Making Climate Tech Count

Summary

This panel discussion at Davos focused on making climate tech count, particularly in decarbonizing hard-to-abate industries. The conversation highlighted the challenges and opportunities in transitioning to cleaner energy sources and technologies. Participants, including European Commissioner Wopke Hoekstra and industry leaders, emphasized the need for innovation, collaboration, and policy support to accelerate progress.

Key points included the importance of electrification and renewable energy in reducing Europe’s dependence on fossil fuels and enhancing energy security. The panel discussed the potential of technologies like green hydrogen, carbon capture and storage, and advanced nuclear power. However, they also noted the complexities of implementing these solutions at scale and the need for continued investment in grid infrastructure.

The role of public policy in providing market certainty for breakthrough technologies was stressed. Participants highlighted the need for a multi-faceted approach, utilizing existing technologies while also investing in future innovations. The discussion touched on the challenges of maintaining competitiveness in energy-intensive industries while pursuing decarbonization goals.

Artificial Intelligence was identified as a crucial tool for optimizing energy systems and improving forecasting in renewable energy production. The panel also addressed geopolitical concerns, particularly regarding Europe’s relationship with the United States and the need for European assertiveness in climate action and technology development.

Overall, the discussion underscored the urgency of climate action while acknowledging the complexities of transforming global energy systems. It emphasized the need for continued innovation, policy support, and international collaboration to meet climate goals and ensure a sustainable energy future.

Keypoints

Major discussion points:

– The need for Europe to become more energy independent and competitive through renewable energy and decarbonization

– Challenges in decarbonizing hard-to-abate industries like fertilizer production and heavy manufacturing

– The importance of innovation and breakthrough technologies in addressing climate change

– Balancing climate action with economic competitiveness and affordability

– Geopolitical considerations around energy and climate policy, especially EU-US relations

Overall purpose:

The discussion aimed to explore how climate technologies can be effectively deployed and scaled up to meet decarbonization goals, particularly in hard-to-abate industries. Panelists discussed challenges, opportunities, and policy needs to accelerate climate tech adoption.

Tone:

The tone was largely constructive and solution-oriented, with panelists acknowledging challenges but focusing on opportunities and progress. There was a sense of urgency about the need to act quickly on climate change, balanced with realism about the difficulties involved. The tone became slightly more cautious when discussing geopolitical uncertainties near the end.

Speakers

– Rebecca Anderson: Moderator

– Svein Tore Holsether: President and Chief Executive Officer at Yara International

– Ignacio S. Galán:

– Catherine MacGregor: Chief Executive Officer at Engie Group

– Rodi Guidero: Executive Director at Breakthrough Energy

– Wopke Hoekstra: Commissioner for Climate, Net Zero and Clean Growth in the European Commission

Additional speakers:

– Nassir: No role or title mentioned

Making Climate Tech Count: A Comprehensive Discussion at Davos

This panel discussion at the World Economic Forum in Davos focused on the critical challenge of making climate technologies effective in decarbonising hard-to-abate industries. The conversation brought together key figures from industry, policy, and innovation sectors to explore the complexities of transitioning to cleaner energy sources and technologies.

Key Themes and Discussions

1. European Energy Independence and Competitiveness

A central theme of the discussion was the need for Europe to enhance its energy independence and competitiveness through renewable energy and decarbonisation efforts. Wopke Hoekstra, European Commissioner for Climate, emphasised the importance of bridging climate action with competitiveness and ensuring a fair transition. He outlined plans for a Clean Industrial Deal to support European industries in the green transition. Ignacio S. Galán of Iberdrola argued that electrification and renewable energy provide both energy autonomy and competitiveness for Europe.

The panel acknowledged the challenges faced by energy-intensive industries in maintaining competitiveness while pursuing decarbonisation goals. Svein Tore Holsether of Yara International highlighted the threat of high energy prices to industrial competitiveness in Europe, underscoring the need for affordable clean energy solutions.

2. Technological Solutions and Innovation

The discussion emphasised the critical role of innovation and breakthrough technologies in addressing climate change. Rodi Guidero from Breakthrough Energy stressed that multiple technologies are needed, rather than relying on a single solution. The panel explored various technological approaches:

– Electrification: Galán strongly advocated for widespread electrification as the primary and fastest route to decarbonisation, highlighting Iberdrola’s achievements in renewable energy deployment.

– Nuclear Power: Galán emphasised the importance of nuclear power for baseload electricity supply, noting Iberdrola’s involvement in nuclear energy.

– Green Hydrogen and Ammonia: Holsether highlighted their potential in decarbonising heavy industry, particularly in fertilizer production.

– Carbon Capture and Storage (CCS): Holsether noted its role in reducing emissions in the near term for hard-to-abate sectors.

– Artificial Intelligence (AI): Catherine MacGregor of ENGIE emphasised AI’s potential in optimising energy systems, improving forecasting for renewable energy production, and enhancing grid management.

– Biomethane: MacGregor discussed ENGIE’s work on biomethane as a renewable energy source.

– Fusion Energy and Geological Hydrogen: These were mentioned as potential breakthrough technologies for the future.

The panel also discussed the First Movers Coalition, an initiative to create early markets for clean technologies across hard-to-abate sectors.

3. Infrastructure and Market Integration

The panel identified significant challenges in implementing clean energy solutions at scale. MacGregor highlighted the crucial need for expanding grid capacity and improving market integration to support renewable energy deployment. The discussion touched on the importance of cross-border energy trading and the need for continued investment in grid infrastructure across Europe. Storage solutions were emphasized as critical for managing intermittent renewable energy sources.

4. Policy and Geopolitical Considerations

The role of public policy in providing market certainty for breakthrough technologies was a key point of discussion. Hoekstra emphasised the need for Europe to balance climate action with economic competitiveness and energy security. He also stressed the importance of continued collaboration with the United States on climate issues, while acknowledging potential policy shifts in the future.

The panel addressed geopolitical concerns, particularly regarding Europe’s relationship with the US and the need for European assertiveness in climate action and technology development. Hoekstra noted that recent events, such as the energy crisis resulting from dependence on Russian gas, have underscored the importance of energy independence.

5. Global Perspective and Collaboration

An important point raised by Hoekstra was that Europe is responsible for only 6% of global emissions, highlighting the need for international cooperation in addressing climate change. This observation shifted the conversation to consider global perspectives and the importance of engaging with other countries in climate action.

