Ten key priorities for successful long-term energy transformation; Decarbonized energy systems build more sustainable, inclusive and resilient economies; More than 2,500 people joined the virtual conference.
Advancing the decarbonized energy transformation and fostering an ecosystem of collaboration and co-creation between stakeholders can help meet the world’s sustainability goals, while boosting economic growth, creating new jobs and industries and improving human welfare by 2050.
"The balance of fossil fuels and renewable energy sources is shifting towards a decarbonized portfolio and around 850 million people are still living without access to electricity when according to studies, global demand for energy could even increase by around 25% by 2040. So the question is how to bridge into an affordable, reliable and sustainable power supply, while improving energy access," said
The ten key elements, emerged from the virtual event, build a flexible framework for innovation, broadly suitable to enable decarbonization of the energy sector. They also act as guiding principles for governments, companies, and society to strike the balance between energy security and the transition to a lower carbon future:
1. Access to stable, affordable, and sustainable energy supply is a basic human right
"Quite simply, access to energy gives everyone the opportunity to fulfill their complete and full potential. We take for granted we are all fortunate to have access to reliable energy, to power our lives, from better healthcare and education, clean, prosperous job growth, to sustainable cooling and food security. Access to sustainable clean energy is the key that can help unlock a prosperous future for billions of people."
2. Availability of sustainable energy is the foundation for long-term economic prosperity
"Renewable energy has the potential of meeting the nation’s energy needs in a sustainable manner as well as creating jobs and improved livelihoods across the country."
3. Bespoke national energy roadmaps are vital to effectively realize the energy transition
"The Energy vision for
4. Leverage the individual strengths and power of multilateral relationships to accelerate the pace of the energy transition
"As renewables have become cheaper and more versatile, they have found their way into more solutions. We see today electric mobility picking up globally. Energy storage, building infrastructure, they are also making other technologies more viable."
5. Utilizing highly efficient existing technology is paramount to bridge to a zero-carbon world
"The
6. The energy system will transform into one integrated ecosystem for all new clean technologies
"Hydrogen allows low carbon energy to move from electricity to many other sectors, including sectors that are hard to decarbonize. Renewables have traditionally been constrained to one geography. We can now integrate renewable energy systems and conventional hydrocarbon systems — a circular carbon economy concept."
7. Highly flexible and reliable transmission and distribution networks will be the intelligent backbone of a de-carbonized energy system
"We are working hard to prepare grid networks to meet the Kingdom of Saudi Arabia’s ambitious targets of generating 30 gigawatts of renewable energy by 2025 and 60 gigawatts by 2030."
8. Access to capital at reasonable costs will play a critical role in the energy transition
"I think we see some ambitious energy transition agendas in the
9. Collaboration of strong partners will solve the challenges in financing the energy transition
"Capital markets can reward companies that are taking green technology into consideration, and that can be done through investing in these companies, or even creating a stock exchange that rewards companies that are proactively adopting an ESG ESG [Environmental, Social, Governance] agenda, or a sustainable agenda in the way that they do business."
10. Now is the time to act, 2020 marks the year of change in many aspects
"We have a unique opportunity to fast track the energy transition. Covid-19 has dramatically impacted economies around the world. Effort and capital is being directed towards a fast recovery. Uniting, and focusing our efforts, will enable developing and developed countries alike to advance to a prosperous and zero carbon future extremely quickly.
The event was held in partnership with the
Recordings of the sessions can be accessed by registered accounts here: https://bit.ly/3mgBRDJ
This press release and further material is available athttps://press.Siemens-
Distributed by
Media Contact:
Phone: +971 549934561
E-mail: iain.packham@siemens.com
Follow us on Twitter at: www.twitter.com/siemens_energy
About
https://www.Siemens-Energy.com/
© African Press Organization, source