Efforts focused on low carbon technologies deployment, stationary storage and electrification growth must be multiplied, according to a new report from Capgemini.
The 23rd edition of the World Energy Markets Observatory (WEMO), produced with De Pardieu Brocas Maffei, Vaasa ETT and Enerdata, highlighted that energy consumption and greenhouse gas emissions are on the rise again, and called for “realistic, affordable, plans to accelerate energy transition”.
Energy and utilities industry is facing a challenge: delivering against long-term pledges for carbon reductions whilst finding the balance between meeting stakeholders’ expectations, providing affordable energy, and ensuring business continuity, the report stated.
It highlighted that sustainability of electrical generation, battery storage and hydrogen production must be evaluated over their lifecycles and that net zero trajectories for global businesses must rely on “indisputable scientific measurement methods” and accurate data that include all green house gases.
“Access to energy today is becoming a societal challenge: industry and governments must find the balance between decarbonising and ensuring that global energy needs remain accessible for all,” stated the report.
Recommendations from the latest edition of the WEMO report include setting ambitious but realistic energy transition plans considering the adaptation time of societies, their industries, and the lifestyles of their populations.
It also advocated accelerating research in low carbon technologies (solar, wind, electrical batteries, green hydrogen) and reducing administration obstacles for the construction of renewable installations.