Advanced Digital Technologies Hold Key To Meeting Energy Industry’s Decarbonisation & Emissions Targets

Facing unprecedented demands to deliver wholesale decarbonisation of energy, the gas, LNG, hydrogen, and energy industry is increasingly turning to advanced digital technologies, such as artificial intelligence (AI), big data and robotics to future proof businesses and ensure they thrive in the drive to net-zero energy. 

At Gastech 2021, the world’s largest exhibition and conference supporting the gas, LNG, hydrogen, and energy industry, industry professionals have been examining how the latest advances in digital technology can enhance daily business operations and provide the tools to deliver cleaner, affordable energy, while balancing shareholder expectations with decarbonisation targets. 

Across Gastech 2021’s conference agenda, companies and individuals at the forefront of the digital transformation of the energy industry, have been sharing insights and strategies around the opportunities presented by AI, robotics, and big data to create efficiencies, drive down emissions and reduce waste. 

Lorenzo Simonelli, Chairman and CEO of energy technology company, Baker Hughes, spoke during a Gastech LIVE Session yesterday on delivering on the decarbonisation of energy and how technology innovation can drive the net-zero agenda.  Simonelli said, “To achieve our net-zero ambitions, we must deliver on our promise to decarbonise energy.  Technologies exist today to increase efficiencies, reduce emissions, and capture carbon, as well as spur the hydrogen economy and adoption of new energies. As an industry, we must continue to collaborate and incentivise solutions prioritising emissions reduction over fuel sources, to ensure we can continue to lead in the energy transition.”

The role of advanced digital technologies in changing the daily operations of the gas, LNG, hydrogen and energy industry is one of six pillars of Gastech 2021’s conference programme. The conference has enabled the global gas, LNG, hydrogen, and energy industry to safely reconnect face-to-face and engage with industry key challenges and opportunities, for the first time since the pandemic began. 

Over three days of discussions and meetings, energy industry leaders, policy makers and industrial energy consumers have engaged with the energy transition and the pursuit of net-zero. Key issues discussed include tackling methane and other emissions; hydrogen’s role as a future fuel; how industrial consumers are driving the transition to lower carbon energy networks and the opportunities in growth markets for gas. 

Simultaneously, the Gastech Technical Conference has featured five learning streams – Hydrogen; Marine; EPC and Project; Processing and AI and Technology. The programme will provide multiple opportunities for working professionals to learn from over 300 of the world's leading energy engineers as they present the latest technological breakthroughs and market opportunities for the industry. 

Gastech 2021, which concludes tomorrow (Thursday 23 September), is being held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and supported by the UAE’s Ministry of Energy and Infrastructure. The exhibition and conference are co-hosted by ADNOC, Shell, and Venture Global LNG. 

Before it closes tomorrow, September 23, Gastech 2021 will have been attended by more than 15,000 attendees including senior decision-makers and energy industry thought leaders, and 250 exhibiting companies. Taking place alongside Gastech 2021 has been the SPE Annual Technical Conference and Exhibition (ATCE) enabling visitors to attend both events’ exhibitions without the need to register twice.

Asian Infrastructure Investment Bank, IRENA Team-up To Accelerate Asia's Energy Transition

The Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding (MOU) committing to work together to support Asia's energy transition and mobilise greater private capital for renewable energy. 
 
The agreement was signed today by AIIB President Jin Liqun and IRENA Director-General, Francesco La Camera, at a virtual ceremony to mark the new partnership. President Jin remarked upon how the Bank and IRENA will work together to accelerate investment and enhance awareness of renewable energy solutions throughout Asia. 
 
"With Asia's growing energy demand, and the rising challenges from climate change, we need to ensure the region invests more than ever in renewable energy and energy efficiency to facilitate their transition to low carbon energy mix. This partnership is part of the Bank's journey toward realising the goals set out in the Paris agreement," said President Jin. 

Under the terms of the AIIB-IRENA MOU, both the Bank and IRENA agreed to scale-up their efforts to unlock capital and accelerate the uptake of renewable energy by AIIB members. Mr. La Camera highlighted this agreement bolsters IRENA's efforts to facilitate the flow of low-carbon capital into the energy transition where it is needed most, including through the Climate Investment Platform, a multi-stakeholder initiative designed to mobilise climate capital, of which IRENA is a founding member. 

