Back in the office from COP this week. It was fascinating to be there and heartening to see the large number of folk heavily engaged in making the energy transition happen. The critical energy transition announcement in the first week was the commitment to "triple up and double down" - that is to triple the capacity of installed renewables and double our energy efficiency gains by 2030. That shouldn’t be underestimated in either its level of ambition, or the challenge in its delivery. https://lnkd.in/gMbKcEfQ I enjoyed moderating a panel that discussed the role of markets in incentivizing the necessary investment, in managing price volatility through the transition and in managing our electricity systems in a future world. A huge thanks to the panelists, Jens Madrian, Katherina Reiche, Alex Schoch and David Wright FREng for sharing their insights. A few key points that I took away: - We’re going to need to extend and augment markets to encourage the investment to happen in time – whether it be through contracts for difference, certificate markets, capacity markets or other mechanisms. - We should expect volatility in our electricity markets to increase as we introduce more renewables – and be aware of exposure to gas prices - This volatility brings (i) significant challenges – cost of living challenges for consumers; profitability challenges for business – but (ii) critical signals for consumers/supplier to adapt their patterns of electricity consumption and production. The art for electricity markets through the transition will be to control the former while preserving the latter. - Electricity markets in the future could look very different to what we know today – especially if you start with a blank sheet. There were different perspectives here, but agreement that: (i) More customer involvement in electricity markets will be crucial (ii) We need to access and utilize ubiquitous data on our systems to enable that and (iii) We should be confident that the future energy system can provide the range of services (including for example, inertia, frequency, black start) we expect. You can read more on the future of energy markets here at my BCG Henderson Institute page. https://lnkd.in/gC3VeprX #COP28UAE #COP28 #BCGHendersonInstitute #BCGonENERGY #BCGatCOP #ElectricityMarkets
Philip Hirschhorn’s Post
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Great call to action and insightful commentary, thanks for leading and sharing Philip Hirschhorn - balancing energy supply and demand as the grid evolves and decarbonises is complex, and requires action from all market participants. #climatetech #energyefficiency Avani Solutions
Back in the office from COP this week. It was fascinating to be there and heartening to see the large number of folk heavily engaged in making the energy transition happen. The critical energy transition announcement in the first week was the commitment to "triple up and double down" - that is to triple the capacity of installed renewables and double our energy efficiency gains by 2030. That shouldn’t be underestimated in either its level of ambition, or the challenge in its delivery. https://lnkd.in/gMbKcEfQ I enjoyed moderating a panel that discussed the role of markets in incentivizing the necessary investment, in managing price volatility through the transition and in managing our electricity systems in a future world. A huge thanks to the panelists, Jens Madrian, Katherina Reiche, Alex Schoch and David Wright FREng for sharing their insights. A few key points that I took away: - We’re going to need to extend and augment markets to encourage the investment to happen in time – whether it be through contracts for difference, certificate markets, capacity markets or other mechanisms. - We should expect volatility in our electricity markets to increase as we introduce more renewables – and be aware of exposure to gas prices - This volatility brings (i) significant challenges – cost of living challenges for consumers; profitability challenges for business – but (ii) critical signals for consumers/supplier to adapt their patterns of electricity consumption and production. The art for electricity markets through the transition will be to control the former while preserving the latter. - Electricity markets in the future could look very different to what we know today – especially if you start with a blank sheet. There were different perspectives here, but agreement that: (i) More customer involvement in electricity markets will be crucial (ii) We need to access and utilize ubiquitous data on our systems to enable that and (iii) We should be confident that the future energy system can provide the range of services (including for example, inertia, frequency, black start) we expect. You can read more on the future of energy markets here at my BCG Henderson Institute page. https://lnkd.in/gC3VeprX #COP28UAE #COP28 #BCGHendersonInstitute #BCGonENERGY #BCGatCOP #ElectricityMarkets
