Not “Big C” as in cancer but as in carbon. More specifically, CO2 (carbon dioxide), considered to be one of the most prevalent greenhouse gases involved with climate change. As global decarbonization accelerates through widening adoption of renewable energy and other green technologies, a new survey-driven report by Black & Veatch and Canary Media highlights the progress of clean energy despite 2022’s unusual volatility in the power sector.
Energy Transition Snapshot 2022 is based on a survey of nearly 200 climate and cleantech professionals. It offers critical data on the state of clean energy against the backdrop of such recent crises as supply chain issues, global inflation, the war in Ukraine, and pricing volatility.
As the report makes clear, debate remains unsettled on topics ranging from the growth rates of long-duration energy storage to EV (electric vehicle) adoption and the likelihood that the U.S. can meet its most ambitious targets for emissions reductions. The report also assesses survey participants’ perspectives about the state of specific technologies, including solar, storage, EVs, and hydrogen.
One of the positives mentioned in the report is the funding becoming available through the Inflation Reduction Act, $369 billion over the next 10 years. This money will be earmarked toward clean energy, EVs, pollution reduction, and energy security. It’s the largest single federal investment so far to fight climate change and comes on top of the billions of dollars already committed to the industry by the IIJA (Infrastructure Investment and Jobs Act).
Key findings of the report includes:
- Just 31% of respondents believe the U.S. will hit the Biden Administration’s goal of decarbonizing the nation’s power grid by 2035 while 41% say it won’t happen with an additional 28% believing it’ll be close but not reachable.
- More than one-quarter of respondents say their organizations set ambitious greenhouse gas reduction and energy goals but don’t yet know how to reach them. About 31% are pursuing somewhat aggressive goals in the belief that technology advances and cost reductions will be there in time.
- Survey respondents cited transmission congestion and local opposition as the top two barriers to U.S. renewable growth.
- The largest number of respondents said hydrogen’s “true calling” is as a power source for hard-to-decarbonize industries such as cement or steel manufacturing. Long-duration energy storage came in second, followed by heavy-duty vehicle fuel and aviation fuel.
- In the Black & Veatch survey of clean energy professionals — a group that could be presumed to be early adopters — only 17% of respondents said they own an electric vehicle. Their primary hurdles: charging options and the cost of EVs.
Showing its commitment to decarbonization, Black & Veatch, has begun pre-FEED (front end engineering and design) activities associated with the KeyState Natural Gas Synthesis plant in north-central Pennsylvania. The project is expected to produce hydrogen, automotive grade urea (DEF), and ammonia while capturing and permanently storing CO2 emissions associated with the hydrogen production.
The project is one of Pennsylvania’s first developments that employs CCS (carbon capture and storage) in the production of low-carbon hydrogen and other products. Using the latest CCS technology, carbon will be removed during the process and, in large measure, permanently sequestered underground.
“The project aligns with the job creation and economic impact objectives contained in the Inflation Reduction Act, which support Appalachian communities that can benefit from the energy transition,” according to CEO, Perry Babb, KeyState. “Emissions reduction and great job creation can happen together and make a tremendous difference in many areas.”
Black & Veatch has decades of experience in ammonia and nitrogen-based fertilizer production, and extensive experience with liquified hydrogen, CCS, and power generation making the company uniquely qualified to assure the plant’s success.
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