Energy companies need short-term targets on road to net zero 2050

Carbon Tracker has called on industry leaders to come up with credible short-term targets to achieve a transition to green energy, rather than focusing solely on trying to meet the net zero goal by 2050.

Catharina Hillenbrand von der Neyen, head of research at the UK-based think tank, said there is a huge need for innovative solutions as the sector moves away from high emission forms of energy.

Speaking at a panel discussion about energy security versus low-carbon transition at the Energy Intelligence Forum in London, she said eco-friendly energy should be introduced alongside traditional types.

“Over the longer run we’ve done work looking at how can these technologies … work in conjunction, in connection,” she said.

“So it’s not just about let’s put a bit of solar in, let’s put a wind farm there, it’s how can these things work together because that’s how you actually get usage of the system, how do they complement each other. That hasn’t been fully thought through as yet.”

She said the role of gas and other fossil fuels won’t become “extremely marginalised” until the full power of green technologies is realised in a co-ordinated fashion.

“Until we get to full competitiveness and full functionality of hydrogen and things working together there is a marginal role to fulfil,” she said.

She said investors need to engage with companies to bring about “clearly communicated, clearly executable transition plans”.

“It needs to move from this ‘we’re going to be net zero by 2050’ because that’s a very long time away,” she said. “Where is your next three-year strategy going?”

The climate researcher said nature-based energy solutions have an important part to play. But she stressed they should not be flimsily used by firms as “the back door” to avoid transitioning fully towards net zero.

“If you keep growing production volumes or keep emitting and then you do nature-based solutions on the other side, that doesn’t stack up,” she said.

“Yes there is room for [nature-based solutions] in some industries and we need to look at decarbonising, we need to look at reforesting, but it should not be the backdoor to not transition the existing industries.”