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WEMO 2023 Report: Energy Transition Challenges and Solutions

The World Energy Markets Observatory's 2023 report finds that current efforts are insufficient to meet Paris Agreement goals; it emphasizes the need for accelerated renewable energy deployment, nuclear energy expansion, grid upgrades, and AI integration while warning against protectionist measures.

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TechnologyClimate ChangeEnergy SecurityPolicyEnergyEconomicsClimate

CapgeminiHogan LovellsVaasa EttEnerdataWorld Energy Markets Observatory (Wemo)

Andrea Denaro

What are the negative impacts of protectionist approaches on the global energy transition?: Protectionist measures aimed at energy sovereignty are hindering the energy transition by disrupting markets and reducing the efficient allocation of capital. Embargoes and tariffs increase prices for consumers, reduce financing for the energy transition and decrease transparency in energy supplies.
What role does nuclear energy play in the energy transition strategy highlighted in the report?: The report underscores the importance of tripling global nuclear capacity to ensure reliable, low-carbon energy. While there's a potential resurgence of nuclear power with small modular reactors (SMRs), challenges remain in developing new nuclear plants and industrializing SMRs. Maintaining existing nuclear plants is also crucial.
How does the report address the role of electrical grids and the application of AI in the energy transition?: Investment in upgrading electrical grids is essential to handle the increased use of renewable energy. The report suggests that investments will reach \$400 billion in 2024, with Europe, the US, China, and parts of Latin America leading. Artificial intelligence (AI) can optimize grid efficiency and improve predictions of electricity and gas consumption.
What are the key findings of the World Energy Markets Observatory (WEMO) 2023 report regarding the energy transition?: The World Energy Markets Observatory (WEMO) 2023 report reveals that despite record renewable energy usage, greenhouse gas emissions reached a new high of 37.4 billion tons in 2023. The report highlights that current efforts are insufficient to meet Paris Agreement goals.
What measures are necessary to accelerate the global deployment of renewable energy sources, according to the report?: To achieve net-zero emissions by 2050, the report emphasizes the need to accelerate renewable energy deployment globally, especially in developing countries. This includes expanding renewable energy sources beyond solar and wind, such as biomass, geothermal, and hydrogen.

Jan 20, 22:10

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Jan 16, 16:08

China Leads Global Nuclear Power Expansion

The IEA reports a global surge in nuclear power plant construction, led by China, with smaller modular reactors (SMRs) expected to become commercially available by 2030, while the West struggles with declining nuclear power and faces criticism for past decisions.

Jan 11, 19:09

Microreactors: A Nuclear Power Resurgence

Driven by climate goals, the nuclear power sector is experiencing a global surge, with the US and several EU countries significantly increasing investments and deployments, particularly focusing on smaller, safer, and cheaper microreactors to replace fossil fuel generators across various sectors, though challenges like waste disposal and construction costs persist.