![]() With this in mind, Fourth Industrial Revolution technologies help achieve energy security in two ways. The IEA describes energy security as the “ uninterrupted availability of energy sources at an affordable price.” Energy security, then, inevitably means not relying too much on one single energy source and producing as much energy locally as possible. Energy security is a priority for all governments,” Fatih Birol, executive director of the IEA, WEF Session “Energy Outlook: Overcoming the Crisis,” May 23, 2022. Now, we have an oil crisis, a natural gas crisis, a coal crisis, with oil prices skyrocketing. “We are in the middle of the first global energy crisis. In the Davos session on hyper-connected manufacturing, it was discussed how “we need to build capability to exchange trustworthy data relevant to our customer value.” Such data sharing allows innovation-hungry players to develop pioneering solutions, moving us closer to net-zero. We see that original equipment manufacturers (OEMs) are reluctant to share data because of a misconstrued association between data sharing and intellectual property risks. Let’s look again at the offshore wind industry. As a board member of one of the largest European companies pointed out in a private session, “our company is over 100 years old, and we pretty much invented ‘Not Invented Here.’ Introspection is a strength!” As José Ignacio Sánchez Galán, CEO of Iberdrola, pointed out in Davos, “It’s not a question of one against another, it’s a question of one beside another.”Īnd let’s remember that partnerships require determined and constant effort. Collaborate and Share Data to Reach Net-ZeroĪnother way that Fourth Industrial Revolution technology will help complete the transition to net-zero is by working together to collaborate and share data. That’s the type of powerful virtual circle we need to search for to address the challenge systematically. The digital feedback loop provided by this technology allows for improvements to both the design and operations of wind turbines, which in turn lead to lower costs, shorter timeframes to design and build wind capacity, and therefore increased renewable energy adoption. Predictive digital twins of offshore wind turbines allow for the development of leaner, more efficient, and innovative designs. In offshore wind, for example, 95% of the capacity required to hit the 2050 net-zero target is yet to be built.ĭigital twin technology is a great example of how technology can help accelerate required power generation progress by creating a powerful innovation curve in the offshore wind industry. The International Energy Agency (IEA) estimates that the rate at which renewable energy capacity is added must increase from 134 GW a year in 2020 to 630 GW a year in 2030. Globally, if we are to transition to net-zero by 2050, we need to massively increase renewable energy capacity. #USE OF FOSSIL FYELS IN THE INDUSTRAIL REVOLUTION SOFTWARE#Many business leaders have made the point: Christain Klien, CEO of SAP Software Solutions, said that “technology is make or break to achieve net-zero,” and according to Karen Karniol-Tambour of Bridgewater Associates, “Digitalization is one of the most under-appreciated levers in the energy transition.” This year’s WEF annual meeting at Davos focused extensively on digital technology’s crucial role in driving us to net-zero. Digital Is Driving the Transition to Net-Zero The energy industry must harness the power of the Fourth Industrial Revolution to overcome what’s known as the energy trilemma: the transition to net-zero, energy security, and energy affordability. Graph showing the growth of clean energy since the year 2000. However, not enough progress has been made, with 81% of the global energy system still based on fossil fuels, the same percentage as 30 years ago. If we are to stave off the worst of climate change, we must reach net-zero emissions by 2050. This rapid change is occurring at a time when the energy transition to net-zero has stagnated, despite renewables being in the early innings of exponential growth (Figure 1). Change is occurring at a dizzying pace, including the type of energy we use and how we consume it. This technological revolution is fundamentally altering the way that we live and interact with each other. The Fourth Industrial Revolution is well and truly upon us. ![]() Below, I outline our key takeaways from the 2022 WEF Annual Meeting in Davos, which took place May 22–26, 2022. The Fourth Industrial Revolution is arriving in a most timely manner to help resolve the world’s energy trilemma-the transition to net-zero, energy security, and energy affordability.įor many years, the World Economic Forum (WEF) has been at the forefront of discussions on climate change and the Fourth Industrial Revolution. ![]()
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