Challenges and Opportunities

The discussion highlighted several key challenges:

– Decarbonising hard-to-abate sectors like fertiliser production and heavy manufacturing

– Balancing climate action with economic competitiveness and affordability

– Developing and scaling up breakthrough technologies

– Improving grid capacity and market integration for renewable energy

– Ensuring energy security while transitioning away from fossil fuels

However, the panel also identified significant opportunities:

– Enhancing energy independence through renewable energy adoption

– Leveraging AI and data optimisation to improve energy system management

– Developing new partnerships and creating demand for clean technologies

– Positioning Europe as a leader in clean energy innovation and deployment

Conclusion

The discussion underscored the urgency of climate action while acknowledging the complexities of transforming global energy systems. It emphasised the need for continued innovation, policy support, and international collaboration to meet climate goals and ensure a sustainable energy future. The panel concluded that a multi-faceted approach, utilising existing technologies while investing in future innovations, is crucial for success in the transition to a low-carbon economy.

As Europe moves forward, key areas for focus include accelerating clean tech development and deployment, improving capital flow to clean energy entrepreneurs, enhancing competitiveness in tech and AI, and balancing climate action with industrial competitiveness. The discussion highlighted that while challenges remain, there are significant opportunities for Europe to lead in the global transition to a sustainable energy future.

Rebecca Anderson: Great. Very good morning. I hope everybody’s Davos is going well. We are into the final stretch here. I’m sure people will be quite relieved, although I hope that it’s been a good and profitable couple of days for you. Welcome to this morning’s conversation about climate tech and how we can make climate tech count, or how my guests, my esteemed panellists here can make climate tech count. We are at the halfway point, of course, of what has been dubbed the decade of action. And while progress is happening, final investment decisions aren’t coming quickly enough by any stretch to scale up to the sort of goals that have been set by 2030. So what is holding things up, particularly in the decarbonisation of the hard-to-abate industries? And how are innovators, industries and governments collaborating, if at all, to speed things up? We have seen innovative solutions introduced, especially through the work of the First Movers Coalition, which was born out of WEF in 2021. During the Biden administration, with support from John Kerry, who I know is here in Davos and perhaps will join us at some point during this session today. And our guests, our panellists today are all members of the First Movers Coalition or talking to government officials. The big challenge then, decarbonising heavy industries that are particularly and traditionally tough to green, we want to talk about where we go from here. My panellists today, Wopke Hoekstra , who is the Commissioner for Climate, Net Zero and Clean Growth in the European Commission. Thank you, sir. Catherine MacGregor, who is the Chief Executive Officer at Engie Group. Svein Tore Holsether, and I hope I’m pronouncing your name correctly, sir. Apologies if not. President and Chief Executive Officer at Yara International. Good to have you. Rodi Guidero is the Executive Director at Breakthrough Energy. And before I kick things off, it would be very useful, I think, to just get a sense from you, Commissioner, of where things stand at the moment. I’m going to ask everybody to briefly introduce what they do and where they are at. But just lay the table for us, if you will.

Wopke Hoekstra: Well, first of all, thank you. And thanks to the people here for what they have done, and I’m sure what they will be doing going forward, because it is tremendously important to have this coalition of actually businesses and government leaders working together. That is absolutely instrumental. Let me also state, and I’m preaching to the converted here, but still it is important, if you have looked at the news in the last couple of weeks, you might have thought that actually climate action was somewhat optional or so. Well, clearly it isn’t. It is one of the most challenging things we will be facing in the decades to come, and the effects are devastating. Just look at what is happening around the world, look at what the price tag is, and look at how this is full frontal moving into the economic domain that will affect our citizens, our companies, and our societies. And I do want to start by stating that. Having said that, in my view, it is tremendously important that if we want to sustain our efforts, we become less one-dimensional. And by that I mean we need to make sure that we bridge climate action with competitiveness, with a fair and just transition for our people, particularly those in the middle classes, which is the vast majority of our societies. And for us as Europeans, it is of pivotal importance that we do make sure that the rest of the world actually plays along. Europe is now only responsible for 6% of global emissions. 94% takes place out-of-the-blue. outside of the European Union, and climate change is indiscriminate. So if we don’t solve the other 94, we’re still in dire straits. So what are the Commission’s plans? So one of the key things we need to do is further enhance our competitiveness and make sure that decarbonisation is not just a strategy for climate, but is also a growth strategy. And that should focus, in my view, particularly on two sectors, or two types of sectors, I should say. The heavy industry, indeed, difficult to abate, facing very high energy prices, but a sector that is absolutely pivotal to the success of Europe, and that not just needs to survive on our continent, but actually that needs to thrive. And there are many things that I’m sure we’re gonna touch upon. Then there’s another category, as important, with different characteristics, and that is what I tend to call the new kids on the block. The clean tech companies that have huge demand in terms of how to accelerate their growth across our continent. And they are in dire need of shorter permitting periods, way less red tape, making sure that standardisation is being applied across member states. So what we will try to do, and what we will do in the Clean Industrial Deal we’ll launch in just a couple of weeks, is actually make sure we realise a step change. For those two groups, in some of the domains I just mentioned, but actually there’s much more that we will seek to announce in that Clean Industrial Deal.

Rebecca Anderson: Can you give us any further detail?

Wopke Hoekstra: So I already touched upon the elements related to permitting, to red tape, to making life easier. I think a second thing, and that is, by the way, something where Europe has a clear disadvantage currently compared to the US, is the ease with which capital is flowing. And if you’re an entrepreneur, you’re in a completely different realm here compared to the US. So we do need to make sure that we deliver on that promise that has been there for years, which is a capital markets union. That is, to me, absolutely pivotal. The second big thing where we differ from the US is in the whole domain of tech, of innovation, of AI, where we’re simply not doing enough. So there we need to absolutely.

Rebecca Anderson: Right, and I’m glad you brought that up because let’s just, before I move on to our great panel here, let’s just level up where you are at with what’s going on in the States. President Trump has once again withdrawn the United States from the Paris Agreement, framing fossil fuel production as a national security priority. He’s threatening to cut or repurpose Biden-era climate and infrastructure funding. I know many of the first movers benefited from the Biden administration, so I just wonder what impact that is going to have. And in framing fossil fuel production in terms of national security, he is also framing AI infrastructure in terms of national security as a priority as well, which of course we all know in this room there is a voracious appetite for energy from those huge AI infrastructure projects. So I think, given what we’ve just heard from the Commissioner, given that we’ve provided a bit of context on the US side, let’s just go down the road here. Ignacio, let me start with you. Iberdrola has been a trailblazer in renewable energy. You’re a good, strong member of the FMC. So what do you make of what you’ve just heard from the Commissioner? What’s your gut check – oh, let me get a gut check from you on what’s going on in the States. Where do you see the biggest challenges at present?