"The energy transition is the centrepiece of global efforts to achieve sustainable development, address climate change and accelerate a new age of inclusive, low-carbon growth," said IRENA Director-General Francesco La Camera. "Through partnerships like this, we can catalyse the flow of capital towards renewables and energy transition related infrastructure to build a more resilient, sustainable and inclusive system." 

Today, Asia is home to about 60 percent of the world's population and contributes to almost 50 per cent of global energy-related greenhouse gas emissions. The region accounts for nearly half of global renewable-energy capacity, according to IRENA, up from less than one-third a decade ago. However, relative to its size, Asia still lags behind, with renewables accounting for less than 15 per cent of total primary energy consumption in 2020. 

Furthermore, developing countries in Asia are expected to account for about two-thirds of global energy growth by 2040. With its vast wealth of affordable and sustainable energy resources, such as hydropower, wind and solar, it is essential that this growth is met by renewable energy capacity.

Under its Corporate Strategy, AIIB will aim at reaching or surpassing by 2025 a 50 per cent share of climate finance in its actual financing approvals, reflecting its commitment to support the Paris Agreement. Its Sustainable Energy for Asia Strategy (2017) also sets out a clear framework for how the Bank will invest in energy projects that increase access to clean, safe, affordable and reliable energy for millions of people across Asia. 

The Bank is partnering with IRENA to support AIIB's green mandate and help the Bank achieve its ambitious climate finance targets. AIIB is already playing an important role in increasing private sector investment in the renewable energy sector. Over the last five years, AIIB has invested in 12 renewable energy projects, amounting to USD 1.25 billion in Egypt, India, Kazakhstan, Maldives, Oman, Pakistan, Tajikistan, Turkey and Nepal.

Further, 71 per cent of AIIB-financed installed power capacity was in renewable energy with about 940 MW renewable energy capacity added annually. AIIB has also invested at least USD 500 million in on-lending for renewable energy projects through financial intermediaries such as the Tata Cleantech Sustainable Infrastructure On-Lending Facility in India and the SUSI Energy Transition Fund dedicated to Southeast Asia. 

IRENA has been instrumental in mobilising finance for renewable energy deployment. Through its partnership with the Abu Dhabi Fund for Development (ADFD), under the IRENA/ADFD Project Facility, it has supported transformative renewable energy projects in developing countries across Africa, Asia, Latin America, the Caribbean and the Pacific. Under the Facility, USD 350 million in concessional loans was committed over seven annual funding cycles, assisting 32 projects in 26 countries. 

The Climate Investment Platform (CIP) was launched at the United Nations Secretary General's Climate Action Summit in 2019, as an inclusive partnership to scale-up climate action and translate ambitious national climate targets into concrete investments on the ground. The founding partners include IRENA, SEforALL and United Nations Development Programme in coordination with Green Climate Fund.

Global Leaders Announce Huge Push On Clean & Efficient Energy

On Energy Action Day, nations, the private sector, cities and international organizations announced major new initiatives on greening urban energy, the phasing out of oil and gas, and promoting hydrogen as a clean fuel. The virtual event, which took place ahead of the UN High-Level Dialogue on Energy, aimed to accelerate collective action towards net-zero and climate-resilient energy systems. The Energy Action Day was jointly hosted by Denmark, IRENA, UNEP and the World Economic Forum.

"We have less than nine years to go. Nine years to achieve the goal of ensuring clean energy for all. We have no time to waste if we want to keep 1.5 degrees within reach. We have to start today: raise our ambitions, learn from each other and speed up our green efforts. Denmark hosted this Energy Action Day so we can do precisely this," Mette Frederiksen, Danish Prime Minister, stated in her opening remarks.

Coming just two months before the 26th UN Climate Change Conference (COP26) in Glasgow, the event saw the launch of the Urban Energy Coalition and the Green Hydrogen Compact Catalogue and an announcement on the creation of the Beyond Oil and Gas Alliance (BOGA) amongst others.

