Black & Veatch, Canary Media Report: Global Decarbonization Complex Amid Promise of Clean Energy
OVERLAND PARK, Kansas, November 10, 2022 /3BL Media/ - As a global climate change summit unfolds in Egypt, a survey-driven report by Black & Veatch and Canary Media is highlighting the dynamics of clean energy despite unusual power sector volatility amid global decarbonization and widening adoption of renewable energy and other green technologies.
Based on a survey of nearly 200 climate and cleantech professionals, the “Energy Transition Snapshot 2022” report now downloadable on Black & Veatch’s web site offers deep introspection about the clean energy sector amid such headwinds as global inflation, supply chain issues, the war in Ukraine and pricing volatility.
Debates remain unsettled about such topics as growth rates of long-duration energy storage, electric vehicle (EV) adoption and the likelihood the U.S. can meet its most ambitious emissions reduction targets. The report also assesses perspectives about specific technologies, including solar, storage and hydrogen – renewable energy topics that are focuses of the 2022 United Nations global climate summit – called COP27 – taking place through Nov. 18 in Sharm el-Sheikh, Egypt. President Joe Biden expects to be at the conference on Friday (Nov. 11), the White House has said.
Promising signs continue to emerge, most notable in funding. While the survey concluded before eventual August passage of the “Inflation Reduction Act,” that new law will direct $369 billion over the next decade toward clean energy, EVs, pollution reduction and energy security. It’s the largest single federal investment to fight climate change, stoking optimism on the heels of the billions of dollars already committed to the industry by the Infrastructure Investment and Jobs Act.
Key findings of the report include:
- More than one-quarter of respondents say their organizations set ambitious greenhouse gas (GHG) reduction and energy goals but don’t yet know how to reach them.
- Thirty-one percent are pursuing somewhat aggressive GHG-cutting and energy goals in the belief that technology advances and cost reductions will get them there.
- Just 31 percent of respondents believe the United States will hit the Biden administration’s goal of decarbonizing the nation’s power grid by 2035. Forty-one percent say it won’t happen, with an additional 28 percent believing it’ll be close but not reachable.
- Transmission congestion and local opposition were cited as the top two barriers to U.S. renewable growth among survey respondents.
- 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.
- To download a copy of the “Energy Transition Snapshot 2022” report, click here.
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US$3.3 billion. Follow us on www.bv.com and on social media.
About Canary Media
Canary Media is an independent, nonprofit journalism outlet powered by RMI and dedicated to chronicling the transition to a decarbonized economy and society, with a particular focus on the transformation of the energy, transportation, industrial and building sectors. Canary Media’s overarching goal is to provide the most relevant information and expert analysis on climatech and clean energy for an audience of concerned citizens, as well as the policymakers, investors and industry participants under pressure to plan and executive far-reaching changes required to achieve rapid decarbonization. For more information about Canary Media, click here.
Media Contact Information:
JIM SUHR | +1 913-458-6995 P | SuhrJ@BV.com
24-HOUR MEDIA CONTACT | Media@bv.com