Ignacio S. Galán: Well, I think we have to learn lessons from the past. Three years ago, we had a really terrific energy crisis. But I think in my 24 years in the sector, I’ve already suffered several crises. So it’s happened every four, five, ten years, we have already problems. Because when you are depending on other countries in terms of your imports or your basic resources, so the international markets are moving in one direction or another one. And I think that for me, fifth for 55, it’s a long time I’m calling fifth for self-sufficiency. So for me, it’s more than decarbonizing and achieving the target of 55%. is how in Europe we can become more autonomous in our sources of energy. And what is the sources we have in Europe? We have no gas or little gas, we have no oil or little oil, and we have wind, sand, hydro and nuclear. So the way how we can become this energy autonomy will provide two things. They will provide competitivity. Now we are talking about competitivity all the time, because now renewable sources are cheaper than those you have to build. And when I said that one, we have to compare new with new, because all we are talking about is an existing fossil fuel power plant for producing electricity with a new renewable. No. You have to build a new one, a new one, a new one, one with inputs of fossil fuel, another one with inputs of sustainable sources. That can generate – and Denmark is a good example – a huge number of very good jobs, has already generated technology. But I think among all those things is – yesterday we were attending a panel, you were with me already – an oil company was saying that one, that Europe, the solution of competitivity cannot come from gas. Somebody which is from this world. So it means what we have already done at Ciberdrola, I think in the last 20 years or 25 years in the company, we have already closed all our oil and gas power plant, most gas as well, all coal of course. We have invested 160, 180 billion euros in this period. We are already in this moment our emission is 30 grams per kilowatt hour, which means nothing. And we had already passed from being number 25 or something else in terms of size in Europe to be the largest in Europe and to be one of the third largest in the world. My shareholders are very happy, because the value of the company has multiplied by seven or by eight, and I think we are very competitive. I think we can sign a PPA contract at 20 years. can compete with whatever fossil fuel produces, because we can already fix. We know in advance what is the cost, and we know in advance, and we can already fix these terms for a long period of time. So I think that is what Europe needs. One point I mentioned, and I would like to close, I’m sorry, is nuclear. Nuclear, I don’t know if it’s the time for building a new one or not. I think probably those which are countries like France, which is a lot of money, they can make that one. They can already put the money. But at least those ones which are already the nuclear power plant, today in operation, we have demonstrated they are safe and they are efficient, are absolutely needed for keeping the lights on. In a moment, they appear in certain demand, like data centers, which require 24-7. And I think this base load is absolutely crucial.

Rebecca Anderson: Ignacio, yes. Thank you. You wanted to just respond to my points here.

Wopke Hoekstra: I do want to, I do know you want to just go down the line, so I’ll be very brief. I just wanted to underline one thing on which I very, very, very much agree. And that is that indeed, the quest for renewables has one geopolitical angle to it for us as well as Europe. We learned the hard way in 2022 and 2023 what a dependency on Russia actually meant in practice. So moving into renewables, moving into more grid capacity, moving into storage, not only has a climate benefit, it not only has a cost benefit, it has an independency benefit as well. So I just wanted to stress it because I very much agree.

Rebecca Anderson: Catherine, let me bring you in here. You’ve heard from the commissioner. We’re talking about very specifically here on this panel with you guys about hard to abate sectors like air and sea transport, for example. How are you addressing challenges in decarbonizing these? And how are you ensuring that? solutions are affordable. Where are your biggest challenges and what do you need to see happen next?

Catherine MacGregor: Yeah, and maybe I will say a few things first on this whole energy transition being a solution for Europe because I am passionate about this topic. I think the fact that last year, Europe produced 50% of its electricity from renewable or close to, I think it was 47 to be accurate. I think that shows that the trend is well underway that we’ve made significant progress. And indeed, the more we look at the project, the more we see that the LCOE, which is the cost of these renewables is actually decreasing. It doesn’t mean that it’s good enough just to deploy renewables. And here I take the opportunity of sharing the panel with the commissioner, but Europe has to continue to work on all of the bricks of the system to make sure that what we are building remains affordable for our customers. That’s really important. It’s true for consumers, but I think even more vividly today, it is important for industries. And I come, of course, to your questions because today we are a little bit in a tough point, tough moments in Europe. I think it’s fair to recognize that all of my customers, all of the industries are really asking ourselves, okay, what visibility do we have on price? What is this energy competitivity we can access? So I think we have all of us to work very hard to depict this vision of yes, electricity and energy will be decarbonized, which in itself is a competitive advantage, but it will be affordable. And for this, if I may, we have to work on several things. We have to continue to deploy these renewables, remove the red tape or the permitting, all that stuff we know. We have to work very hard on the market integration. We have to think one European market. It is by being unified, by having the synergies of all the different production means across the continent, the North Sea, very, very strong in wind, Iberian plate, very strong in solar. For those countries who have decided to do nuclear, who have this competency, for sure contribute very, very efficiently, very – with strength to this system. But this all needs to be well connected. So there is a topic about interconnection. There is also a topic about being able for our customers to offer cross-border PPAs, which means, you know, again, you know, some red tapes that need to be removed. So the point is that it’s very important to continue to develop renewables, and ENGIE is doing its part. You know, globally, we are about at 4 gigawatt a year, and that’s fantastic. But it’s very important that we deploy all these other levers. And I would finally add the storage piece, which is really important. So we need capacity remuneration mechanism. We need to make sure we can develop the flexible assets and the storage components. And by the way, storage is important, not just because it’s a nice complement to the intermittency of the renewables. It also is the element that will prevent from overbuilding the grid. Grid investment is a big topic. Everything we invest in the grid is going to add to the cost of the system. So if we can minimize the overbuilding of the grid, then we will have a better, more competitive solution for Europe. And by storage, putting storage in the right place, we will minimize the overbuild of the grid. So that’s all the components. And if I may, then promise I shut up. Electrification is obviously a massive levers for decarbonation, and our customers need visibility on the price on the electricity. But electricity alone won’t do everything. So we need also to work on the molecule, on the gas. And here, heavy industries, our customers are telling us, you know, we need to have access to an affordable green molecules. We have solutions in Europe that are ready to reap, and here I talk about biomethane. A lot of countries are exploiting this potential. Biomethane, it’s the same molecule as natural gas, except that it’s produced locally. In a place like France, we estimate this potential to be 20% of the gas consumption in France by 2030, which means, which is the equivalent of how much we were imported from Russia before the crisis. So the point is, biomethane, again, it’s better sovereignty, and so we should exploit all these levers. Thank you.

Rebecca Anderson: This is fascinating stuff. And I mean, you’ve laid out some clear challenges that need addressing. I do wonder whether Europe is feeling slightly sort of slow to their game here, particularly with the Trump administration. I wanna come back to you and talk about what’s sort of realistic as we discover what some of the asks are at this point. Some of the, you know, and whether Europe is in a climate of collaboration and whether there is a, you know, this is realistic. Svein, can you just remind us what the company does, what you’re doing, and, you know, how you might respond to what we’ve heard to date, and where you see your biggest challenges?

