Energy constitutes 72% of global greenhouse gas emissions, making decarbonization in this sector a crucial element in achieving universal emission reduction goals. The solution lies in the global energy transition, revolutionizing the way we produce and consume energy.
Presently, solar and wind power contribute over 12% to global electricity generation and constitute 80% of new electricity-generating capacity, based on 2022 data. Remarkably, renewable energy stands out as the most cost-effective energy source, with the Levelized Cost of Electricity (LCOE) for solar and wind consistently lower than that of coal and gas in most regions worldwide.
The hyper-scaling of climate technologies, including key enablers such as long-duration energy storage and low-emission or zero-emission turbines, alongside extensive deployment of renewables, is essential for constructing the new energy system. Ensuring efficient system integration becomes pivotal in this transformative journey.
