BAKU, Azerbaijan, April 8. Commitments announced at the climate conference COP28 in Dubai will quadruple global renewable energy capabilities (renewables) and double yearly rates of energy efficiency improvement by 2030, which will account for nearly three-quarters of emissions reduction on the route to Net Zero, Global Head of Gas, Power and Renewables Richard Holtum at the world's largest trader Trafigura said, Trend reports.
According to him, renewable energy production will outperform
thermal energy for the first time this year.
Holtum stated that renewables are likely to account for 45 percent
of global electricity output by 2030 and 69 percent by 2050.
The Trafigura spokesperson stressed that natural gas contributes to
the next stage of the energy transformation.
"We anticipate that gas demand will increase over this decade and beyond. Gas also benefits from displacing coal in electricity generation as it emits significantly less carbon dioxide per unit of energy produced," Holtum remarked.
He also said that "understanding electricity markets is a complex task as it requires the ability to process and analyze vast amounts of data."
"We understand that not every industry can be electrified, and there are many challenges in the adoption of renewables in the steelmaking, chemical, and cement industries where different solutions will be required. This is where we see hydrogen produced using renewable energy sources play a role.
Overall, the transition to a low-carbon future cannot happen immediately; it will require a multitude of fuels, technologies, and solutions to achieve a clean net-zero future, but it's clear that we won't achieve this without the services, solutions, and expertise currently provided by the raw materials sector." Holtum added.