Svein Tore Holsether: Sure. So we’re in an industry that is both hard to abate and it’s energy intensive. It’s fertilizer. And fertilizer is an incredibly important product. Today, half of the world’s population gets food because of fertilizer. So it’s a very essential product, yet we need to address the impact that it has on the environment and emissions as well. And we’ve done a lot already. We have reduced our emissions by 50% compared to 2005. But I also agree with the commissioner that climate action is also a growth opportunity. There are business opportunities in this. And we’ve been around for 120 years in the fertilizer space. that there would be an opportunity for us to be an essential part of the energy transition, but we can, because the first step of the production of our product is ammonia. And what is ammonia? Well, that’s really hydrogen. You add a nitrogen molecule and you change the property of hydrogen. And hydrogen is a key component in decarbonization. By adding that nitrogen molecule, it’s easier to store, it’s easier to transport, it can be a marine fuel, and you can decarbonize fertilizers as well. But in order to get this done, it’s about working in new ways. It’s about partnerships, full value chains as well. And that’s why when Secretary Kerry came to Geneva at the World Economic Forum, ahead of COP in Glasgow, and talked about the First Movers Coalition, I think not only were we a founding member, I think we were actually the first one. So in the middle of his reasoning why this made sense to create the demand, we were already signed up. And that’s what is important that as we develop new technologies, new ways of producing and enabling this, there needs to be a demand as well. We need to create these new infrastructures to make this possible. And also there’s a need to have incentives in place. And that’s not something that we can do alone as a company, it’s together. And as a result of this, we have established a brand new area in Jara Clean Ammonia, which is an enabler in the energy transition. And we’re working with members on the panel here, but also throughout the First Movers Coalition to make this possible. It’s good to have you. Thank you.

Rebecca Anderson: Any thoughts, Commissioner, on what you’ve just heard?

Wopke Hoekstra: No, I think it is amazing. And the commitment of companies across sectors, but particularly those who are indeed in the heavy industry, and by definition, who have a hard-to-abate situation, and still being part of this, I think that is exactly what we like to see. You were just saying before, how is it going on in Europe in terms of collaboration? I think that is one of the most natural assets. And we learn that quite often the hard way, but between countries, countries and businesses, I think that is something we should further build on. By the way, I also very much agree on what was just said on, you know, where are some of the opportunities, but also some of the gaps we need to fill. I’m optimistic when I look at what we’re doing in overall in the domain of renewables, but just on the point of the grids, that clearly is something where our member states need to double down on investments. The member state I know best, the Netherlands, has made huge leaps in terms of, for example, electrification of their car park, but also other sectors. And now my member states or my home country is facing the dilemma that the grid capacity is actually soon going to be not enough for the demand. The situation is slightly different in some member states, but if you electrify, you will need to make sure you can also actually facilitate that with the capacity. So I would dream of a situation where actually we have, we’re at your point, of having gone too far. So we’re not nearly there yet, I think.

Rebecca Anderson: I was fascinated to hear you say we mustn’t over-invest, go too far, but I mean, it’s a, yeah. Let me just bring in Nassir, and I’ll give you another chance, Catherine, and I want to get to you, of course, bring you into this conversation.

Ignacio S. Galán: So it’s just a question for the Commissioner. So we’ve been very active in the green hydrogen. So we’ve invested in the first large-scale hydrogen power plant precisely for selling this hydrogen to a fertilizer company. My feeling, Commissioner, is that the momentum of the hydrogen has already diminished. It was a certain momentum that everybody was talking about, green hydrogen, and all we were ready to make investment, and unfortunately, it’s gone. My feeling is that one, and I think we were expecting a lot of support. We have plenty of projects which we are based in the next generation of fans or whatever, but that doesn’t arrive yet. And the feeling is that we start putting different colors to them, green, gray, blue, pink, too many colors, and I think it’s a pity, because I think I link with my first intervention, which is another thing, which is the way of diminishing the external dependency. Today, most of the ammonia is produced with natural gas imported. So we have already natural resources, sand, hydro, wind, and we can really transform it in green hydrogen.

Rebecca Anderson: It does come, you know, when you hear the Qatar energy minister threatening to turn off the taps with regard gas to Europe, because, you know, they don’t want to be held to account on the sort of regulatory, you know, what they feel is a very swinging regulatory environment in Europe, and certainly more so this year as new regulations come on tap. It’s worrying. There’s a real national security issue there.

Wopke Hoekstra: But it’s two things. One is, can we make our lives simpler, and should we make our lives simpler also for businesses? And the answer is clearly yes, full stop. I think you’re alluding to a different point, where my view would be the following. And by the way, if we look at also where innovation fund money has gone, you will find that green hydrogen has been prominent on that list. The reality is that none of us knows exactly what the energy mix of renewables and what the elements will be in 10 years, in 20 years, in 30 years, and what type of innovations we will also find along the way. So what one of you was saying before we were walking in here, it is probably all of the above. So it is wind, it is storage, it is solar, it is hydrogen. I think that is actually for now the approach, because I would not be able to pick one winner amongst that set of options.

Rebecca Anderson: Let me bring Rodi at this point. Sorry, I know you want to come back on the hydrogen issue, but I do want to bring you in, sir, and this is a good point to bring you in, because you are in the business of finding and commercialising sort of tech start-ups in this space. I’ve been very interested to see what Breakthrough’s been up to. I’ve spoken to, you know, numerous times with Bill Gates about this. We talked at COP28. I thought that was a… ..where there was a real opportunity to showcase some solutions-based work that’s going on, and I applauded the efforts that they made there. How do we move faster from innovation to widespread deployment? Now, it’s obviously one question that is, you know, high on the agenda here, but given what you’ve just heard about… And we’re talking very specifically here, perhaps too specifically about the European space, but, I mean, perhaps understandably so. What are your reflections on what we’ve heard today?