COP26 President Designate the Rt Hon Alok Sharma MP, delivered a call to action to all countries to consign coal to history in Glasgow by phasing out existing coal power plants, committing to no new coal power plants, putting an end to international coal financing, instead working to scale up clean power alternatives.

"Ahead of COP26 and at the summit itself, we need governments to make those strong, clear commitments to end polluting coal generation and prioritise clean power. We urge countries to put an end to coal power, by phasing out existing plants, committing not to build any new ones, and putting an end to international coal finance.

And we need all investors, acting on our shared responsibility, to protect our planet. And we need to keep building up the international collaboration, at COP26 and indeed beyond it to accelerate the clean energy revolution over this vital decade," he stated.

Energy transition key to better future

As highlighted by the Intergovernmental Panel on Climate Change (IPCC) last month, humanity's continued dependence on fossil fuels is warming the world. The consequences – such as droughts, wildfires and floods – are already here and will only intensify without action. The energy sector accounts for approximately 65 per cent of greenhouse gas emissions, which need to be halved by 2030 and eliminated by 2050 to stay on track to head off the worst impacts of climate change. Meanwhile, over 750 million people lack access to electricity and 2.6 billion still cook and heat with wood, charcoal, and other unhealthy fuels.

"Today, hundreds of millions of people struggle with energy poverty. We must provide everyone with energy equity and connectivity. The IPCC has sounded a code red for humanity. We must urgently and rapidly reduce our greenhouse gas emissions, otherwise the same people will suffer the most on hothouse Earth", said Inger Andersen, Executive Director of the UN Environment Programme (UNEP). "The new initiatives announced at Energy Action Day are important steps towards achieving the transition."

The Green Hydrogen Compact Catalogue

Hydrogen produced with renewable energy can play a key role in energy transition, as a sustainable, carbon neutral fuel. In order to achieve targets of net zero emissions, increasing the uptake of green hydrogen will be critical.

The Green Hydrogen Compact Catalogue is a collection of commitments by a broad range of stakeholders that will contribute to accelerating the development of a green hydrogen ecosystem and value chain.

By showcasing action, the Catalogue aims to spark dialogue and collaboration among stakeholders and to inspire further commitments. The Catalogue is a result of a broad and inclusive partnership among key countries, international organizations and the private sector.

"In the coming decade, there are tremendous opportunities in accelerating the energy transition," said Francesco La Camera, IRENA's Director-General, "with co-benefits on energy security, energy access for all, high quality jobs, improved health through clean air and a safe climate.

The revolution in the energy sector driven by falling renewable costs is opening new possibilities for end-use and green hydrogen. I am convinced that with today's announcements, including the Green Hydrogen Compact Catalogue, we will raise ambition and drive collective action under the UN High-Level Dialogue on Energy to ensure all countries and regions can realise the benefits of the global energy transition."

Beyond Oil and Gas Alliance (BOGA)

Ministers from Costa Rica and Denmark announced that they are leading the work to create an ambitious Beyond Oil and Gas Alliance (BOGA) to promote a phased transition away from the unstainable supply of oil and gas.

"Science has made it clear - the fossil era needs to come to an end. This is why we in Denmark have set an end date for oil and gas production and why Denmark and Costa Rica are building an alliance of countries willing to address the unstainable supply of oil and gas. Now we urge other governments to join us," stated Dan Jørgensen, Danish Minister for Climate, Energy and Utilities.

"Fossil fuels are, by far, the largest contributor to climate change, accounting for over 75% of all greenhouse gases. Science is clear that it is imperative to limit their supply and set an end for oil and gas production. Almost 20 years ago, Costa Rica took the brave decision to ban oil and gas exploration and exploitation. Now, along with Denmark we are calling other governments to join BOGA and move away from oil and gas", said Andrea Meza Murillo, Minister for Environment and Energy of Costa Rica.

The Urban Energy Coalition

Cities are, in many cases, driving much-needed innovation in the energy system, taking advantage of their unique role as planners and managers of infrastructure to integrate energy systems across buildings, transport, heating/cooling, industry, and power grids. Their actions deliver improved efficiency, circularity and greater use of renewables.

