Environmentally friendly power generation, storage and distribution
Global energy consumption stood at 13,276.3 million TOE, a good one percent more than in the previous year. Yet many millions of people around the world are still forced to live without electricity. In light of global population growth and ongoing industrialization in emerging countries, demand for energy will continue to increase around the world.
Fossil fuels currently dominate the world’s primary energy mix. Oil, gas and coal together account for 85 percent of primary energy consumption worldwide. The energy industry is thus responsible for around two thirds of global greenhouse gas emissions – a statistic that underscores the key role played by the energy sector in the fight against global warming.
There are four key levers to decarbonize the energy sector: (1) improving energy efficiency, (2) increasing the use of renewable energy sources, (3) reducing resource consumption and (4) reducing harmful emissions from the use of fossil fuels.
Energy storage is crenewable energy sources make it difficult to balance power generation and power demand for purposes of power-grid stability. Storage technologies must be improved and expanded so that temporary oversupplies of renewable energy can be saved and used to meet peaks in demand whenever they occur. Efficient grids that maintain a reliable supply of power and use smart components to integrate renewable energy and improve load management are crucial to the transformation of the energy system.
Action is needed in all these areas in order to achieve the goal of a resource-friendly and climate-compatible energy supply. In line with this understanding, the lead market for environmentally friendly power generation, storage and distribution is made up of four market segments: renewable energy, the ecofriendly use of fossil fuels, storage technologies and efficient grids. These market segments and their most important technology lines are shown in the following figure.