Rodi Guidero: Yeah, well, thanks, Rebecca. Thanks, Wef. Thanks for the First Universe Coalition for all the work that you’ve done. So, appreciate being here with all of these panellists. I’m really pleased to hear people talking about innovation, because, frankly, there is no path forward without innovation. Bill Gates started Breakthrough Energy ten years ago because he looked at this problem and realised there’s no way out of this other than innovating. And so it’s fantastic that I heard it. I think everybody said the word innovation, which is fantastic. We’re the people that stand for innovation. What does that mean? We’ve got 150 companies in our portfolio that work across all of the areas, so we’re focusing on hard-to-abate sectors. But I think it’s pretty important for people to understand, like, well, what is the problem that we’re trying to get at? How does it break down? We break it down into five sectors. Manufacturing, electricity, agriculture, transportation and buildings. Every one of those is important. We’re working to get emissions to zero. Why? Because emissions are hard for people, right? We’ve got a lot of emissions out there. Those are creating problems, but we love energy. We talked about that here too. So energy is great. It’s fantastic. We shouldn’t be working on… trying to reduce our energy consumption. We want more. That creates prosperity for people. It creates a better life. We want that for people all across the globe. But emissions are tough. And so we’ve got to find a way to have energy without emissions. That’s what innovation does. It’s the only way forward. So what we do is we create startups. We built a team that’s super scientific and technical because a lot of these things are frankly super hard to understand. There’s people talking about green ammonia and green hydrogen and molecules and things. It’s fantastic that people know that. But most people don’t. And it’s hard to diligence those things. It’s hard to actually make investment decisions without somebody that’s saying, hey, I’m an expert. I’ve looked at all this and I can validate this pathway works, this one doesn’t. So we created a team that could do that. We created a team that has entrepreneurs in it, people that actually know how to build companies. And we put those two key components together and we started to work. Got about 150 companies across all those five sectors. There are various stages of development from literally inception. And we’re always thinking about what’s next, looking forward to what opportunities are there to invest in companies on the horizon. But we’ve been at this for 10 years, so many are very mature. And those include things in the nuclear category, which we think is fundamental. Storage is something that else was mentioned on this panel, also critical. Fertilizer, actually, we have a company that we are grateful for the product that you deliver and that the work that the existing energy system does for us today. We couldn’t have the modern life that we enjoy without it. And we’re coming to see if we can provide innovation that will replace it. So we have a company that is trying to replace synthetic fertilizer. Who knows if it’ll work? We think it does at a small scale. We’d love for you to partner with that company and see if you could think about how to improve their innovation and maybe actually help us roll it out. So we love the startup game. I will tell you, 10 years ago, nobody wanted to invest in climate technologies. So we created a billion dollar fund to do that. I will tell you now, we’ve got five funds. We’ve drawn in sovereign wealth investors. We’ve drawn in- institutions, it’s not just a rich individual game, because people see a real opportunity to frankly build big businesses, which is how you bring innovation to life in the real world. Progress is happening but not quickly enough, so let’s go back down this road. Yeah, well let me just say one thing on that. So I think when you say not happening fast enough, of course that’s true, of course that’s true, but we also have to put that in the context of we are literally taking on the hardest thing that people ever had to do, and we have an energy system that we build that provides miraculous modern life for some people, not the whole planet actually, right, we don’t even have that, and we’re trying midstream to change that into something else. So we should have that in our in our minds, not fast enough, but also understand, oh boy, are we taking on something difficult, so people should manage their expectations on timelines, and then actually get to work on…

Rebecca Anderson: So a decade of action, which is very specifically what we are gathered here today to talk about, given that we are halfway through this, what you’re saying is that self-imposed deadline perhaps needs to kind of, we need to widen the lens somewhat now and say this was useful because, you know, we needed a big effort, the train has now left the station, open the lens somewhat.

Rodi Guidero: You should be open-minded to this is hard, right, and I think you’re right that having ideas about specific timelines that frankly we made up are good to have, because you have to have ambitious goals. You also have to understand the reality of how difficult this is, the thing we’re trying to do, and not lose optimism and hope, you know, if we’re falling short somehow of some audacious goal that we made up without actually knowing everything we need to know as we progress forward. So I’d say there’s lots of reasons to be optimistic.

Rebecca Anderson: down the line with this, everybody just keep this in mind. What’s the one breakthrough technology that you are most excited about and why?

Rodi Guidero: You can’t, I know everybody wants to limit to a thing like that, let’s have one thing. There’s 150 companies, all right, and there’s probably 20 things that are really exciting, really game-changing. There’s things that people can adopt today. You know, if you want to continue to make progress, you could be more efficient at the buildings that we have. You can keep the energy that we are trying to use to keep places hot and cold inside where it is meant to be. So we have a company called Luxwall that makes basically insulated windows that are like the insulation of a wall, but you can see through it. We can seal the ducts in buildings like this to make sure that, you know, none of the little bits of air conditioning or heat escape out of the pipes where they shouldn’t. So those are very practical things. There’s farming things, sort of like replacing synthetic fertilizer. There are things like electrifying shipping for coastal routes that are exciting. The most kind of audacious and dramatic things are we have six fusion companies in our portfolio. Those are long-term. People should expect that we’ll take time. They should also be very encouraged by the progress that’s been made, that we can see a real pathway to having fusion electrons on the grid at some time in the not-too-distant future. So I will not make a claim about a date, but in the not-too-distant future, that’s a real thing. Geological hydrogen is something as we’re talking about hydrogen, that is something that we know exists. The trick now is using our expertise, some of which is represented on this panel, about getting things out of the underground to the surface and using them as energy solutions. And so that’s an area that we’re super, super, super excited about. And I’d be remiss if I didn’t say, you know, advanced nuclear generation is really on the very near-term horizon. Bill started a company called TerraPower 16 years ago that’s made fantastic progress. And, you know, expect to see electrons from that in the very near future.

Rebecca Anderson: Public policy is gonna be really important here and market certainty, providing some- sort of market certainty for these breakthrough technologies to ensure that they get further than just out of the gates, Sven?

Svein Tore Holsether: Yeah, and I agree that where we’re at right now, we don’t have the luxury to sort of bet on one breakthrough here. It’s about multiple solutions to this. But it’s important that we utilize the existing technology that is there in order to decarbonize. Electrification is part of it. We’re doing that with the green hydrogen to produce green ammonia. But at the same time, we need to be realistic about the situation in Europe in particular today. We have an energy crisis. We’ve had that for several years now, and we’re faced with significantly higher energy prices in Europe than other parts of the world, compared to the U.S., for instance, gas at three and a half times the cost, and that has an impact on the energy-intensive industries at the time where we need to decarbonize as well. And then we need to come up with solutions where we’re doing this in a way that is affordable as well. And what we’re doing is also using existing technology to do carbon capture and storage. I think that’s part of the solution for a period in order to reduce emissions. We’re building that in the Netherlands right now. I think it’s the world’s first cross-border CCS, carbon capture and storage agreement, 800,000 tons per year. So that’s another opportunity. Hydrogen is an energy carrier. It takes a lot of energy to produce hydrogen, and here we also need to think about how Europe fits into this. It’s also an enabler to decarbonize, where we can transport hydrogen from other parts of the world and into Europe to enable it. And then we’re faced with one of the challenges of hydrogen, because it’s light. Not only light, it’s the lightest molecule, which means that in order to get it liquid you have to cool it down to, I think, minus 253 degrees Celsius. With ammonia, it’s minus 33, so then it’s much easier. For me, this is about utilizing the technologies that we have today. at full speed while, of course, looking at breakthroughs as well. But let’s not only bet on the breakthrough technology.