The Urban Energy Coalition was launched by UNEP, the European Commission, Global Covenant of Mayors, World Economic Forum (WEF) and REN21 – with the potential participation of the European Commission through Mission Innovation, to provide a joined-up approach to support cities on energy and innovation.

The goal is to provide cities with practical framework and tools to deploy integrated energy solutions at scale. WEF, a member of the Coalition for Urban Energy, also launched the beta version of the 'Toolbox of Solutions' which provides best practice and case studies on clean electrification, efficiency and smart infrastructure across energy, buildings, and mobility.

SPE Annual Technical Conference & Exhibition To Be Co-Located With Gastech In Dubai

Gastech, the world’s foremost exhibition and conference supporting the gas, LNG, hydrogen, and energy industry, and the SPE Annual Technical Conference and Exhibition (ATCE) will take place alongside each other in Dubai from 21-23 September 2021, the organisers of both events announced on Wednesday. 

The co-location of Gastech and ATCE, at the Dubai World Trade Centre, will mark the first-time industry professionals, from across the global energy value chain, will have met in-person to reconnect with colleagues, and debate and collaborate on how best to maintain business continuity and remain competitive post COVID-19.  

Michelle Boyd, Chief Global Events Officer for the Society of Petroleum Engineers, the organisers of ATCE, said: “Co-locating ATCE with Gastech means visitors will be able to visit both events’ exhibitions without the need to register twice. It will also ensure our exhibitors gain maximum exposure to a broader audience of energy industry professionals, including the top decision-makers from all sectors of the industry.” 

Christopher Hudson, President, dmg events, organisers of Gastech, said: “dmg events has had a long and successful relationship with the Society of Petroleum Engineers, and we are delighted ATCE will be co-located with Gastech.  With both events taking place at the same time, at the Dubai World Trade Centre, it will provide more face-to-face opportunities for industry professionals to build the long-term business relationships that will advance the energy industry post pandemic.”   

ATCE’s technical programme will cover existing applications and emerging technologies within all phases of upstream oil and gas. The event’s conference will provide opportunities for learning and collaboration at strategic panels, technical sessions, and seminars, while the concurrent exhibition will showcase the latest technologies from around the world. 

Since the first edition 97 years ago, ATCE has attracted the E&P industry's greatest minds from around the globe. Reflecting our global industry, ATCE is becoming an increasingly important international event. Florence hosted ATCE in 2008, Amsterdam hosted the conference in 2014, and in 2021, SPE returns to the Middle East for the second time, in Dubai. 

The Gastech Strategic Conference programme brings together speakers from across the full energy value chain, from energy ministers to industry CEOs. It features four discussion formats including 15 Ministerial and Global Business Leaders Panels; 5 C-Suite Dialogues; 3 Gastech LIVE sessions; and 11 Strategic Insights covering the entire energy value chain. Among the key topics to be discussed will be decarbonisation and emissions management; financing and project investment; how to adapt business models in a post-Covid world gas and LNG supply and demand dynamics and the potential for hydrogen to play a key role in our collective energy future.   

The Gastech Technical Conference brings up-to-date coverage of original research and findings, latest technological breakthroughs, new applications, and valuable learnings for the natural gas and wider LNG industry from technical engineers and innovators. Themes cover diverse areas including shipping, small-scale LNG; marine bunkering; hydrogen; gas processing; AI and automation. 

For 49 years, Gastech has been at the heart of the gas, LNG, hydrogen, and energy conversation. Gastech 2021 will be attended by more than 15,000 attendees, including senior decision-makers and energy industry thought leaders, and 250+ exhibiting companies, who will set the agenda for the global gas, LNG, hydrogen, and energy industries for decades to come.

Gastech Hydrogen To Be World’s First Major Event Dedicated To Hydrogen As A Clean Energy Solution

Gastech, the world’s largest exhibition and conference supporting the gas, liquefied natural gas (LNG), hydrogen, and energy industry, will have its own dedicated Gastech Hydrogen event positioning hydrogen as a clean energy solution.

