Europe can emerge from the coronavirus pandemic with a considerably clearer pathway to a net-zero future if it takes the precise actions now.
That’s in response to Roberto Castiglioni, the co-founder and chief government of London-headquartered sustainable funding consultancy Ikigai Group.
He stated the “silver lining to Covid” was the knock-on impact it could have on the power sector.
Castiglioni was talking this morning on the Enlit Europe Virtual Keynote, which posed the query: What if the pandemic accelerated the inexperienced transition?
He stated that whereas the pandemic had brought about a damaging affect to the worldwide economic system, it had delivered a constructive impact to worldwide world power demand by lowering it and in addition bringing ahead the height of energy-related emissions by about 5 years.
However, he added that in the long run, market forces alone wouldn’t result in decarbonisation in “hard-to-abate sectors” similar to heavy industries like chemical substances, metal and cement, and transportation, notably aviation: “We don’t wish to cease flying – we simply wish to fly in a sustainable approach.”
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“We have to scale up applied sciences that may ship a decarbonised, Paris-compliant future,” he stated, including that alongside this was a necessity for insurance policies to commercialise and scale various fuels similar to hydrogen and energy-efficiency measures, together with carbon seize, storage and utilisation.
He burdened that “one factor is for positive: we live by an power revolution. We have had the Industrial Revolution and a communications revolution: now now we have the ‘Energy Revolution’. Where we’re as we speak can be completely completely different from the place we can be in 5 years.”
And to maximise the potential of this revolution, he stated Europe wanted a brand new industrial technique primarily based round digitalisation, clear power and future-proofing infrastructure and power belongings to make Europe aggressive within the world market.
“We want to know power’s DNA and to get extra granular with digitalisation,” he defined. He stated any ‘inexperienced transition’ have to be primarily based on decoupling financial development from utilizing assets, plus incentivising multi-vector gas switching: “We should ship sustainable industries.”
Castiglioni emphasised that he didn’t need the power transition delivered “at a value – we wish to ship profitability by way of the power transition. We understand it’s attainable – we simply want to extend the velocity of supply.”
He highlighted how clear power had grow to be a sizzling vacation spot for traders: “Whether you’re a excessive or low danger investor, there are alternatives for each – there’s one thing for everybody. The necessary factor is that the cash strikes away from oil and gasoline and into the power transition”.
And he added: “I wish to suppose that our planet is sending us a message with Covid and telling us to maneuver to a sustainable future: let’s not waste this chance.”
Earlier within the Keynote, Chris Peeters of transmission system operator Elia Group, outlined how he believed Europe may go from “pandemic to prosperity” by implementing key methods to extend power effectivity in buildings, additional empower shoppers and supply entry to full electrical mobility.
“We want a market design that incentivises the patron to vary their behaviour,” he stated.
Paolo Gallo, chief government of gasoline distribution firm Italgas, stated it was now extensively accepted that gasoline had a significant position to play in any holistic plan for the European power transition and added that the best way ahead was to “couple electrification to using gasoline infrastructure”.
He highlighted that current gasoline infrastructure could possibly be utilised for power storage functions and in addition burdened that “all gasoline infrastructure needs to be upgraded to be absolutely…