The industrial gas sector is courting renewables more to power their ASUs, but it needs to accelerate efforts to meet ever-narrowing Net Zero and decarbonisation targets.
The energy transition remains fraught with uncertainties but what we can confidently predict is demand for electrification and renewable sources will continue to escalate and the industry must continue to court both in its quest for decarbonisation.
The inherent challenge is that, while the world must come up with viable sustainable solutions, and quickly, power generation looks set to double by 2050 – and that’s before you work out how it will all be paid for; spending will be required in the region of $1 trillion – $3.5 trillion more per year than today.
Fossil fuels, which produce 83% of global CO2 (carbon dioxide) emissions, need to be eliminated through a shift in the energy mix. By 2050, oil production would be 55% lower than it is today, and gas production 70% lower.
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