The Climate Action Tracker’s rating method evaluates a broad spectrum of government targets and actions to reduce greenhouse gas emissions in line with the Paris Agreement temperature limit.
Source: Climate Action Tracker, September 2022
This critical goal requires transforming how we generate and distribute power.
The energy industry is leading the way to ensure a fundamental shift from fossil fuel-based energy systems, more than 100 years in the making, to energy markets made up of low-carbon and carbon-free technologies within the next three decades.
Achieving an affordable, reliable, clean and accessible energy transition requires decarbonizing our current and future infrastructure, a reliable and secure grid, and creating a hydrogen ecosystem.
We have a blueprint for decarbonization that will drive the change needed, at the pace required.
– Bill Newsom, President & CEO, Mitsubishi Power Americas
The energy transition requires both existing and new technologies — from gas turbines and carbon storage to lithium-ion batteries, photovoltaic systems, hydrogen production and storage, and fuel cells.
We must be open to many paths to net zero and be determined to create new ones. It’s how we, as an industry, will be the beneficiaries of change.
Leveraging incentives, particularly from governments, including the United States’ Inflation Reduction Act [IRA] and Canada’s CER, will drive faster cost reductions.
An integrated mix of solutions, technology upgrades, and government investments will create a grid that provides reliable power to our growing population’s needs.
Retiring fossil fueled power plants or transitioning them to using a zero-carbon fuel such as green hydrogen or fitting them with carbon capture and storage (CCS) technology is one of the most important steps to reducing carbon emissions.
Momentum for replacing coal must continue, while we also integrate renewable energy storage of all durations.
Long-term storage will allow utilities to store energy from renewables for hours, days, weeks, or even seasons after it’s produced, enabling them to respond to seasonal demand spikes as well as extreme weather events that can otherwise cripple the grid.
A viable market for hydrogen requires an investment in a holistic hydrogen ecosystem – the technologies, infrastructure, and business models to produce, store, and distribute enough clean hydrogen to decarbonize multiple sectors, such as power generation, long-haul transportation, and steel manufacturing.
The Advanced Clean Energy Storage hub in Delta, Utah, a joint development between Mitsubishi Power and Magnum Development, a Chevron New Energies Company, is a green hydrogen production and underground storage facility, which will produce, store, and deliver green hydrogen to the Western U.S. The technology will combine 220 MW of alkaline electrolysis with two salt caverns the size of the Empire State Building.
By running electrolyzers on spare green electricity, the energy captured will be stored for days, weeks or even months, or transported onwards for direct use as a green fuel in industrial processes, power generation or transport.
I’m confident in our industry’s ability to lead the energy transition by embracing new ways of solving old problems.
– Bill Newsom, President & CEO, Mitsubishi Power Americas
The path to net-zero requires collaboration across industries to achieve ambitious climate goals.
The most innovative ideas come from working across sectors and industries. Industry leaders need to be entrepreneurial collaborators.