The event will take place in Dubai, from 21 to 23 September 2021, organised by dmg events and held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. The event is supported by the Ministry of Energy and Infrastructure in the UAE.

 Alongside Gastech, Gastech Hydrogen will connect policy makers, producers, consumers, and suppliers to facilitate the hydrogen market development. Gastech Hydrogen will provide a global platform that convenes industry leaders in their journey towards lower and zero-carbon fuels that will play a central role in the delivery of the new energy landscape.

Identified as a key solution to climate change and the urgency of decarbonisation, hydrogen is an increasingly popular form of clean energy with huge growth potential. Gastech Hydrogen will provide a spotlight on this fast-emerging fuel source and allow companies from across the hydrogen value chain to showcase the latest products, services, and solutions.

Lorenzo Simonelli, Chairman and Chief Executive Officer of energy technology company Baker Hughes, sponsors of Gastech Hydrogen, will participate in an exclusive Gastech LIVE Session. Lorenzo will give his insights on delivering on the decarbonisation of energy, and how technology innovation can drive the net-zero agenda. 

Simonelli said: “We know that natural gas can both be a transition fuel and a destination fuel towards a lower carbon future. To decarbonise the energy sector we must introduce more efficient and lower emissions technologies today for natural gas, while at the same time accelerate adoption of carbon capture, utilisation, and storage (CCUS), hydrogen, and energy storage. Only with scale can these technologies make a meaningful impact in the energy transition.

“It is encouraging to see such a strong focus on hydrogen at this year’s Gastech conference. The time for industry, governments and partners to tap into the potential of hydrogen is now. Baker Hughes’ decades-long advancements in hydrogen technology positions us as a key player in the energy transition and a collaborator to drive success.”

As the world transitions towards a new energy landscape, governments and industry must work together to ensure that they are on target to deliver on the shared global mandate of a low carbon economy. Energy demand is increasing worldwide by both consumers and industries, including power generation, construction, and transport.

As an important enabler of engagement between the global gas industry and policy makers, business leaders, disruptors, and innovators, Gastech helps governments and industry navigate the complexities of the energy transition, as companies look to adapt to the trends, challenges and opportunities shaping global gas markets. 

Gastech 2021 will be held at the Dubai World Trade Centre. An expected 20,000 attendees, including senior decision-makers and energy industry thought leaders, and more than 300 exhibiting companies, who will set the agenda for the global gas, LNG, hydrogen, and energy industry, will attend it.

 

Indonesian, Sri Lankan, & Jordanian Energy Ministers To Speak At Gastech 2021

Gastech, the world’s largest exhibition and conference supporting the gas, LNG, hydrogen, and energy industry, has announced that H.E. Arifin Tasrif, Minister of Energy & Mineral Resources of Indonesia, will be attending this year’s event to speak during the Opening Ceremony Ministerial Panel on the energy transition. 

Gastech is taking place in Dubai, from 21 to 23 September 2021, and is the the world’s largest exhibition and conference supporting the gas, LNG, hydrogen, and energy value chain. Gastech is a key global platform with the power to convene world leaders annually in their global mission to provide a carbon neutral, affordable energy future for all by 2050. 

H.E. Arifin Tasrif will be part of an impressive line-up of speakers at Gastech this year and will be speaking on the topic of “Achieving Net Zero: Driving the Global Energy Transition.” The Official Ministerial Welcome Address will be delivered by H.E. Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE, & Managing Director and Group CEO of ADNOC. 

The Ministerial Panel will consist of H.E. Suhail Mohamed Al Mazrouei, Minister of Energy, United Arab Emirates; H.E. Arifin Tasrif, Minister of Energy & Mineral Resources, Indonesia; and H.E. Mohammed Barkindo Sanusi, Secretary General at OPEC. The session will be moderated by John Defterios, Former Emerging Markets Editor, CNN and Adjunct Professor, NYU Abu Dhabi. 

In this esteemed panel, ministers from the world’s leading energy economies will share insights on the role of natural gas in the energy transition, future directions on how to create a hydrogen economy and what roadmaps are needed to meet the growing demand for energy and cleaner fuels. Finally, the panel will look ahead to COP26, what to expect from this year’s climate meeting and how it will impact energy market dynamics.  