Rebecca Anderson: It does seem as if the jury is out on whether 2025 is really going to be the year of hydrogen. Yes, just before I come back to Catherine, yes, sir?

Ignacio S. Galán: So, I think, to be very, very precise, decarbonising, the only way, or the best way, or the faster way, is electrifying, electrifying, electrifying. And, unfortunately, in Europe, we are behind another country like China. So still, 80%, almost 80% of the energy we consume is fossil. Only 20% is electricity. And there are very many uses that can be easily being electrified. And why not electrify? The first thing you mentioned is the lack of grid. There’s not enough grid in many cases. Lack of support for making that happen. I think it’s very easy to transform the boilers for pump heat. The pump heating is five times more efficient than boilers. Transport is very easy. And many other uses, which I think is, at that time, this is one new use. But I think there are many, many uses which can easily be electrified. Cooling and heating represent 40% of the primary use of the electricity, of the energy. Cooling and heating is five times less efficient than a machine, which is a heat pump, which can easily be substituted. Transport is very easy. But still, we are fully dependent on that one. And they are not the uniform rule for that one. But I think we have to be aware that we, Europe, then we took the flag of the green economy. We are behind of those which, traditionally, we’ve been criticizing because they were the most polluters and they are not taking care. But China, almost 30% of their economy is electrified. toward Europe, which is 20 years, little thing more. So I think there is great is crucial and promote those uses. We can easily be electrified. Being more efficient means less cost. But then, so and I think that those are the thing we have to move. And I insist on that one. There are a lot of many, I imagine, of the solution you are promoting at all of the base in electricity. But we need already to push. I think it’s no sense that 15 or 20 years ago, we’ve been subsidizing massively solar panels. It has been produced for make already the factories in China. We pay. We, the European, we pay a lot of money in subsidies for already making already the critical mass of the Chinese solar panels. Why we cannot make similar thing with green hydrogen, for instance, or with the heat pumps?

Rodi Guidero: I got a US solar panel maker for you, if you want.

Rebecca Anderson: Good. Catherine, we talked about the biggest obstacles to development. You’ve laid that out. What’s the one breakthrough technology that you are most excited about at this point? Let’s close this out. We’ve got another five minutes or so. Yeah. Looking forward.

Catherine MacGregor: I mean, I don’t know if that falls under breakthrough anymore. But AI definitely is going to be part of the solution. Not just because it puts a lot of pressure on us on the demand side, but also energy is a lot about data. And when I talked about keeping the cost as a compass as we develop our energy system, this means optimization. And of course, data and AI helps us tremendously on optimizing this energy system that we are all building. And very concretely. my team is working on forecasting models. You know, when you operate renewables, forecast is really important. It’s about weather forecast, it’s about consumption forecast, it’s about grid forecast. So forecasting is becoming more important and our teams are working on models and the time to develop and deploy these models has been cut by 10X, thanks to AI technology. And that makes us much smarter and I use the word smart because there is one thing I think is really important in this electrification momentum that we are under is we must make sure that every electron that we produce is indeed smart, which means it brings something to the system, it’s produced when it’s needed and for this optimization, you really need to rely a lot on data and therefore on AI and we are working on that and that’s really exciting.

Rebecca Anderson: That’s good to hear. Can I close this out, Commissioner, with you? Look, we are in a new Trump era. This is a president who is out of the gate with a lot of rollback orders, threats of tariffs. Europe, I don’t know, you tell me amongst your colleagues, what is the sense of where Europe stands with regard the US? It is a huge importer of incredibly important gas, for example, at present. There is a real security issue here. We’ve heard where President Trump is, what he’s been thinking ahead of becoming president. We don’t know what his attitude towards Europe will be at this point. So, how are policy makers such as yourself ensuring that the public and society, first of all, is on board with the sort of transformation that is required? Things like, do you need nuclear energy in Austria where the public is fundamentally against it, as opposed to in France, where you have a supportive society in general? And, you know, what are you doing? doing to ensure that Europe is ring-fenced and fit for business or can be fit for business going forward, given that we live in quite a – you know, this is a truly transformative geopolitical era.

Wopke Hoekstra: For sure, for sure. And it’s a large group of questions you just lay down for me in probably some – just a couple of minutes. Let me first say that even though I, we find it unfortunate that our American friends have left Paris, have left the Paris Agreement, there is no alternative to continue to work with the Americans, also in the domain of climate, but also more broadly. And I continue to have the view that if you zoom out and you’re either in Europe or in the U.S. or in North America, and you were to articulate with whom you have most in common in terms of values, in terms of history, in terms of sheer interests, you would probably always end up looking at the other. He says he doesn’t care. If I look at interests, because you know the famous saying that geopolitics is defined not by friendship but by interests, and you look at the long-term interests of the U.S. in the domain of the economy, certainly also in the domain of security, and in my view, for the long run, also in the domain of climate action, that is a partnership that continues to be extremely important to nurture, even though you occasionally might have differences. What is pivotal in any case next to that is that we make sure that we bring much more assertiveness to the table as European, basically in all of these domains. I very much like that AI was brought into the conversation, which will have consequences way beyond at least what I can see, but what I do understand as a novice in the domain is that this will be disruption all over the place, and our societies and many of our policymakers understand that. not ready for it. So that is certainly a domain that Europe needs to enter. Climate, again, I think there we are pretty well advanced, but at the same time we’re late in the game. We should have started this as humanity 20, 30 years earlier. And therefore, as we discussed, we are in a hurry. And we need all of the above in terms of the technologies. And indeed, in my view, nuclear there is part of the solution space. And then there is the domain, and that is not specifically the focus of this conversation, but it is important to mention, the domain of safety and security and geopolitics. If the last five years were rocky, fasten your seatbelts, my read is the next five to ten years we will see way more turmoil in terms of geopolitics. And what that will require from Europe is more boldness, more assertiveness, more collaboration in the domain of, let’s say, the hard part of security, really think defence, but also everything that is happening that we don’t see and is happening in cyberspace and in all sorts of other things that we simply should not allow to happen at our continent. And it is that combination, it’s a huge challenge, but it is that combination that Europe needs to face full frontal.

Rebecca Anderson: I’ve run out of time. We could go on for some time here. We’ve scratched the surface, more than scratched the surface, but I know that we could do with more time. Thank you very much indeed. Thank you. Thank you to the audience.

Agreement Points

Importance of innovation in decarbonization

speakers

– Wopke Hoekstra
– Rodi Guidero
– Svein Tore Holsether

arguments

Europe needs to bridge climate action with competitiveness and fair transition

Innovation is critical for developing emissions-free energy solutions

Hard-to-abate sectors require new partnerships and demand creation

summary

The speakers agree that innovation is crucial for achieving decarbonization goals while maintaining economic competitiveness, particularly in hard-to-abate sectors.

