Renewables capacity needs to increase substantially and hydrogen and derivatives need an eight-fold increase to meet a Pathway to Net Zero (PNZ) by 2050, according to DNV’s Energy Transition Outlook 2023 report.
In the foreword, Remi Eriksen, Group President and CEO, highlighted the permitting of new infrastructure, including renewable sites and transmission and distribution grids, as ‘the key bottleneck’.
Hydrogen needs to rise to 760Mt per year to meet 2050 targets, and triple to 320Mt per year to be on track by 2033, and forecasted to have 12% share of energy demand by 2050.
Other sectors, such as solar, would need 28 times the installed capacity, while wind installation and electricity from wind must rise 15 times, the report states.
Eriksen said, “The heavy lifting is done by accelerating the build-out of renewable sources and simultaneously cutting fossil sources.”
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