The concept of energy security has been at the front and centre of many important changes in international relations and international law since the 1970s. However, in the recent past, the speed of its evolution and the fleshing out of its scope and content has been quite dramatic. During this period, there has been remarkable flux in the patterns of global trading in energy products. In 2008–09, several key trends started to develop in the energy sector, triggered by the influence of two new, very strong factors: the global financial and economic crisis and the shale revolution in gas and oil production. The Energy Policy of the Trump Administration stands in contrast with that of the Obama Administration. The America First Energy Plan stated, inter alia, that “The Trump Administration is committed to energy policies that lower costs for hardworking Americans and maximize the use of American resources, freeing us from dependence on foreign oil.” The Plan called for removing the Climate Action Plan and the Waters of the US rule, embracing the shale oil and gas revolution, commitment to clean coal technology, and to reviving America’s coal industry, boosting domestic energy production, achieving energy independence from the OPEC cartel and any nations hostile to US interests, and responsible stewardship of the environment. Two years later, a White House Fact sheet stated that under President Trump, the US had been establishing energy dominance, abolishing the war on energy and advancing American energy. Specifically, it was pointed out that United States had become, amongst others, (a) the largest crude oil producer in the world, (b) a net natural gas exporter for the first time since 1957 including exports of LNG to the EU at an all-time high in March 2019 , (c) crude oil exports nearly doubled in 2018, reaching a record average of 2 million barrels a day, (d) coal exports reached their highest level in five years in 2018 and (e) withdrew from the Paris Climate Agreement and got “rid of costly Obama-era regulations like the Stream Protection Rule and the Clean Power Plan.” The George W Bush legacy was closer to the Obama approach. According to a Fact sheet on the same, President Bush had taken a reasoned, balanced approach to the serious challenges of energy security and climate change.
According to its White Paper of 2012 titled, “China’s Energy Policy” in 2011, the output of primary energy equaled 3.18 billion tons of standard coal, ranking first in the world. At present, nearly 50 percent of China’s total energy imports is from the Middle East. For the foreseeable future security of energy supplies will continue to remain a policy priority for Beijing. Under Xi Jinping, China has turned more ambitious in respect of its energy mix with considerable emphasis on new energy including through the Made in China 2025 policy and the Belt and Road connectivity initiative. It may be recalled that the ten year Made in China 2025 plan on promoting manufacturing was announced in May 2015 and specifically included energy saving cars and new energy cars among the ten key sectors. According to a MERICS Database made public in July 2019, two thirds of Chinese spending on completed BRI projects went into the energy sector, and already amounted to more than USD 50 billion. Renewable energy power-plants led the pack of completed, Chinese-funded energy projects with a total investment volume in excess of USD 20 billion. According to the 2019 Annual Report of the US-China Economic and Security Review Commission, China has quickly built up advanced production capacity in lithium-ion batteries and established control over a substantial portion of the global supply chain, exposing the United States to potential shortages in critical materials, battery components, and batteries. Further, China is positioning itself to become a leader in nuclear power through cultivating future nuclear export markets along the Belt and Road, particularly in sub-Saharan Africa, and attracting advanced nuclear reactor designers to build prototypes in China. Finally, reference may also be made to China’s efforts at the Arctic region. Since 1999, China has organized a number of scientific expeditions in the Arctic, with its research vessel Xue Long (Snow Dragon) as the platform. In 2004, it built the Arctic Yellow River Station in Ny Alesund in the Spitsbergen Archipelago and by the end of 2017, China had carried out eight scientific expeditions in the Arctic Ocean, and conducted research for 14 years with the Yellow River Station as the base.
The position of the OPEC has also evolved. In a keynote address delivered by HE Abdalla Salem El-Badri, OPEC Secretary General, at the Chatham House Conference entitled “Middle East Energy 2008″ – Risk and Responsibility: The New Realities of Energy Supply – London, UK, 4 February 2008, he focused on the following characteristics: Energy security should be reciprocal; universal, applying to rich and poor nations alike; focus on providing all consumers with modern energy services; apply to the entire supply chain; cover all foreseeable time-horizons; allow for the development and deployment of new technologies in a sustainable, economic and environmentally-sound manner; and benefit from enhanced dialogue and cooperation among stakeholders. A decade later, it is instructive to glance through the World Oil Outlook report 2019 launched on 5 November 2019 at Vienna, Austria. It states, inter alia, that demand for OPEC liquids is projected to increase to around 44.4 mb/d in 2040, up from 36.6 mb/d in 2018; global crude oil and condensate trade is estimated to remain relatively static at around 38 mb/d between 2018 and 2025, before increasing to around 42 mb/d by 2040; in the period to 2040, the required global oil sector investment is estimated at $10.6 trillion; and energy poverty remains a major global challenge, with almost one billion people still without access to electricity and three billion lacking access to clean fuels for cooking. The Aramco’s IPO is being watched with interest including for what it meant for energy security calculations especially of the Kingdom of Saudi Arabia. The testy relationship between the US analysts and the OPEC markets remains even as the promise of shale gas fades away.