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🌍 One of the Most Startling Graphs of 2023? 📈 (in my humble opinion!) In a shocking revelation (to no one), the oil and gas industry allocated a mere 1% of their capital expenditure to renewable investments last year, despite bold assurances made at COP28. With the industry's colossal worth at $800 billion, the journey toward fulfilling their resounding "net zero" promises seems daunting. This year's backtrack by Rishi Sunak on the Government's commitment to carbon emission reduction only adds to the challenges. As we bid farewell to 2023, we confront a sobering reality—the Earth is warmer than ever, icecaps are melting at an alarming pace, and the ominous point of no return looms. The time for action is now. Do you work in the oil or gas sector? Are you looking to invest in greener ways of working? Contact TGE, and let's get into a conversation. 🌱 #thetimeforactionisnow #TrueGreenEnergy #TGE #oil #gas #climatechange #renewables #NetZero2023 #sustainability #COP28
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The end of the road for Net Zero? We were all full of excitement and great ideas at Cop26 but it looks like the UK Government is abandoning its Green ambitions because it’s not a vote winner. Going thru my video library I am reminded of some great people I met at the show. Local authorities . Take note . Please watch my video interview 🙏 Perhaps they were too hasty rebranding everything to Net Zero . No one is listening. As Goldman Sachs predicts $100 oil . Energy transition efforts have led to rising oil prices and a greater reliance on fossil fuels for backup. Additionally, challenges in the renewable sector include canceled offshore wind projects, slowing EV sales in the U.S., and competition from affordable Chinese solar panels. Time we launched an Oil & Gas Technology Centre. We could call it OGTC 🙃 It could be based in #aberdeen #cop26 #netzero.
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The Global Renewables Alliance are proud to be a supporting partner in this We Mean Business Coalition initiative urging national governments to address the primary cause of climate change: burning fossil fuels. Ahead of COP28, 131 companies representing nearly $1trillion in global annual revenue are calling for bold business and political leadership, to scale clean energy and end our reliance on fossil fuels. This letter was coordinated by We Mean Business Coalition and its partners through the Fossil to Clean campaign. Add your company’s name to the Fossil to Clean letter and be heard by global policymakers: https://lnkd.in/es3pRbNy https://lnkd.in/ezY2zYn6 #FossilToClean #RenewablesNow #3xRenewables
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The majority of emissions come from energy systems, but the COP process has historically done a poor job of addressing these emissions. To meet our climate goals, and provide energy security and address energy poverty, we need to radically rethink how we govern energy. COP28 provides an opportunity to align the world with the Paris Agreement, and the Energy thematic in the GYS this year calls for the formation of a dedicated energy negotiations track, a transition to a just and equitable fossil fuel phase out, and a global tripling of renewables by 2030. #GYS #COY18 #COP28 #YOUNGO #energy #renewables #netzero #fossilfuelphaseout
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Will the emission reduction embers turn into a fool #decarbonization blaze at #COP28 and can the #energytransition fire be stoked to fan the #netzero flames? At the moment, it is hard to predict the answer, as it remains to be seen whether COP28 will live up to the expectations placed upon it. The clock is certainly ticking and we are less than two weeks away from the conference, which is anticipated to bring greater action towards net-zero ambitions at a time when a big question mark hangs over previously established targets, as #fossilfuels continue to reign supreme in the global #energymix, with #renewables managing to power only 20%. In contrast, #coal, #oil, and #gas still hold the #energy reins by controlling the lion’s share of 80%. Offshore Energy's latest #Infocus comes less than two weeks before COP28, where a greater push to tilt the policy and investment landscape from fossil fuels to renewables is expected. This week saw #Europe entrench its position as the