The energy shifts we are undertaking within all the energy transitions today do allow real innovation opportunities when you survey the innovation landscape.
There is complexity in all the energy transitions going on. Still, the ones that can see the possibilities and ‘energize’ through new innovative solutions hold the future in our hands to capitalize upon as fast as we can.
All we can predict is that the pace of innovation and energy transition will speed and then scale up to meet the needs of a world rapidly wanting to decarbonize. The companies that are investors in innovation will be the best placed to capitalize on this.
This has undoubtedly been a year where the Energy Transition has felt, more often than not, thrown into reverse.
In Germany, coal mines have been reopened, and nuclear power stations scheduled to be decommissioned been given an extended lease of life. Nearly all EU countries, very dependent on Russian oil and gas, have been scrabbling like crazy to find alternative sources, all at rising prices and growing difficulties in finding supplies. The cost of energy to the consumer has risen significantly, and many Governments have been forced to offset winter bills with different incentives, payments or credits that will be highly expensive, so where does that cost come from, and what gets sacrificed?
France struggles with a rapidly ageing fleet of Nuclear power plants and the issue of how many of these can be up and running and functioning at levels to maintain power to their network and be able to support neighbours at times of their need.
The UK Government announced this week it’s the first opening of a new open coal mine in Cumbria a year after the UK lobbied to ‘consign coal to history. The developer, West Cumbria Mining, said it was “delighted” it could now deliver what it called “the world’s first net zero mine”. It plans to offset the emissions from the construction, mining and domestic transport phases. I hate the word “offset”. West Cumbria Mining says the coking coal it produces will be used for steelmaking in the UK and Europe. The local council had granted permission to dig for coking coal until 2049, with the mine expected to create about 500 jobs.. Yet the two prominent companies that still make steel using coal in the UK – British Steel and Tata – say they plan to move to lower carbon production methods. According to the UK Telegraph, this Cumbrian coal mine is economical and diplomatic idiocy.
