?? For #COP29 Energy Day, Tatsuya Terazawa, Chairman and CEO of the Institute of Energy Economics, Japan - IEEJ highlighted the importance of?collaborative efforts?in 'Building the Low-Carbon Global Energy System of the Future'.
Terazawa offers insights for the #COPCollection on how the energy landscape has dramatically shifted over the past few decade - and how much further it will continue to evolve. From policymakers and energy producers to consumers and innovators, transforming our energy systems will take time, and it will happen in stages.
???Key Insights:
1?? Energy System Transformation: What was once a simple, centralized grid is now a complex, decentralized system where everyone - from homeowners to industries - can play a part in generating and managing energy.
2?? Balancing Sustainability, Affordability, and Security: The challenge today is not just about reducing emissions but also ensuring?energy security?and?economic competitiveness. Systems must support both?#sustainability?and?cost-effectiveness, which is a delicate balancing act.
3?? Bridging the Gap: In the short term, bridging the gap between supply and demand requires pragmatic solutions like upgrading gas plants and exploring innovations like co-firing with low-carbon fuels. This will help provide reliable power while reducing emissions.
4?? The Role of Low-Carbon #Hydrogen & #Ammonia: These fuels are vital to decarbonizing?hard-to-abate sectors like heavy industry and transport. However, their development requires a?coordinated, global effort?to drive down costs and scale solutions.
5?? Collaboration Across Borders: To truly tackle the #EnergyTransition, developed and developing nations must work together. This will look different in each country, and it's critical to?listen to diverse voices, especially those in emerging economies with different needs and aspirations.
???A Call to Action: Whether it's through?vertical integration?(linking producers, transporters, and consumers) or?horizontal #collaboration (partnering across borders), the key to a successful energy future lies in?cooperation.
The #GlobalEnergySystem of tomorrow requires?#innovation, investment, and partnership. Let's come together to create a more sustainable, resilient, and inclusive energy future. ??
Explore this story further, along with others in the COP Collection: https://vernova.is/3ZfHpEV
#LowCarbonFuture #CleanEnergy #ClimateAction