The Indian understanding of energy security encompasses four aspects, namely (i) availability of energy for all citizens, (ii) lifeline energy, (iii) supply that meets effective demand, and (iv) ability to withstand shocks and disruptions. The landmark India-US nuclear deal was intended to address the problem of energy deficit that had emerged as one of the primary constraints on accelerating India’s growth rate. According to a fact sheet of the Ministry of External Affairs of India of 27 June 2007, “Presently, only 3% of India’s energy needs are met from the nuclear sources. India plans to produce 20,000 MWe from the nuclear sector by 2020, an increase from the current 3,700 Mwe.” Full civil nuclear energy cooperation with the US was also expected to help India achieve energy security. Most recently, in his speech at 16th International Energy Forum Ministerial Meeting in New Delhi in early 2019, Indian Prime Minister Narendra Modi said, “Given global uncertainties, India also needs energy security. My vision for India’s energy future has 4 pillars– energy access, energy efficiency, energy sustainability and energy security….the launch of the International Solar Alliance is a step towards fulfilling this commitment.” India had reaffirmed its commitment to the Paris Agreement and achieved some successes through its citizen participation on certain aspects of the fight against pollution. Recent news reports indicate that the Government of India is in the process of formulating a new energy policy. The highly reputed National Geographic assessed in September 2019 that “India has emerged as a global leader in renewable energy, and in fact it is investing more in them than it is in fossil fuels”
The IEA defines energy security as the uninterrupted availability of energy sources at an affordable price. At the mid 2019 G20 Osaka Summit, the leaders acknowledged “…the importance of global energy security as one of the guiding principles for the transformation of energy systems, including resilience, safety and development of infrastructure and undisrupted flow of energy from various sources, suppliers, and routes.” They also recognized the value of international cooperation on a wide range of energy-related issues including energy access, affordability and energy efficiency, and energy storage. The WTO has in a limited way addressed some aspects of energy security. In the WTO Panel report of September 2018 on European Union and its Member States — Certain Measures Relating to the Energy Sector, where the complainant was the Russian Federation, one of the points of contention was regarding the third-country certification measure in the national implementing laws of Croatia, Hungary and Lithuania. Both parties agreed that the measure, de jure, violates the national treatment obligation in Article XVII of the GATS by requiring a security of energy supply assessment prior to the certification of third-country transmission system operators, but not domestic ones. Controlling the South China Sea has major implications for energy security in that region. The strategic context affecting upstream development in the South China Sea is a rising China that is increasingly able and willing to assertively pursue its perceived sovereign rights to oil and gas resources. The decision of the Permanent Court of Arbitration in the case brought by The Philippines has relevance in this regard. The centrality of ASEAN countries in the 21st century Maritime Silk Road initiative of China is testimony to this. How the regional grouping handles the on-going negotiations on the Code of Conduct for the SCS is going to determine the safety of sea lanes in this busy and sensitive area. The imperative for energy security in such a vulnerable strategic region as the Asia-Pacific is paramount for global stability and development. In this regard, the 2007 non-binding Declaration on East Asian energy security signed by the leaders of the member countries of the Association of Southeast Asian Nations (ASEAN), Australia, People’s Republic of China, Republic of India, Japan, Republic of Korea and New Zealand, on the occasion of the Second East Asia Summit on 15 January 2007 in Cebu, Philippines called for: cleaner and lower emissions technologies, use of biofuels, improving efficiency and conservation, reducing the costs of renewable and alternate energy sources through innovative financing schemes, intensifying the search for new and renewable energy resources and technologies, stable energy supply through investments in regional energy infrastructure, recycling of oil revenues and profits for equity investments, strategic fuel stockpiling, clean use of coal and development of clean coal technologies and international environmental cooperation, regional or bilateral cooperation & assisting less developed countries in enhancing national capacity building.
