10 key energy transition technologies have been identified by DNV, the independent assurance and risk management provider, as being expected to develop, compete, and interact over the next five years if global economies are to meet emissions reduction targets.
With urgent action required, DNV aim to make an assessment of each technology and evaluate just how they can contribute to the large-scale energy transition ahead.
These technologies were revealed in the Technology Progress Report, a new supplement to DNV’s annual Energy Transition Outlook.
The specific aim is to allow both industry and government the ability to see how they can help reduce emissions by prioritising different areas and to continue in such a manner up until mid-century.
The report also lays out the various challenges involves in negotiating the implementation of technologies that are at different stages of maturity yet are required to interact and rely on one another.
Speaking about the goals of DNV, Remi Eriksen, Group President and CEO of DNV, said, “The world needs to transition faster to a deeply decarbonised energy system, reducing emissions by around 8% each year to ensure an energy future compliant with the 1.5-degree ambition set under the Paris Agreement.”
“This urgent and complex challenge requires full energy system thinking: understanding the timeline and interdependencies of technologies, policies, and the difficult decisions that need to be made.”
The importance of these interdependencies was clarified further in the report. The 10 areas of focus were identified with two main criteria to consider.
The first criteria involved the ability of the specific technology to achieve an observable shift in the energy system, this is based upon how rapidly the technology is being deployed and takes into account how much the costs are anticipated to fall over the next five years.
Known as sector coupling, the second criteria looks at just how the technologies will interact with one another. A successful interaction can cause a kind of technological cooperation, whereby a step change is created and the uptake of following technologies is accelerated.
Sverre Alvik, Energy Transition Outlook Director at DNV, said, “A lot can change in five years. It wasn’t that long ago that electric vehicles (EVs) were a novelty for early adopters.”
“Now, the EV revolution is becoming visible, and by 2025 there will be 13 million EVs on the roads in Europe alone.”
DNV’s analysis also urges the world to push for electricity from renewables, further improvements in energy efficiency, and carbon capture and storage (CCS), in order to reach net-zero by mid-century.
The interaction between renewable technologies in solar and wind is expected to accelerate development within that sector, with waste-to-fuel and feedstock also helping to decarbonise hard-to-abate sectors.
Production of green hydrogen and scaling of CCS to decarbonise manufacturing as well as provide an alternative to energy production were also considered.
Alvik concluded by saing, “Existing competitive technologies, such as solar and wind power, need to take full advantage of the virtuous circle where cost decline both causes and is caused by the growing number of unit installations.”
“Crucially, these technologies are interconnected. For example, one cannot model green hydrogen uptake without understanding developments in renewable production of power; and an understanding of CCS is not complete without considering technical requirements for pipelines transporting the CO2.”