Need for multiple technological solutions

speakers

– Wopke Hoekstra
– Rodi Guidero
– Svein Tore Holsether

arguments

Europe needs to ensure competitiveness while pursuing climate goals

Multiple breakthrough technologies are needed, not just one solution

Carbon capture and storage can help reduce emissions in the near-term

summary

The speakers concur that a diverse range of technological solutions, including both existing and breakthrough technologies, is necessary to address climate change effectively.

Importance of energy independence and security

speakers

– Wopke Hoekstra
– Ignacio S. Galán

arguments

Energy independence and security are key benefits of renewable transition

Electrification and renewable energy provide energy autonomy and competitiveness

summary

Both speakers emphasize the importance of energy independence and security as key benefits of transitioning to renewable energy sources.

Similar Viewpoints

Both speakers highlight the need for Europe to address infrastructure challenges, particularly in grid capacity and market integration, to ensure competitiveness while pursuing climate goals.

speakers

– Wopke Hoekstra
– Catherine MacGregor

arguments

Europe needs to ensure competitiveness while pursuing climate goals

Grid capacity and market integration are key challenges for renewable deployment

Both speakers emphasize the importance of specific technologies (nuclear power and green hydrogen/ammonia) in addressing baseload power needs and decarbonizing heavy industry.

speakers

– Ignacio S. Galán
– Svein Tore Holsether

arguments

Nuclear power is crucial for baseload electricity supply

Green hydrogen and ammonia are important for decarbonizing heavy industry

Unexpected Consensus

Role of AI in energy transition

speakers

– Catherine MacGregor
– Wopke Hoekstra

arguments

AI and data optimization will be vital for managing renewable energy systems

Europe must become more assertive in technology, climate and security domains

explanation

While AI was not a primary focus of the discussion, both speakers unexpectedly highlighted its importance in managing energy systems and as a key area for European assertiveness, suggesting a growing recognition of AI’s role in the energy transition.

Overall Assessment

Summary

The main areas of agreement include the importance of innovation in decarbonization, the need for multiple technological solutions, the significance of energy independence and security, and the recognition of infrastructure challenges in achieving climate goals.

Consensus level

There is a moderate to high level of consensus among the speakers on the broad challenges and necessary approaches to decarbonization and energy transition. This consensus suggests a shared understanding of the complexities involved and the need for multifaceted solutions, which could facilitate more coordinated and effective action in addressing climate change and energy challenges.

Different Viewpoints

Role of hydrogen in energy transition

speakers

– Ignacio S. Galán
– Wopke Hoekstra

arguments

So we’ve been very active in the green hydrogen. So we’ve invested in the first large-scale hydrogen power plant precisely for selling this hydrogen to a fertilizer company. My feeling, Commissioner, is that the momentum of the hydrogen has already diminished. It was a certain momentum that everybody was talking about, green hydrogen, and all we were ready to make investment, and unfortunately, it’s gone.

The reality is that none of us knows exactly what the energy mix of renewables and what the elements will be in 10 years, in 20 years, in 30 years, and what type of innovations we will also find along the way. So what one of you was saying before we were walking in here, it is probably all of the above. So it is wind, it is storage, it is solar, it is hydrogen. I think that is actually for now the approach, because I would not be able to pick one winner amongst that set of options.

summary

Galán expresses concern about diminishing momentum for hydrogen investments, while Hoekstra advocates for a diverse approach to energy solutions, including hydrogen.

Focus on electrification vs. diverse energy solutions

speakers

– Ignacio S. Galán
– Svein Tore Holsether

arguments

So, I think, to be very, very precise, decarbonising, the only way, or the best way, or the faster way, is electrifying, electrifying, electrifying.

Green hydrogen and ammonia are important for decarbonizing heavy industry

summary

Galán strongly advocates for electrification as the primary solution for decarbonization, while Holsether emphasizes the importance of green hydrogen and ammonia, especially for hard-to-abate sectors.

Unexpected Differences

Approach to energy system optimization

speakers

– Ignacio S. Galán
– Catherine MacGregor

arguments

I think there are many, many uses which can easily be electrified. Cooling and heating represent 40% of the primary use of the electricity, of the energy. Cooling and heating is five times less efficient than a machine, which is a heat pump, which can easily be substituted.

AI definitely is going to be part of the solution. Not just because it puts a lot of pressure on us on the demand side, but also energy is a lot about data. And when I talked about keeping the cost as a compass as we develop our energy system, this means optimization.

explanation

While both speakers discuss optimizing energy systems, their approaches differ unexpectedly. Galán focuses on widespread electrification and specific technologies like heat pumps, while MacGregor emphasizes the role of AI and data optimization in managing renewable energy systems. This difference highlights the varied perspectives on how to best optimize energy systems for decarbonization.

Overall Assessment

summary

The main areas of disagreement revolve around the role of specific technologies (hydrogen, electrification) in the energy transition, the balance between climate action and economic competitiveness, and the approaches to optimizing energy systems.

difference_level

The level of disagreement among the speakers is moderate. While there is a general consensus on the need for decarbonization and maintaining economic competitiveness, the speakers have different views on the best pathways to achieve these goals. These differences reflect the complexity of the energy transition and the need for diverse approaches tailored to different sectors and regions. The implications of these disagreements suggest that a flexible, multi-faceted approach to decarbonization may be necessary, combining various technologies and strategies to address the unique challenges of different industries and geographical areas.

Partial Agreements

All speakers agree on the need for Europe to transition to cleaner energy sources while maintaining competitiveness. However, they differ on the specific approaches: Hoekstra emphasizes balancing climate action with economic competitiveness, Galán focuses on electrification and renewables, while MacGregor highlights the importance of grid infrastructure and market integration.

speakers

– Wopke Hoekstra
– Ignacio S. Galán
– Catherine MacGregor

arguments

Europe needs to bridge climate action with competitiveness and fair transition

Electrification and renewable energy provide energy autonomy and competitiveness

Grid capacity and market integration are key challenges for renewable deployment

Similar Viewpoints

Both speakers highlight the need for Europe to address infrastructure challenges, particularly in grid capacity and market integration, to ensure competitiveness while pursuing climate goals.

speakers

– Wopke Hoekstra
– Catherine MacGregor

arguments

Europe needs to ensure competitiveness while pursuing climate goals

Grid capacity and market integration are key challenges for renewable deployment

Both speakers emphasize the importance of specific technologies (nuclear power and green hydrogen/ammonia) in addressing baseload power needs and decarbonizing heavy industry.

