Where innovation fits within the energy transition story, it actually becomes the accelerant of change:
As you get into the complexity of this energy transition, you realize the difficulties.
Innovation will in my view be the key driver to the energy transition; it needs to deliver the following:
1). Deliver technology breakthroughs that provide renewable solutions to offer cost-effective alternatives to conventional energy technology,
2) technology innovation that improves the existing renewable technologies to reduce current cost and achieve more significant deployment,
3) new business models that allow new investors to be attracted to the energy system,
4) exploring new concepts that promote scale-up of renewable technologies,
5) supports new financing models and justification and validation for fresh capital investments,
6) enabling policies and regulatory changes to offer change incentives for different market access,
7) contribute substantially to fresh market designs and concepts,
8) encourage and provide opportunities for new energy system operators to undertake part of the transformations needed.
If ever I see a need for a shift it towards a clear innovation paradigm, it is in this energy transition we need to accelerate, support, and deliver.