Other Energy Ministers speaking this year include H.E Chief Timipre Sylva, Honourable Minister of State – Petroleum Resources, Federal Republic of Nigeria; H.E. João Galamba, State Secretary for Energy, Portugal; H.E. German Galushchenko, Minister of Energy, Ukraine; H.E. Hala Adel Zawati, Minister of Energy and Mineral Resources, Jordan; and H.E. Udaya Gammanpila, Minister of Energy, Sri Lanka. 

Amongst the Global Business Leaders participating in the conference are Klaus-Dieter Maubach, CEO, Uniper SE; Lorenzo Simonelli, Chief Executive Officer, Baker Hughes; Klaus-Dieter Maubach, CEO, Uniper SE; Manoj Jain, Chairman & Managing Director, GAIL India; Marcelino Oreja, CEO, Enagás; Fatea Al Nuaimi, CEO, ADNOC LNG; Hamed al Numaany, CEO, Oman LNG; and Arnaud Pieton, CEO, Technip Energies. 

Gastech 2021 will be held at the Dubai World Trade Centre. It will be attended by senior decision-makers and energy industry thought leaders who will set the agenda for the global gas, LNG, hydrogen, and energy industry for decades to come.

Gastech To Bring Global Energy Sector To Dubai To Address Opportunities Of Energy Transition

Gastech, the world’s largest exhibition and conference supporting the gas, LNG, hydrogen, and energy industry, will take place in Dubai, from 21 to 23 September 2021, the event’s organisers, DMG Events, announced this week.  

Gastech, a key global energy platform with the power to convene world leaders annually in their mission to provide low carbon, affordable energy for all by 2050, will be held at the Dubai World Trade Centre, supported by the United Arab Emirate’s (UAE) Ministry of Energy and Infrastructure, and co-hosted by the Abu Dhabi National Oil Company (ADNOC), Shell and Venture Global LNG.  

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, explained that Gastech 2021 is taking place at a crucial time for the energy industry as we begin to navigate the energy transition.

"In this transition, natural gas as well as new zero carbon energy sources such as hydrogen will play important roles in meeting the world’s need for more energy with fewer emissions. ADNOC is already a major producer of hydrogen and we are aiming to drive the UAE’s leadership in creating local and international hydrogen value chains," he said. 

Adding: “The UAE, as a major producer and reserves holder of natural gas and a pioneer in Carbon Capture Utilization and Storage, is well-placed to extend its energy leadership in emerging low-carbon fuels. Hosting this year’s edition of Gastech underscores our role in shaping the global energy dialogue and we look forward to advancing the conversation on these topics with our friends and partners.” 

Explaining the decision to hold Gastech 2021 in Dubai, Christopher Hudson, President, dmg events, said: “Thanks to its robust, world-leading vaccination programme and well organised testing and travel measures, Dubai is one of the safest and most accessible places in the world to travel to.  It is a world-class location with a long and strong track record of successfully hosting major events, making it ideal for the global energy industry, partners, exhibitors and attendees to conduct business.”

DMG Events said it had held multiple conversations with important Gastech stakeholders, the Gastech Governing Body, and participating companies before today’s announcement. Those conversations underlined the need to meet face-to-face, to address both the challenges and opportunities the energy industry faces, including the clear necessity for the industry to respond to the climate challenge, as well as the rapid acceleration of hydrogen as a possible clean source of future energy, and the adoption of CCUS technology as a decarbonisation tool. 

Hudson said: “Gastech 2021 will provide the leadership that will enable the gas, LNG, hydrogen, and energy industry to thrive in future energy markets.  Alongside the disruptive forces accelerating the transition to cleaner energy, Gastech provides unparalleled opportunities to build the long-term sustainable business relationships required to address climate change issues, and the decarbonisation of energy.” 

Gastech 2021 will be attended by more than 25,000 energy industry professionals, including senior decision-makers and thought leaders, and over 400 exhibiting companies, who will set the agenda for the global gas, LNG, hydrogen, and energy industry for decades to come. 