decarbonization trailblazer, with the #Netherlands, #Germany, #Norway, #Denmark, and #Belgium spearheading the new wave of projects. However, other countries around the globe are also going in hot pursuit of net zero targets. In the #maritimeindustry, #methanol, #ammonia and #LNG are all the rage this week, as #shippingindustry players pursue #vessels powered by #lowcarbon and #greenenergy. #oilgas #offshoreenergy #maritime #shipping #oilandgasnews #renewableenergy #marineenergy #hydrogen #greenhydrogen #EU #Australia #USA #America #Americanenergy #cleanfuel #greenmarine #offshore #subsea #cleanenergy #naturalgas #oil #gas #grids #offshorewind #waveenergy #tidalenergy #oceanenergy #shippingnews #maritimenews #energynews #energyindustry
In focus: Energy and maritime plays shaping greener future to wean the world off fossil fuels
https://www.offshore-energy.biz
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Greenshoots appear for the COP 28 as USA and China have some progress on emissions targets and increase in renewables. "Activity in China’s real estate sector has slowed this year, dampening demand for carbon-intensive materials like steel and cement. Renewable growth meanwhile is poised to outpace the country’s voracious appetite for electricity, the analysis found. Solar installations alone are on track to hit 210 gigawatts in 2023, or roughly twice the installed solar capacity of the United States." #climatechange #china #environment #renewables #cop28
What the U.S.-China Agreement Means for Greenhouse Gas Emissions
scientificamerican.com
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The #cop28 Action Agenda sets the minimum level of ambition for future country pledges. Our analysis shows that achieving it could close more than half the gap to a 1.5C pathway. Achieving it will require strong action and deep implementation and will begin a phasedown of all fossil fuels this decade.
Science Lead at Quadrature Climate Foundation | Interested in Decarbonisation, Sustainability and Innovation | PhD in Advanced Materials for Solar Panels
Very proud to have published today our Energy Transitions Commission analysis of proposals on the table at #COP28. We've sat down and put some numbers behind the different pledges on tripling renewables, doubling energy efficiency, reducing O&G methane, and more. ⚡ On paper, we estimate that if all countries sign up to pledges and back these up with strong policies and finance, we reckon the different initiatives could lead to ~17 GtCO2e of mitigation - three-quarters of the gap to a 1.5C pathway by 2030. 📉 Importantly, if fully achieved, this would also lead to 15-30% falls in demand for coal, gas and oil - making fossil fuel phase-down a reality. ⏬ BUT - pledges have been made before, and don't have a great track record of implementation. Our more "Prudent" assessment ends up at around 9 GtCO2e of mitigation - similar, or even slightly below, what we assessed at COP26. So - we can keep doing the Pledge Circus every two years... but we really need real-world implementation and country-level action. That means permitting for renewables, finance for lower-income countries, taxes on big cars, accelerating first project for heavy industry, scaling CCS, grappling with food system emissions, and addressing Scope 1, 2, ***AND 3*** emissions from fossil fuels. And more. Right now, it means reflecting these pledges in the Global Stocktake text, and then translating them into country-level policies and highly ambitious updated NDCs in 2025. We need to make sure the numbers don't stay on paper, and turn into real-world emissions reductions. Full report here: https://lnkd.in/eWevFA7r Thanks to Mike Hemsley, Tommaso Mazzanti, Elizabeth Lam and the rest of the ETC team for their help with this!
COP28: A High-Level Assessment of Mitigation Proposals
https://www.energy-transitions.org
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More and more organizations are adopting #sciencebasedtargets: How will they actually make it happen? Innovation and scale will be critical. #netzerocarbon #cop28 #climateaction #sbti #decarbonization
The transition to net zero is well under way, but it is not happening fast enough. Based on our analysis, even mature technologies—including wind and solar power—would need to scale by a factor of six to 14 times faster to remain on track for a 1.5° pathway by 2030. As we look ahead to COP28, what can green business builders do to speed up progress in bold and innovative ways? Three actions have become particularly important: https://mck.co/47dIgrn #COP28UAE
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General Manager and Director at Membrane Works
7moNice work Philip