Balancing urgency and security was a dominant theme on the opening day at CERAWeek. The innovations that will reinvent how we produce, distribute, and consume energy will take time to develop and scale. Navigating geopolitical crises, resource constraints, and financing needs create further challenges, even as governments and industry stakeholders seek to accelerate progress in the near term.
Maintaining energy security without slowing decarbonization remains a key focus. Yesterday’s keynote sessions highlighted the challenges developing countries face as they respond to rising energy demand while simultaneously working to stem carbon emissions. Even in developed regions, geopolitical conflicts and disrupted supply chains are heightening the need to develop reliable, affordable sources of energy more quickly.
Throughout the week, we will continue to hear how emerging technologies such as green hydrogen and ammonia have matured to a point where decarbonizing hard-to-abate industries is becoming clearer. At the same time, advancements in existing technologies – from carbon capture to renewable energy sources and novel energy storage methods – are helping to maintain momentum as industry pioneers continue to de-risk and scale novel solutions so they can be deployed across the globe.
News and trends that will drive this week’s conversations:
The U.S. Environmental Protection Agency is detailing plans to deploy $27 billion in climate funding provided by the Inflation Reduction Act.
Additional investments for innovative green technologies are on their way from private investors as well, including $1 trillion from JP Morgan by 2030.
As an industry, we’re continually finding ways to innovate and increase the pace of progress yet doing so responsibly – with validation and collaboration. Today at CERAWeek, we expect to hear more about how industry investment can keep innovation thriving and accelerate progress toward net zero.
At the height of the pandemic, the value proposition for climate investment was clear. But as the world returns its energy focus to the trilemma of security, affordability, and sustainability, investors are struggling to find their market footing. Hitoshi Kaguchi of Mitsubishi Heavy Industries joins Luis Cabra (Repsol), Astrid Poupart-Lafarge (Schneider Electric), Darryl Willis (Microsoft), and Atul Arya (S&P Global) to discuss how businesses can generate returns while meeting demands for sustainable portfolios.
Clare Harris (Shell), Pamela Skaufel (ExxonMobil), Balaji Krishnamurthy (Chevron) and Farah Lawler (BNSF Railway) speak with Pritesh Patel (S&P Global) about the link between supply chain challenges and inflation in today’s economy.
Ricky Sakai (MHI), Juliana Garaizar (Greentown Labs), Jim Sledzik (Aramco Ventures), and Carolyn Seto (S&P Global) explore the crucial role startups can play in advancing new energy technologies.
U.S. Department of Energy’s Jigar Shah and Mitsubishi Power Americas’ Michael Ducker share how the Advanced Clean Energy Storage Hydrogen Hub in Utah serves as a blueprint for the industry: “A successful energy transition will be the sum of innumerable moving parts.”
Follow the full breadth of Mitsubishi Power Americas programming at CERAWeek 2023 here.
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, is a world leader in power generation and energy storage solutions. It provides power generation solutions that include cleaner natural gas and green hydrogen, renewable energy, hydrogen and battery energy storage, environmental controls, services, and digital solutions for plant operation and maintenance.
