The World Economic Forum
Summary
The Russian war in Ukraine will have severe implications on the shape and pace of the energy transition – not only in Europe but worldwide. We are already seeing shifts in the energy policy triangle, which usually aims to balance security of supply, affordability and sustainability. For now, it seems, security of supply has taken over as priority #1. We shouldn't, however, make the mistake of losing sight of the other two goals. Instead, we need to ensure that energy does not become a divisive issue within societies. This applies to industrial nations – and it applies to our global community in which 800 million people still do not have access to electricity. We should also be very careful that our climate targets do not fall victim to the war. The latest IPCC report shows that the climate crisis does not take a break. There is no Planet B – this is true for nuclear threats, and it is also true for climate change.
In a few decades, once the share of renewable energy reaches 100% of energy supply, utilities, transmission companies and industry will be able to create a zero-carbon economy. Power plants are becoming hybrid power plants. These include 100% ‘green’ gas turbines that ensure a reliable flow of energy, heat storage, heat pumps for district heating and electrolyzers that produce hydrogen. And since it will be possible to transfer energy to all economic sectors with integrated energy storage systems – be it buildings, mobility, industry, or agriculture – the whole economy would be decarbonized. The biggest challenge then is to ensure the system’s integration capability and resilience.
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