We will not be able to cut net carbon emissions to zero by 2050 at current rates of progress if we don't innovate not only in technology terms, but also in terms of business models. That is the consensus of experts gathered for a Wind Investment Boardroom debate, hosted by A Word About Wind and sponsored by WindESCo, a Greentech innovator focused on improving asset performance, in July 2022.
Published by A Word About Wind in partnership with WindESCo
Society faces very limited time to cut emissions at the same time as supporting economic growth and ensuring energy security. To achieve this will require massive substitution of fossil fuels with renewable energy, as well as capacity additions that satisfy the growth ambitions of emerging economies.
This buildout is not happening at anything like the scale required. Worse still, even the most advanced markets in terms of energy transition still face significant barriers in scaling up the deployment of renewables.
The key to change lies in regulation since the actions of individuals and enterprises will always be guided and bound by the laws of the land. Beyond this obvious fact, it is also evident that current market structures are poorly equipped to support the scaling up of renewable generation demanded by the climate crisis.
Hence, it will also be important to innovate, not only in technology terms, as is already happening with the advent of technologies such as floating offshore wind, but also in terms of business models, asset management and more.
This paper, based on the Wind Investment Boardroom discussion, reviews the importance of innovation in scaling up the energy transition.
With thanks to the panellists for their contribution: