October 4, 2022 16:41
Europe's eyes on energy market innovators - Is a faster energy transition possible?
Lisbon hosted the Business Booster exhibition and conference, where energy market innovators gathered to present their solutions and accelerate the path towards climate neutrality and emission reduction targets. A portfolio of reports on the conference, participants and highlights of the two-day event from the field
The big European expo and conference focusing on renewable energy developments, The Business Booster (TBB) , will be held in Lisbon this year on September 28 and 29 . The meeting organized by EIT InnoEnergy is taking place with the participation of representatives of startups, industry, financial, political decision-makers and regulatory bodies, and the most important question is how to ensure and accelerate the transition to sustainable energy management and net zero emissions in Europe.
Among the opening speakers were Diego Pavía, CEO of EIT InnoEnergy, Elena Bou, the company's Innovation Director, and Maroš Šefčovič, Vice President of the European Commission . The experts all emphasized the importance of innovations in the energy industry. In his opening speech, the vice-president of the European Commission drew attention to the need for supporting financial resources as well as the challenge of the labor market side of the energy transition, i.e. that there will be an amazing demand for labor from the battery manufacturers - it will be necessary to train or retrain around 800,000 new workers in 2025- ig, - which we have to prepare for. Elena Bou, Innovation Director asked the question:
"Do we need new discoveries? Obviously. Also because we use more and more energy. Half of the carbon dioxide emissions reached in 2050 will be eliminated by the solutions that have just been created, by the companies that are perhaps still here among the exhibitors"
New discoveries can really help if we can speed up their spread and if they can reach large sizes. In this way, it can be ensured that good technologies become cheaper and reach the masses, helping to achieve net zero emission goals. A good example of this is solar energy, the price of which has decreased by 50% in the last 5 years.
For all of this, of course, the appropriate market conditions must be created, and regulation plays a big role in this, since flexible rules are what allow investors to plan their investments in the long term. Invested capital is needed, in 2021 approximately 81 billion euros were invested in climate technology (calculations often differ depending on which technologies are included here, based on PwC's 2021 data, the investment in climate technology was only 60 billion dollars in the first half of 2021, which at the time at the exchange rate, it corresponds to nearly 50 billion euros - ed.). It can feel like a lot. By comparison, Amazon's revenue was 51 billion euros last year. Thus, the incoming capital for technologies supporting climate goals no longer seems to be sufficient.
It must meet the needs of investors and climate goals. Our common goal is to make the energy transition more affordable while resulting in less carbon dioxide emissions.
Elena Bou said . All of this requires collaborations such as the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC) or the European Solar Initiative (ESI), the together, three organizations created a market value of 390 billion euros in 2021 and contributed to the creation of more than 7 million jobs.
Among the opening speakers was Ron Garan, former NASA astronaut , who, among other things, reported on his space travel experiences at the conference, but the main message of his presentation was how critical it is to pay attention to the future of the Earth, which we use together, which is why we need to work together for people to do for the earth's livability and maintenance. Seeing the war, it is especially difficult to imagine a cooperative world, so it is important to understand that there are no separate countries, borders, or nations in the net zero goals, we must see a unified planet and humanity in this. Current energy market decisions have an amazing impact on the future, they must be planned for the long term and made in cooperation with each other.