speakers

– Ignacio S. Galán
– Svein Tore Holsether

arguments

Nuclear power is crucial for baseload electricity supply

Green hydrogen and ammonia are important for decarbonizing heavy industry

Key Takeaways

Decarbonization of hard-to-abate sectors requires innovation, partnerships, and demand creation

Electrification and renewable energy can provide energy autonomy and competitiveness for Europe

Multiple technologies (renewables, nuclear, hydrogen, CCS) are needed to achieve climate goals

Grid capacity expansion and market integration are crucial challenges for renewable deployment

AI and data optimization will be important for managing renewable energy systems

Europe needs to balance climate action with industrial competitiveness and energy security

Continued collaboration with the US on climate is important despite policy shifts

Resolutions and Action Items

European Commission to launch Clean Industrial Deal in coming weeks to enhance competitiveness and decarbonization

Companies to continue investing in and developing clean energy technologies

Europe to work on improving grid capacity, market integration, and cross-border energy trading

Unresolved Issues

How to make clean energy solutions affordable and competitive, especially for energy-intensive industries

Specific timeline for breakthrough technologies like fusion to become commercially viable

How Europe will maintain energy security and competitiveness if US policy shifts dramatically under potential Trump presidency

Best approach to balance multiple clean energy technologies vs. focusing on electrification

Suggested Compromises

Utilizing existing technologies like carbon capture and storage as a bridge while developing breakthrough innovations

Balancing investment across multiple clean energy technologies rather than betting on a single solution

Maintaining collaboration with the US on climate issues despite potential policy differences

Europe is now only responsible for 6% of global emissions. 94% takes place outside of the European Union, and climate change is indiscriminate. So if we don’t solve the other 94, we’re still in dire straits.

speaker

Wopke Hoekstra

reason

This comment highlights the global nature of climate change and the need for international cooperation, challenging the notion that European efforts alone are sufficient.

impact

It shifted the conversation to consider global perspectives and the importance of engaging with other countries in climate action.

Fifth for 55, it’s a long time I’m calling fifth for self-sufficiency. So for me, it’s more than decarbonizing and achieving the target of 55%. is how in Europe we can become more autonomous in our sources of energy.

speaker

Ignacio S. Galán

reason

This insight reframes climate action as an opportunity for energy independence, connecting environmental goals with economic and security concerns.

impact

It broadened the discussion to include energy security and autonomy as key considerations alongside decarbonization.

We learned the hard way in 2022 and 2023 what a dependency on Russia actually meant in practice. So moving into renewables, moving into more grid capacity, moving into storage, not only has a climate benefit, it not only has a cost benefit, it has an independency benefit as well.

speaker

Wopke Hoekstra

reason

This comment connects recent geopolitical events to the urgency of energy transition, providing a concrete example of why diversification is crucial.

impact

It reinforced the importance of energy independence and added a geopolitical dimension to the climate discussion.

Bill Gates started Breakthrough Energy ten years ago because he looked at this problem and realised there’s no way out of this other than innovating.

speaker

Rodi Guidero

reason

This statement emphasizes the critical role of innovation in addressing climate change, suggesting that current technologies alone are insufficient.

impact

It shifted the conversation towards the importance of supporting and investing in new technologies and startups in the climate sector.

AI definitely is going to be part of the solution. Not just because it puts a lot of pressure on us on the demand side, but also energy is a lot about data.

speaker

Catherine MacGregor

reason

This insight introduces the potential of AI in optimizing energy systems, bringing a technological perspective to the discussion.

impact

It broadened the conversation to include the role of data and AI in achieving climate goals, introducing a new dimension to the solutions being discussed.

Overall Assessment

These key comments shaped the discussion by broadening its scope from a purely environmental focus to include geopolitical, economic, and technological dimensions. They highlighted the complexity of the climate challenge, emphasizing the need for global cooperation, energy independence, technological innovation, and data-driven solutions. The conversation evolved from discussing specific European policies to considering a more holistic and interconnected approach to climate action, incorporating lessons from recent geopolitical events and emerging technologies like AI.

How can Europe become more energy autonomous?

speaker

Ignacio S. Galán

explanation

This is important for reducing dependency on external energy sources and improving competitiveness.

How can Europe accelerate the development and deployment of clean tech companies?

speaker

Wopke Hoekstra

explanation

This is crucial for Europe’s competitiveness in the clean energy sector compared to other regions like the US.

How can Europe improve capital flow to clean energy entrepreneurs?

speaker

Wopke Hoekstra

explanation

This is identified as an area where Europe is at a disadvantage compared to the US.

How can Europe enhance its competitiveness in tech, innovation, and AI?

speaker

Wopke Hoekstra

explanation

This is seen as a critical area where Europe needs to catch up.

What can be done to revive momentum for green hydrogen development in Europe?

speaker

Ignacio S. Galán

explanation

The speaker noted that enthusiasm for green hydrogen has diminished, which could impact decarbonization efforts.

How can Europe ensure energy affordability for industries while pursuing decarbonization?

speaker

Catherine MacGregor

explanation

This is crucial for maintaining industrial competitiveness during the energy transition.

How can Europe better integrate its energy market and improve interconnections?

speaker

Catherine MacGregor

explanation

This is important for optimizing renewable energy use across the continent.

How can Europe develop and implement more effective storage solutions for renewable energy?

speaker

Catherine MacGregor

explanation

Storage is crucial for managing intermittency of renewables and optimizing grid investments.

How can Europe accelerate the development and adoption of biomethane?

speaker

Catherine MacGregor

explanation

Biomethane is seen as a potential solution for reducing dependency on imported natural gas.

How can Europe balance climate action with competitiveness and ensure a fair transition?

speaker

Wopke Hoekstra

explanation

This is crucial for maintaining public and political support for climate initiatives.

How can Europe ensure its climate efforts are matched by action from the rest of the world?

speaker

Wopke Hoekstra

explanation

This is important given that Europe only accounts for 6% of global emissions.

How can Europe accelerate electrification across various sectors?

speaker

Ignacio S. Galán

explanation

Electrification is seen as a key strategy for decarbonization, but Europe is lagging behind other regions like China.

How can Europe prepare for and leverage AI in optimizing its energy systems?

speaker

Catherine MacGregor

explanation

AI is seen as a crucial tool for improving forecasting and optimization in renewable energy systems.

How can Europe maintain strong partnerships with the US on climate action despite potential policy shifts?

speaker

Wopke Hoekstra

explanation

This is important for global climate efforts and broader geopolitical considerations.

How can Europe enhance its assertiveness and preparedness in areas like AI, climate action, and security?

speaker

Wopke Hoekstra

explanation

This is seen as crucial for Europe’s future competitiveness and resilience in a changing geopolitical landscape.