The world is quickly warming and if global temperatures are to be capped at 1.5°C to attain net zero goals by 2050, as per the 2015 Paris Agreement, then rapid Decarbonization is the only way to go.
Decarbonization entails reducing greenhouse gas (GHG) emissions produced by the combustion of fossil fuels. This can be facilitated with the adoption of renewable energy sources such as wind, solar, hydropower, geothermal, and biomass. Improving the overall energy efficiency of vehicles and industries is another way to meet emission targets, improve air quality, and maintain optimum global temperature. Given that air pollution causes over seven million premature deaths worldwide, reducing it will have a significant influence on public health.
Innovations such as AI, IoT, SaaS solutions and cloud-based services provide accurate, quick, and reliable data to engineers so that they can make precise measurements, analyze system behavior, and achieve higher efficiencies. The U.S. Department of Energy recommends minimizing energy waste and upgrading aging facilities for cost-effective decarbonization across light industry manufacturing plants. Therefore, the pillars of decarbonization are improving energy efficiency, electrification, low-carbon fuels, feedstocks, and energy sources (LCFFES), and carbon capture, utilization, and storage (CCUS). To achieve decarbonization, all aspects of the economy must be considered and transformed right from how energy is generated, to how we produce and deliver goods and services. It may all seem cumbersome, but decarbonization is not unreachable. In fact, it is getting cheaper than ever to go green, thanks to government subsidies and technological innovations. Companies going on the sustainability path are not only doing the right thing for the planet, but they are doing the right thing for their bottom line.Renewable energy resources can help minimize the global carbon footprint, but they rely on the weather and other natural elements that are beyond man’s control. Production can’t keep up with demand at all times. The storage of surplus power for later use improves the overall efficiency and reliability of these systems. Electro-thermal energy storage (ETES) systems, Battery energy storage systems (BESS), Liquid air energy storage (LAES), and Compressed air energy storage (CAES) are some of the latest carbon-capturing technologies available in the market. The costs of installation and operation of new renewable energy projects are getting lower than those of coal and natural gas plants by about 10% every year. Switching the global economy to renewable energy might generate savings of over USD 11 trillion by 2050, as per projections.