Artificial intelligence has “tremendous potential” to support and accelerate a reliable and lowest-cost energy transition, a new report by the World Economic Forum has revealed.
Through its high-tech applications, AI can integrate renewable energy resources into the power grid, support an autonomous electricity distribution system and open up new revenue streams for demand-side flexibility, WEF said in its Harnessing Artificial Intelligence to Accelerate Energy Transition report compiled in collaboration with BloombergNEF and Deutsche Energie-Agentur (dena) – the German energy agency.
Governments and companies can collectively create a real tipping point in using AI for a faster energy transition
Roberto Bocca,
head of energy at WEF
AI can create substantial value for the global energy transition, the report said. Every 1 per cent of additional efficiency in demand will create $1.3 trillion in value between 2020 and 2050 due to reduced investment needs, according to BloombergNEF’s net-zero scenario modelling.
This could be achieved by enabling greater energy efficiency and flexing demand.
“In energy, we are only seeing the beginning of what AI can do to speed up the transition to the low-emissions, ultra-efficient and interconnected energy systems we need tomorrow,” Roberto Bocca, head of energy at WEF, said.
“Governments and companies can collectively create a real tipping point in using AI for a faster energy transition.”
In energy sector, AI could develop models for oil recovery, reduce carbon emissions, increase water and power efficiency and manage other aspects of energy generation, shipment and transmission.
The WEF report also highlights measures on governing, designing and enabling responsible use of AI in energy sector.
The transition to low-carbon energy systems is driving the rapid growth of distributed power generation, distributed storage and advanced demand response capabilities. It needs to be “orchestrated and integrated into much more networked, transactional power grids”, the report said.
“Navigating these opportunities presents huge strategic and operational challenges for energy-intensive sectors and energy systems themselves, just as they are undergoing once-in-a-lifetime digital transformations.”
It said the fully decarbonising the global energy system will require between $92tn and $173tn of investments in energy infrastructure between 2020 and 2050. Even single-digit percentage gains in flexibility, efficiency or capacity in clean energy and low-carbon infrastructure systems can therefore lead to trillions of dollars in value and savings.
“AI is an essential technology for the energy transition since it will provide the glue to connect the different sectors [power, heat, mobility and industry] and serve as digital technology to effectively monitor systems and processes,” Andreas Kuhlmann, chief executive of dena, said.
“To efficiently control the energy system of the future, which will be very volatile due to renewable energies, such agent-based control will play an overarching role."
AI is an essential technology for the energy transition since it will provide the glue to connect the different sectors
Andreas Kuhlmann,
chief executive of dena
While there are many tangible opportunities for AI in the energy transition, there is a real need for a set of common guiding principles to make these opportunities scalable, said Jon Moore, chief executive of BloombergNEF.
“These principles should ideally create a framework that enables multiple stakeholder groups to work together effectively … they will enable us to move past the many ‘proofs of concept’ projects towards successful large-scale implementation of solutions."
According to BloombergNEF’s estimates, almost 56 per cent of power generation could be provided by solar and wind in 2050.
The global energy system is currently undergoing a massive transformation. It will continue to become more decentralised, digitalised and decarbonised, according to industry experts.
To reach the commitments made under the 2015 Paris Agreement – limiting the global temperature rise to well below two-degrees Celsius – this transition must accelerate.
“In recent years, the energy sector has become increasingly digital and it is clear that further digitalisation will be a key feature of the energy transition and an essential driver of the sector’s progress towards ambitious climate goals,” WEF report said.
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Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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