Combatting climate change is the greatest endeavour mankind has ever embarked upon. Developing new technologies that drive the transition from fossil to renewable sources is in itself a major challenge, but it is just the start. Bringing those technologies to market and then deploying them on a global scale, with the aim of making fossil energy sources redundant, is the next major step. The drawdown of carbon dioxide from the atmosphere to permanently store or to use it in combination with renewable hydrogen is highly ambitious in concept and scope. Then, there is a need to ensure a just and affordable transition. Worldwide, many people will benefit directly from the transition either via short-term employment or long-term careers in research and development, engineering, project management, data management, and operational roles. Nonetheless, the energy transition requires that we account for the cost of emitting carbon dioxide and other greenhouse gases. This will drive an increase in the cost of energy for consumers, even though this may be partially offset by increasing energy efficiency, in transport, manufacturing processes, domestic heating, and cooling. As it matures, the circular economy drive for reuse and recycling can create a materials efficiency that complements energy efficiency. The timescale of the transition is another consideration. 2050 is just over 25 years away, which, in the context of the United Nations Framework Convention on Climate Change (UNFCCC) net zero goal, is not very long at all. However, 25 years is beyond the planning horizons for most businesses and, indeed, national governments. By definition, investors expect a return on their investments commensurate with the risks associated with commercialisation of new technologies and a fundamental shift in energy from fossil- based to renewables-based systems. Industrial enterprises, governments, and investors must all work together to minimise these risks and stay the course. Governments need to be more honest with their electorates in explaining that we all face an increase in costs resulting from climate damage and that this will only begin to ease once the climate is stabilised. We must also adapt to higher energy costs. The combination of the cost of climate damage and higher energy costs leads to a higher cost of living. This is a multi-generational issue, and the longer we take to act, the higher the cost. Everyone will be impacted, and while the onus is on industry, governments, and the financial markets to deliver the technologies required, we must all consider what we can do as individuals. For nine billion people to live well on this planet, we will need to learn how to live within personal environmental constraints and planetary boundaries.
Managing Editor Rachel Storry
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Consulting Editor Robin Nelson robin.nelson@ decarbonisationtechnology.com
Editorial Assistant Lisa Harrison lisa.harrison@emap.com
Graphics Peter Harper
Business Development Director Paul Mason info@decarbonisationtechnology.com tel +44 844 5888 771
Managing Director Richard Watts richard.watts@emap.com
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Cover Story The Pearl (gas to liquids) GTL plant Doha, Qatar. MENA Courtesy: Shell Global
Dr Robin Nelson
www.decarbonisationtechnology.com
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