In 2017, the EU produced around 45 % of its own energy, while 55 % was imported; the energy mix in the EU, was mainly made up by five different sources: petroleum products (including crude oil) (36%), natural gas (23%), solid fossil fuels (15%), renewable energy (14%) and nuclear energy (12%). The main imported energy product was petroleum products (including crude oil, which is the main component), accounting for almost two thirds of energy imports into the EU, followed by gas (26 %) and solid fossil fuels (8 %); almost two thirds of the extra-EU’s crude oil imports came from Russia (30 %), Norway (11 %), Iraq (8 %), Kazakhstan and Saudi Arabia (both 7 %) & more than three quarters of the EU’s imports of natural gas came from Russia (40 %), Norway (26 %) and Algeria (11 %), while almost three quarters of solid fuel (mostly coal) imports originated from Russia (39 %), Colombia and United States (17 % each). Of all the international players, the EU has been the most progressive on climate change issues. Recently, the European Investment Bank announced that it would stop funding fossil fuel projects by the end of 2021. On its part, the European Parliament has urged all EU countries to commit to net zero GHG emissions by 2050. The Commission is expected to present in 2020 a comprehensive plan to reduce emissions towards 55% in a reasonable way by 2030.
In conclusion, it is observed that the period from 2000 to 2019 has been transformational in multiple ways in respect of the evolution of the emphasis between renewables and non-renewables in the energy mix reflective of domestic green politics the world over, especially in Asia. The dissonance amidst the principal actors of the energy architecture can be inferred from transition from Balance to Dominance in the case of US; Emphasis on Environment in the case of EU; taking the lead in global Supply of Lithium and Nuclear in the case of PRC, Four Pillars of Energy Future in the case of India, Reciprocal Dimension of Energy Security in the case of OPEC and the myriad of perspectives from Plurilateral and Multilateral Institutions. With the passage of time, since the energy crisis of 1970s, reconciliation of how major players view energy security warrants greater attention as we move ahead.
The hydrogen revolution: A new development model that starts with the sea, the sun and the wind
“Once again in history, energy is becoming the protagonist of a breaking phase in capitalism: a great transformation is taking place, matched by the digital technological revolution”.
The subtitle of the interesting book (“Energia. La grande trasformazione“, Laterza) by Valeria Termini, an economist at the Rome University “Roma Tre”,summarises – in a simple and brilliant way – the phase that will accompany the development of our planet for at least the next three decades,A phase starting from the awareness that technological progress and economic growth can no longer neglect environmental protection.
This awareness is now no longer confined to the ideological debates on the defence of the ecosystem based exclusively on limits, bans and prohibitions, on purely cosmetic measures such as the useless ‘Sundays on which vehicles with emissions that cause pollution are banned’, and on initiatives aimed at curbing development – considered harmful to mankind – under the banner of slogans that are as simple as they are full of damaging economic implications, such as the quest for ‘happy degrowth’.
With “degrowth” there is no happiness nor wellbeing, let alone social justice.
China has understood this and, with a view to remedying the environmental damage caused by three decades of relentless economic growth, it has not decided to take steps backwards in industrial production, by going back to the wooden plough typical of the period before the unfortunate “Great Leap Forward” of 1958, but – in its 14thFive-Year Plan (2020- 2025)-it has outlined a strategic project under the banner of “sustainable growth”, thus committing itself to continuing to build a dynamic development model in harmony with the needs of environmental protection, following the direction already taken with its 13th Five-Year Plan, which has enabled the Asian giant to reduce carbon dioxide emissions by 12% over the last five years. This achievement could make China the first country in the world to reach the targets set in the 2012 Paris Climate Agreement, which envisage achieving ‘zero CO2 emissions’ by the end of 2030.
Also as a result of the economic shock caused by the Covid-19 pandemic, Europe and the United States have decided to follow the path marked out by China which, although perceived and described as a “strategic adversary” of the West, can be considered a fellow traveller in the strategy defined by the economy of the third millennium for “turning green”.
The European Union’s ‘Green Deal’ has become an integral part of the ‘Recovery Plan’ designed to help EU Member States to emerge from the production crisis caused by the pandemic.
A substantial share of resources (47 billion euros in the case of Italy) is in fact allocated destined for the “great transformation” of the new development models, under the banner of research and exploitation of energy resources which, unlike traditional “non-renewable sources”, promote economic and industrial growth with the use of new tools capable of operating in conditions of balance with the ecosystem.
The most important of these tools is undoubtedly Hydrogen.
Hydrogen, as an energy source, has been the dream of generations of scientists because, besides being the originator of the ‘table of elements’, it is the most abundant substance on the planet, if not in the entire universe.
Its great limitation is that in order to be ‘separated’ from the oxygen with which it forms water, procedures requiring high electricity consumption are needed. The said energy has traditionally been supplied by fossil – and hence polluting- fuels.
In fact, in order to produce ‘clean’ hydrogen from water, it must be separated from oxygen by electrolysis, a mechanism that requires a large amount of energy.
The fact of using large quantities of electricity produced with traditional -and hence polluting – systems leads to the paradox that, in order to produce ‘clean’ energy from hydrogen, we keep on polluting the environment with ‘dirty’ emissions from non-renewable sources.
