important than competition?
– The philosophy of cooperation creates the right conditions for scalable and cost-effective projects. Examples of such projects include GravitHy in France and the Advanced Clean Energy Storage Hub in Utah, which result from collaboration between various entities.
6. What are the current challenges?
– Utilizing existing technologies, adapting business models, scaling effectively, and expanding the application of clean energy solutions are the current challenges.
Related links to the main domain (not subpages):
– https://cop26.uk/ – Official website of the COP26 conference.
The source of the article is from the blog combopop.com.br