The event will be held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and is supported by the UAE’s Ministry of Energy and Infrastructure.

 

Fast-Track Energy Transitions To Win The Race To Zero

Proven technologies for a net-zero energy system already largely exist today, finds the preview of World Energy Transitions Outlook by the International Renewable Energy Agency (IRENA). Renewable power, green hydrogen and modern bioenergy will dominate the world of energy of the future.

Previewed at the Berlin Energy Transition Dialogue today, IRENA's Outlook proposes energy transition solutions for the narrow pathway available to contain the rise of temperature to 1.5°C and  halt irreversible global warming. 90% of all decarbonisation solutions in 2050 will involve renewable energy through direct supply of low-cost power, efficiency, renewable-powered electrification in end-use as well as green hydrogen. Carbon capture and removal technologies in combination with bioenergy will deliver the 'last mile' CO2 reductions towards a net-zero energy system.

With 2030 deadlines around the corner, this Outlook comes at a critical time when acting fast and bold on global climate pledges is crucial in the decisive year of UN High-Level Dialogue on Energy and Glasgow Climate Conference COP26.   

Francesco La Camera, Director-General of IRENA said: "The window of opportunity to achieve the 1.5°C Paris Agreement goal is closing fast. The recent trends show that the gap between where we are and where we should be is not decreasing but widening. We are heading in the wrong direction. The World Energy Transitions Outlook considers options of the narrow pathway we have to be in line with the 1.5°C goal. We need a drastic acceleration of energy transitions to make a meaningful turnaround. Time will be the most important variable to measure our efforts." 

"While the pathway is daunting, several favourable elements can make it achievable," La Camera added. "Major economies accounting for over half of global CO2 emissions are turning carbon neutral. Global capital is moving too. We see financial markets and investors shifting capital into sustainable assets. Covid-19 has highlighted the cost of tying economies to fossil fuels and confirmed the resilience of renewable energy. As governments pump huge sums in bailouts and recovery, investment must support energy transition. It is time to act and countries can lead the way with policies for a climate-safe, prosperous and just energy system fit for the 21st century." 

IRENA's "1.5°C pathway" sees a trebling of global power dominated by renewables in 2050. It also sees a decline in fossil fuel use by more than 75% over the same time, with oil and coal consumption shrinking fastest. Natural gas should peak around 2025, becoming the largest remaining fossil fuel by 2050. 

Financial markets reflect this shift by allocating capital away from fossil fuels and into sustainable assets like renewables. The downgrading of fossil fuels continues, with shares of fossil fuel-heavy energy sector in S&P index falling from 13% a decade ago to below 3% today. In contrast, investors are flooding money into renewable energy stock with S&P clean energy up by 138% in 2020.

However, significant investment will have to be redirected, IRENA's Outlook shows. Major economies have announced economic stimulus packages that will pump approximately USD 4.6 trillion directly into carbon-relevant sectors such as agriculture, industry, waste, energy and transport, but less than USD 1.8 trillion is green. 

By contrast, energy transition investment will have to increase by 30% over planned investment to a total of USD 131 trillion between now and 2050, corresponding to USD 4.4 trillion on average every year. Socioeconomic benefits will be massive, investing in transition will create close to three times more jobs than fossil fuels, for each million dollars of spending. To address concerns about a fair and just transition, IRENA's Outlook calls for a holistic and consistent overall policy framework. 

IRENA's "1.5°C pathway" sees electricity becoming the main energy carrier in 2050 with renewable power capacity expanding more than ten-fold over the same period. Transport will see the highest growth of electrification with a 30-fold increase. Almost 70% of carbon emission reductions in transport will come from direct and indirect electrification. 

Green hydrogen will emerge as one of the major demand for electricity, representing 30% of total consumption in 2050. Bioenergy combined with carbon removal technologies (BECCS) will increasingly be important for industry to bring "negative emissions" in face of a limited carbon budget for 1.5C.

Read the preview of World Energy Transitions Outlook. The preview will be followed by the full report, outlining socio-economic footprint for the transition, along with market and finance insights. 

