The Energy Transition
“Hydrogen is today enjoying unprecedented momentum, driven by governments that both import and export energy, as well as the renewables industry, electricity and gas utilities, automakers, oil and gas companies, major technology firms and big cities. The world should not miss this unique chance to make hydrogen an important part of our clean and secure energy future.” – Dr. Fatih Birol, Executive Director, International Energy Agency, 2019 [1]
At the core of this transformation is the need to dramatically reduce CO₂ emissions from human activity to limit climate change, the evidence of which we see all around us. In 2020 alone we saw five of the six largest fires on record in California and Oregon. In March 2022, Eastern Australia saw the highest weekly rainfall since records began, causing unprecedented flooding near Sydney. If climate change continues apace, Bangladesh, perhaps one of the starkest examples of the climate crisis, will see one in seven people displaced by rising water by 2050.
The race is on to get to net zero greenhouse gas emissions to ensure the global temperature stays within 2°C of pre-industrial levels. This figure is widely understood as the maximum temperature increase to avoid catastrophic changes to the biosphere per 2015 COP21 Paris Climate Agreement.
The uptake of renewable energy will support this, with renewable energy and energy efficiency able to achieve up to 90% of the required carbon reductions, according to the International Renewable Energy Agency.
Presently in the U.S., renewable energy sources account for only 20% of electricity generation, with Europe at 40%. The International Energy Agency forecasts global renewable-based power capacity to increase 50% between 2019 and 2024 off the strength of solar.
This transition needs to accelerate to support decarbonization and stay within the 2°C limit, with both government and the private sector investing hundreds of billions of dollars to support their environmental pledges over the coming decade.
Power generation from renewables is only half of the change required – decarbonization of transportation is also a necessity. This involves the change to battery electric and hydrogen for planes, trains, trucks, and cars – this is the realm of PDC Machines!