Scaling Critical Technologies: How quick?
Innovation & Technology
A wide spectrum of climate technologies is necessary to reduce emissions. While solar PV and wind are commercial and being deployed at scale, IEA’s Net Zero Roadmap for the global energy sector stated that 50% of emissions reductions in 2050 are expected to come from technologies that are not yet available at scale: carbon capture and storage, hydrogen/ammonia, large duration storage and advanced nuclear. In 2022, U.S. (Infrastructure Investment and Jobs Act and the Inflation Reduction Act) and EU (European Green Deal, Fit For 55 and REPowerEU) passed legislations to accelerate deployment and scaling of clean energy technologies. However, rapid deployment of these technologies in developing nations will be crucial for their decarbonization and development goals. Why is government intervention and investment necessary for scaling critical technologies? Should the EU follow the U.S. strategy and provide green subsidies to the European industry? Would CCS, hydrogen and long-duration storage follow the same cost and deployment trajectory as solar PV? Is there too much techno-optimism? What actions should policymakers take (in your respective regions) to streamline permitting of clean energy infrastructure? Forecasts for peak oil turned out to be very wrong. Will it be the same for critical minerals, i.e., demand growth will incentivize new sources of supply? What is needed to accelerate the flow of technology and investment to developing countries?