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The worlds’s energy transformation is accelerating. This is due to a combination of technological progress, developmental priorities and rising environmental concerns.
Past experiences suggest that energy transformations were driven primarily by economic opportunity and technological development, not fuel resource scarcity.
The ongoing transformation is evolving in the same vein, with innovation as one of its pillars.
On the one hand, we need innovation to accelerate deployment: driving cost reduction, improving performance and enabling integration of existing and emerging renewable technologies in energy systems.
On the other hand, innovation is also needed to unearth and develop new technologies.
Incremental improvements will continue to foster significant progress, but may not lead us to a complete transformation of the energy sector – game-changing technologies and approaches will be needed as well.
Whether today’s breakthroughs and early-stage technologies will become
commercially available, and how soon, is difficult to determine in advance.
Many new technologies for achieving decarbonisation undoubtedly have yet to be envisioned, and the solid prospects of today’s solutions are no reason for inaction given the serious consequences of climate change.