Wind & Solar Can Improve Energy Security & Independence

new report published today by the International Renewable Energy Agency (IRENA) shows that Albania could significantly improve its energy security and reduce energy system vulnerability to climate impacts by deploying its vast solar and wind resources.
 
Full exploration of national renewable energy potential will also offer important socio-economic benefits, including job creation, new income streams, local industrial development, and reduced air pollution, per the report.

Albania has some of Europe's highest sunshine hours per year that can be used to generate electricity from solar PV, and heat water by continued installation of solar thermal panels. In addition, cost-effective solar and wind potential is estimated at more than 7 gigawatts, over than three times the country's total installed electricity capacity, the report notes. Around 616 MW of this wind energy is deployable by 2030.

While Albania's vast hydropower resources means it has one of the highest shares of renewable energy in South East Europe, it is also highly dependent on annual rainfall – resulting in high vulnerability to climatic externalities. In 2017, the country was forced to import nearly 40 per cent of its power due to low rainfall, at a cost of USD 240 million. Diversifying the energy mix will mitigate Albania's exposure to external factors and build stability.

Renewables Readiness Assessment: The Republic of Albania, developed in close co-operation with the Albanian Ministry of Infrastructure and Energy (MIE), suggests a series of policy and regulatory steps that would unlock much of its variable renewables resources, strengthening energy independence and supporting further economic development. The recommendations aim to inform the development of a National Energy and Climate Plan that will set renewable energy targets to 2030.

"The Government of Albania recognises the key role of the energy sector in its economic development," said H.E. Belinda Balluku, Minister of Infrastructure and Energy, Republic of Albania. "Albania is therefore giving new impetus to energy reforms while consolidating existing efforts to provide enabling conditions for renewable energy development and comply with regional and international commitments. IRENA's recommendations are highly significant in this process."

"The energy transition presents significant opportunities for countries to align their post-COVID recovery measures with a path to stable and sustainable long-term growth," said IRENA Director-General Francesco La Camera. "This report shows that Albania, like many countries, can realise this opportunity. By diversifying their energy mix and integrating more of their variable renewable resources, Albania can create a more stable and resilient energy system, while stimulating positive social and economic outcomes and meeting its climate obligations.

Proactive planning, based on the country's resource potential, can play a crucial role in the development of a robust energy sector, according to the report. Well-assessed resource potential and timely planning for variable renewable power generation and grid infrastructure can minimise technical disturbances to the grid and increase the quality of energy supply while ensuring economic viability for the power producer, the system operators and the final consumers.

The report also calls for existing support mechanisms for renewable energy deployment to be further strengthened, approval processes to be streamlined, and the establishment of a dedicated renewable energy agency to inform the co-ordinated development of renewables in line with national and international obligations. Critical actions such as refurbishing existing distribution networks, allowing for bidirectional electricity flow and incorporating more renewable energy in end-use sectors such as transport, and heating and cooling, were also identified by the report.

Renewables Readiness Assessment: The Republic of Albania identifies 11 specific actions around these five broad action areas:
  • Renewable energy potentials and planning
  • Legislative and regulatory frameworks
  • Renewables in end-uses
  • Renewable energy financing
  • Capacity, skills and awareness  

EITI Temporarily Suspends Myanmar Due To Political Instability

The EITI Board Thursday announced it had temporarily suspend Myanmar due to political instability. This was in acknowledgement of the seriousness of the situation in Myanmar following the recent coup d’état.

The board was strongly concerned about the safety of members of the multi-stakeholder group in the country. The Board concluded it was not possible to envisage the EITI operating under the current circumstances.

Earlier, the board chair Helen Clark had issued a statement condemning the violence in the country calling on the military to return to the barracks and fulfil its commitment to uphold the country’s constitution so that those elected in November can carry out the mandate given to them by the people of Myanmar

The EITI Board noted that the EITI in Myanmar has played an important role in strengthening extractive sector governance. The participation of all EITI office holders in the reform process – including government, companies and civil society – has been essential to ensure open debate and is key to translating transparency into greater accountability.

The EITI Board will monitor and review the situation on a regular basis and consider if further action is necessary, including the possibility of delisting.

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