Synthesis of energy, economics and ecology will ensure the health of the planet

Decarbonisation of energy, investments in clean and new energy sources, as well as the creation of a dynamic low-carbon economy, is a new paradigm that will help solve the pressing challenges facing humanity.

It is the synthesis of the three ‘e’ (energy, economy, ecology) that will be the decisive factor for the health of our planet, according to the laureates of the Global Energy Prize and members of the International Award Committee. They reached this conclusion during the recent VI Global Energy Prize Summit, held at the HQ of the Euronews TV channel.

According to experts who came to the summit, hydrocarbons will continue to play a key role in the global fuel and energy balance for decades to come.

Only in the middle of the 21st century a transition to renewable and clean energy sources will be possible.

According to the forecasts of the laureates of the award, in the next 40 years the share of solar energy in the world fuel and energy balance will increase dramatically – to 25.5%. It will overtake gas energy (21%). Wind energy will be 12.8%, hydropower 9.4%, nuclear energy 7.4%, bioenergy 5.2%.

The development of thermonuclear energy will be significant in the future up to the year 2100. Its share will account for 11.3% of the world’s balance.

Such a change of priorities in the world energy industry is caused by the growth of anthropogenic environmental pressure on the planet.

The warming of the climate system is unequivocal, with the probability of 95% according to more than half of the observed increase of global average surface temperature from 1951 to 2010 was caused by the anthropogenic increase in greenhouse gas concentrations.

If current trend continues without serious mitigation of GHG emissions, global mean temperature will be warmer by 3.7 to 4.8% and sea level will rise by 45 to 8cm by the end of the century. It will have wide ranging impacts on life supporting ecosystem through increasing extreme climate related events such as drought, floods, heat waves, wild fires, ocean acidification, that will in turn adversely affect agriculture, food and water security.

“We all need a new energy system,” a member of the GEP International Award Committee, vice president of research at the Khalifa University of Science and Technology, vice president of research at the Institute of Science and Technology Masdar Steven Griffiths is sure.

“Substantial technological innovation in wind and solar energy has driven down the cost of clean power production to the extent that more than half of all new power generation capacity today comes from renewable energy sources.

“The predominance of renewable energy in power generation is predicted to continue, but there are also several problems,” the expert noted.

Skepticism of investors

The skepticism of investors about financing renewable energy is often caused by the high cost and cyclicity of such sources: solar cells and wind generators are highly dependent on the time of day and season.

This raises the need for a competent system of demand equalisation, along with the need to address such important tasks as the application of electrochemical and thermal energy storage facilities.

“Despite the fact that I am optimistic that clean power coupled with technology innovation in transportation, such as adoption of electric light-duty vehicles, and technology innovation industry, such as new, less carbon intensive materials and 3D printing, will go a long way toward supporting a full balancing of our energy policy objectives, ultimately a direct price on carbon may be the only way to ensure that we meet global greenhouse gas emissions targets. This is one of the most critical topics of debate with regard to the energy economics and policy nexus and one that I am sure will be ongoing for quite some time,” summarised Steven Griffiths.

The member of the International Award Committee, Rae Kwon Chung, adviser to the Chair of the High-level Panel of Leaders and Experts on Water and Natural Disasters under the UN Secretary General, believes that $1-2 trillion of annual investments in low-carbon energy up to 2030 will stimulate new technological innovations, the development of new markets and industry, which will lead to a qualitative transformation of the world economic structure and a higher rate of economic growth.

“To do this, power engineers need to move from short-term static economic thinking to a long-term dynamic economic paradigm,” Rae Kwon Chung said.

Short-term interests of the market

He sees the key factors of such paradigm as successive decisions on the part of the states, which are dictated not by the short-term interests of the market, but by the long-term vision of the transition to a low-carbon economy.

“Skeptical statements that the Paris climate agreement is simply a burden on the world economy and by 2030 the economic growth of Europe will slowdown to 1.6%, and in the US, it will be lower than usual by 0.8% – is a one-sided and irresponsible approach,” said Rae Kwon Chung.

In his speech, the member of the International Award Committee, William Il Byun, Managing Director of Asia Renewables, noted that the energy ecosystem is under enormous strain.

And while, for example, the development of nuclear power requires huge investments and long research projects, the release of new, improved and reduced energy and battery storages is already becoming commonplace.

“The demand of the private sector for the development of technologies for home energy saving, such as individual fuel cells, solar panels for Tesla roofs, biotechnology-based batteries and others, will have a strong transforming impact on society.”

The expert also believes that future breakthrough energy innovations will be linked to biological raw materials, since already now an industrial economy based on biotechnology is a rapidly developing sector that brings trillions of dollars.

All participants of the summit are sure that the development of clean energy, decarbonisation of electricity production, as well as investments in new developments require a unified approach and should promote economic growth while simultaneously addressing environmental problems.

Now, humanity stands at a crossroads: either to continue the traditional development of the energy market, which will soon lead to a large-scale environmental catastrophe, or to reconsider the course of action and embark on a new path of harmony with nature.

Despite many problems facing humanity: climate change, loss of resources, a growing population, rapid urbanisation and many others, the political decisions of state leaders must be balanced.

At the same time, increasing the awareness of the population of countries plays an important role in resolving such global problems.

According to Martha Bonifert, the member of the GEP International Award Committee, advisor to the Aggroinova Scientific Committee of the University of Turin, the Global Energy Prize also serves this purpose: “For 15 years now, the Global Energy Prize has been called upon to play a significant role in addressing the current environmental situation.

“In its power to talk about the problems, to induce the outstanding minds of the energy sector to take action on complex decisions. The Global Energy Prize Summit at the Euronews HQ is another important event that demonstrates the growing role of the media in creating a comprehensive positive dialogue”.