Replacing fossil fuel technologies with renewable energy and electrification solutions can be two to four times more efficient as they are reducing energy losses associated with extracting, transporting and burning fossil fuels, and have a higher efficiency.

For example, an electric vehicle converts more than 77% of the electrical energy from the grid to power at the wheels, compared to only about 12-30% of the energy stored in gasoline.

With this paradigm shift, comes business opportunities all across the value chain with new generators, smart networks and smart grids, green hydrogen generation and new products powered by clean energy or clean electricity.

Additionally, business benefits of switching to renewables and clean energy comes from a strong need for acceleration across the whole lifecycle, from R&D to decommissioning and recycling, through industrialisation to ensure transition at scale.

How does renewable energy adoption support regulation requirements?

We see it the other way around, regulation should support renewable adoption, by maintaining high ambitions for capacity installation, strong incentives, streamlined project development and flexible auction conditions, reducing time to operation and reducing the administrative hurdle.