ROLLS-ROYCE HOLDINGS PLC For our Power Systems business, securing a framework for delivering sustainable transport and energy solutions is key to tackling the climate crisis.
To ensure that this is possible, key members of the team including Andreas Görtz, head of the Sustainable Power Solutions business at Rolls-Royce Power Systems, joined politicians, investors and other industry leaders at COP27 in Sharm el-Sheikh to learn more about the pathway to legislation and, ultimately, net zero.
The EU's 'Green Deal' includes a package of investments, legislation and strategies to enable carbon neutrality by 2050 and cut carbon emissions by 55% as early as 2030. This also includes subsidising so-called flagship projects that lead the way in climate protection. While this may sound promising, specific legislation is lacking. And such legislation is the basic requirement for the security of investment that will enable the framework for sustainable technologies.
"The US is one step ahead," explained Andreas during COP. "Joe Biden pushed through the biggest climate package in the US with the passage of the Inflation Reduction Act. While this is less ambitious than the EU's plan - targeting a mere 40% reduction in carbon emissions by 2030 - the plan is already on the statute books. The US is investing $ 369 billion in clean technologies. And here's another big difference compared to Europe - all technology options are open. For example, there is a tax credit of up to three dollars per kilogram of sustainably produced hydrogen."
Initiatives like these could help to build the economic framework for sustainable solutions in the US and open a pathway to net zero.
Our teams within the Power Systems business are already developing the technologies to generate carbon-neutral drive-power and energy that can support the sectors we work within to reach their net zero ambitions. For Andreas, COP27 is an opportunity to engage with partners and build collaborations that will enable these technologies, as well as give visibility to what has already been achieved within Europe.
"First off, we're working on completely new products such as fuel cell systems and electrolysers. These aren't yet ready to go into full production, but we're getting there. As early as next year, we'll be supplying three zero-carbon fuel cells to the Duisport inland waterways port in Duisburg where they'll be used to generate electricity from green hydrogen. We also intend to launch electrolysers very soon. These can be used to produce hydrogen from green electricity, and this is one way to unlock to green energy transition, especially when it comes to storing renewable power. Demand for these products is already huge, and we're working hard to get them ready for market."
Alongside this, Power Systems are also focused on making our existing products fit for a sustainable future. While many of our diesel combustion engines are already compatible with sustainable fuels such as HVO, drastically reducing their carbon emissions and their pollutant emissions, the team are also working on entirely new combustion engines running on hydrogen or methanol.
"The world of propulsion and power generation is changing, and I find it fascinating," remarked Andreas. "It's exciting to see our company transforming and going down the pathway to net zero. I want to spread this euphoria here at the COP as well."
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Rolls-Royce Holdings plc published this content on 21 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2022 10:38:06 UTC.
