Technological innovations required to accelerate the green transition

There is cautious optimism that technological advancements will play a crucial role in providing cost-effective clean energy solutions.

Significant progress in green technology is essential to achieving the ultimate goal of affordable clean energy. Two primary avenues favored by the public include the development of low-cost batteries and the realization of clean nuclear fusion power plants. This need becomes even more pressing given the potential delays in implementing energy-efficiency standards through regulatory and taxation measures.

Global anticipation is high for further reductions in clean energy costs, driven by breakthroughs in scalable clean technologies that can compete with and ultimately replace fossil fuels.

Researchers and investors are actively working on innovative solutions to develop more affordable battery technologies.

Batteries are crucial for vehicles that operate independently of the electrical grid and for storing electricity to mitigate the variability of solar and wind energy. Advancements in battery technology aim to address several key objectives:
-Affordable electricity storage solutions
-Fast charging capabilities for vehicles
-Lightweight designs for aviation
-Minimization of rare components to enable mass production
-Extended lifespan to reduce recycling costs

Despite progress, there is still a long way to go. While the market share of electric vehicles is growing, they still represent a small percentage of total vehicles[1], partly due to the high cost of batteries. Additionally, global grid-scale energy storage capacity in gigawatt-hours remains limited[2] when compared to the overall power market[3].

Emerging nuclear technologies hold the potential to provide clean energy solutions.

The expansion of current nuclear technology is constrained by limited known uranium reserves[1]. As a result, the future of nuclear energy depends on the successful development of Generation IV reactors, which are less dependent on uranium reserves.

Generation IV nuclear technology is expected to power commercial plants by 2030, provided development stays on track. These advanced reactors could also facilitate the production of liquid hydrogen through electrolysis during periods of low grid demand. This hydrogen could then be used as an energy storage solution or as fuel for fuel cell technology, which operates similarly to batteries but is not rechargeable.

Meanwhile, nuclear fusion, which relies on hydrogen, remains far from commercial viability—unless a major breakthrough significantly accelerates its development.