@Green July/August 2022 | Page 6

06 FOREIGN NEWS

@ green | July-August , 2022

Norway has key opportunities

It can advance transition and help lead the world on clean energy technologies

NORWAY is uniquely well-placed for the clean energy transition as a resource-rich country on the leading edge of many clean energy technologies . According to a new in-depth policy review by the International Energy Agency , it now needs to advance strategies to tackle emissions in the hardest to reduce sectors to meet its ambitious climate targets .

Since the IEA ’ s last policy review in 2017 , Norway has remained a global pillar of energy security with its ample reserves of oil and gas produced in an environmentally responsible manner . Norway is a significant and reliable international supplier , exporting close to 90 per cent of its energy production .
“ I commend Norway ’ s efforts to boost its near-term oil and gas production in response to Russia ’ s invasion of Ukraine , helping to stabilise global supplies , especially to its European neighbours ,” said IEA Executive Director Fatih Birol , who is launching the report recently with Terje Aasland , Norway ’ s Minister of Petroleum and Energy .
“ At the same time , Norway is leading efforts to reduce greenhouse gas emissions from oil and gas production , especially through the electrification of offshore platforms .”
Norway has updated its ambitious climate targets with plans to reduce greenhouse gas emissions by 90-95 per cent from 1990 levels by 2050 , excluding carbon sinks .
The country ’ s robust carbon pricing system , under which 85 per cent of domestic emissions are either covered by the European Union Emissions Trading System or subject to a carbon tax , provides a solid basis for delivering this goal .
Nonetheless , the report finds that Norway has considerable work ahead to meet its ambitious targets . Since the country has substantially
Fatih Birol
electrified its energy demand and has already cut emissions from power generation to nearly zero , thanks to abundant hydropower , many of the easy wins for reducing emissions have already been achieved . The remaining reductions will be more complex , challenging and costly , notably in transport and industry .
The report notes that Norway ’ s existing energy sector expertise can help it achieve successful energy and climate transition . Suppose the right policies are in place .
In that case , Norway is well placed to decarbonise many sectors through technologies such as electric vehicles , hydrogen , and carbon capture , utilisation and storage .
Norway is already a leader in carbon capture , and its impressive Longship project , which encompasses two full-scale capture facilities and one storage facility in the North Sea , will further help to advance this technology for the world .
The IEA report recommends that Norway leverage its renewablesbased electricity system and develop detailed , long-term sector-by-sector roadmaps backed by specific policy measures .
“ I believe Norway has a significant opportunity to show the world how to undertake complex emissions reductions , an issue all countries will need to face .
“ I hope this report will help Norway navigate its path toward a low-emissions society and help lead the world on advancing lowcarbon technologies ,” added Dr Birol . — @ Green

Nuclear power can play a major role to lower emissions

AS THE world contends with a global energy crisis , nuclear power has the potential to play a significant role in helping countries securely transition to energy systems dominated by renewables , according to a new special report by the IEA .
Countries that choose to continue or increase their use of nuclear power can reduce reliance on imported fossil fuels , cut carbon dioxide emissions and enable electricity systems to integrate higher shares of solar and wind power .
Building sustainable and clean energy systems will be more complex , riskier and more expensive without nuclear , according to the new report , Nuclear power and secure energy transitions : From today ’ s challenges to tomorrow ’ s clean energy systems .
Nuclear is today the second-largest source of low emissions power after hydropower , with nuclear plants in 32 countries . About 63 per cent of today ’ s nuclear generating capacity comes from more than 30 years old plants since many were built in the aftermath of the 1970s oil shocks .
But a range of both advanced and emerging economies have recently announced energy strategies that include substantial roles for nuclear power as well as considerable financial incentives to invest in it .
“ In today ’ s context of the global energy crisis , skyrocketing fossil fuel prices , energy security challenges and ambitious climate commitments , I believe nuclear power has a unique opportunity to stage a comeback ,” said IEA Executive Director
Fatih Birol .
“ However , a new era for nuclear power is by no means guaranteed . It will depend on governments putting in place robust policies to ensure safe and sustainable operation of nuclear plants for years to come – and to mobilise the necessary investments including in new technologies .
“ And the nuclear industry must quickly address the issues of cost overruns and project delays that have bedevilled the construction of new plants in advanced economies . As a result , advanced economies have lost market leadership , as 27 out of 31 reactors started construction in 2017 are Russian or Chinese designs .”
In the IEA ’ s global pathway to reach Net Zero Emissions by 2050 , nuclear power doubles between 2020 and 2050 , with construction of new plants needed in all countries that are open to the technology . Even so , by mid-century , nuclear only accounts for eight per cent of the global power mix , dominated by renewables .
Despite moving to extend some existing plants ’ lifetimes , the nuclear fleet operating in advanced economies could shrink by one-third by 2030 without further efforts . While plant lifetime extensions require substantial investment , they generally yield a cost of electricity that is competitive with wind and solar in most regions .
Robust policies are needed to support the use of nuclear power and enhance its safety . Still , according to the report , the industry also must do a better job at delivering projects below cost and within budget to guarantee
that nuclear-generated electricity is competitive .
Government financing will remain necessary to mobilise new investment , not just for plants but also to develop the latest technologies . This is because there is rarely sufficient private sector finance for such capital-intensive and long-lived assets , particularly those exposed to significant policy risk .
A total of 19 countries currently have nuclear reactors under construction , demonstrating the recent momentum behind nuclear power that is likely to be further stimulated by recent spikes in oil , gas and electricity prices .
At the same time , nuclear power faces public and political opposition in some countries , and the IEA makes no recommendations to countries that choose not to use it in their energy mix .
In the IEA ’ s Net Zero by 2050 pathway , half of the emissions reductions
by mid-century come from technologies that are not yet commercially viable . This includes small modular reactors ( SMRs ), which are generally defined as advanced nuclear reactors with a capacity of fewer than 300 megawatts – or about one-third of a traditional plant .
The lower cost , smaller size and reduced project risks of SMRs may improve social acceptance and attract private investment . There is increased support and interest in Canada , France , the United Kingdom and the United States for this promising technology .
SMRs could also reuse the sites of retired fossil fuel power plants , taking advantage of existing transmission , cooling water and skilled workforces . But the successful long-term deployment of SMRs hinges on strong support from policymakers starting now , not just to mobilise investment but also to streamline and harmonise regulatory frameworks . — @ Green