The article discusses the shift towards renewable energy sources and the various technologies being developed to support this transition. The main points are:
- Renewable energy is becoming increasingly cost-competitive: The price of solar panels has plummeted, making fossil fuels “becoming obsolete”.
- Expansion of renewable power: The International Energy Agency (IEA) predicts a massive expansion of renewable power, which could lead to achieving the global tripling goal set at COP28.
- Wind energy is growing: Wind energy is expected to continue growing, with the IEA predicting an increase in wind power generation.
- Hydroelectricity remains a major player: Hydroelectricity will remain the largest clean energy provider through 2030, with new technologies such as small-scale hydro and advanced materials being developed.
- Geothermal energy is becoming more location-agnostic: Enhanced geothermal systems (EGS) are being developed to enable geothermal energy production in places where it wasn’t previously possible.
- Bioenergy is a near zero-emission source of energy: Bioenergy is generated from biomass and can help reduce greenhouse gas emissions, with developments in biofuels and sustainable aviation fuels (SAF) being explored.
- Technology is crucial for managing risks: As more renewable energy sources are incorporated into power grids, technology such as IBM Environmental Intelligence can help organizations anticipate potential disruptions and proactively reduce risk.
The article also highlights the importance of business sustainability and climate change, noting that companies must develop strategies to reduce environmental and social impacts resulting from their operations. It suggests using tools like IBM Envizi to automate the capture and management of environmental, social, and governance (ESG) data and identify decarbonization opportunities.
Overall, the article presents a positive outlook on the transition to renewable energy sources and highlights the importance of technological innovation and sustainability in achieving a cleaner, more sustainable future.