Energy systems need to evolve to accommodate low-carbon energy sources deployed at scale, but this will entail improvements in three key areas including the role of governments in the value chain, review of existing mechanisms, and rethinking consumption and managing demand.
Low-carbon technologies are more expensive than gas-fired turbines in the country, which could lead to significant investment risks. He added that some renewable energy imports need heavy investments but have little operating costs, whilst hydrogen’s cost is quite similar to natural gas. Electricity consumption and managing demand will also play a crucial role in the energy transition. He said this could be done by encouraging businesses and individuals to be efficient, reduce consumption, and use green energy.