This paradox can be overcome with a small new industrial revolution, i.d. producing energy from the sea, the sun and the wind to power the electrolysis process that produces hydrogen.
The revolutionary strategy based on the use of ‘green’ energy to produce adequate quantities of hydrogen at an acceptable cost can be considered the key to a paradigm shift in production that can bring the world out of the pandemic crisis with positive impacts on the environment and on climate.
In the summer of last year, the European Union had already outlined an investment project worth 470 billion euros, called the “Hydrogen Energy Strategy”, aimed at equipping the EU Member States with devices for hydrogen electrolysis from renewable and clean sources, capable of ensuring the production of one million tonnes of “green” hydrogen (i.e. clean because extracted from water) by the end of 2024.
This is an absolutely sustainable target, considering that the International Energy Agency (IEA) estimates that the “total installed wind, marine and solar capacity is set to overtake natural gas by the end 2023 and coal by the end of 2024”.
A study dated February 17, 2021, carried out by the Hydrogen Council and McKinsey & Company, entitled ‘Hydrogen Insights’, shows that many new hydrogen projects are appearing on the market all over the world, at such a pace that ‘the industry cannot keep up with it’.
According to the study, 345 billion dollars will be invested globally in hydrogen research and production by the end of 2030, to which the billion euros allocated by the European Union in the ‘Hydrogen Strategy’ shall be added.
To understand how the momentum and drive for hydrogen seems to be unstoppable, we can note that the Hydrogen Council, which only four years ago had 18 members, has now grown to 109 members, research centres and companies backed by70 billion dollar of public funding provided by enthusiastic governments.
According to the Executive Director of the Hydrogen Council, Daryl Wilson, “hydrogen energy research already accounts for 20% of the success in our pathway to decarbonisation”.
According to the study mentioned above, all European countries are “betting on hydrogen and are planning to allocate billions of euros under the Next Generation EU Recovery Plan for investment in this sector”:
Spain has already earmarked 1.5 billion euros for national hydrogen production over the next two years, while Portugal plans to invest 186 billion euros of the Recovery Plan in projects related to hydrogen energy production.
Italy will have 47 billion euros available for “ecological transition”, an ambitious goal of which the government has understood the importance by deciding to set up a department with a dedicated portfolio.
Italy is well prepared and equipped on a scientific and productive level to face the challenge of ‘producing clean energy using clean energy’.
Not only are we at the forefront in the production of devices for extracting energy from sea waves – such as the Inertial Sea Waves Energy Converter (ISWEC), created thanks to research by the Turin Polytechnic, which occupies only 150 square metres of sea water and produces large quantities of clean energy, and alone reduces CO2 emissions by 68 tonnes a year, or the so-called Pinguino (Penguin), a device placed at a depth of 50 metres which produces energy without damaging the marine ecosystem – but we also have the inventiveness, culture and courage to accompany the strategy for “turning green”.
The International World Group of Rome and Eldor Corporation Spa, located in the Latium Region, have recently signed an agreement to promote projects for energy generation and the production of hydrogen from sea waves and other renewable energy sources, as part of cooperation between Europe and China under the Road and Belt Initiative.
The project will see Italian companies, starting with Eldor, working in close collaboration with the Chinese “National Ocean Technology Centre”, based in Shenzhen, to set up an international research and development centre in the field of ‘green’ hydrogen production using clean energy.
A process that is part of a global strategy which, with the contribution of Italy, its productive forces and its institutions, can help our country, Europe and the rest of the world to recover from a pandemic crisis that, once resolved, together with digital revolution, can trigger a new industrial revolution based no longer on coal or oil, but on hydrogen, which can be turned from the most widespread element in the universe into the growth engine of a new civilisation.
Jordan, Israel, and Palestine in Quest of Solving the Energy Conundrum
Gas discoveries in the Eastern Mediterranean can help deliver dividends of peace to Jordan, Israel, and Egypt. New energy supply options can strengthen Jordan’s energy security and emergence as a leading transit hub of natural gas from the Eastern Mediterranean. In fact, the transformation of the port of Aqaba into a second regional energy hub would enable Jordan to re-export Israeli and Egyptian gas to Arab and Asian markets.
The possibility of the kingdom to turn into a regional energy distribution centre can bevalid through the direction of Israeli and Egyptian natural gas to Egyptian liquefaction plants and onwards to Jordan, where it could be piped via the Arab Gas Pipeline to Syria, Lebanon, and countries to the East. The creation of an energy hub in Jordan will not only help diversify the region’s energy suppliers and routes. Equal important, it is conducive to Jordan’s energy diversification efforts whose main pillars lie in the import of gas from Israel and Egypt; construction of a dual oil and gas pipeline from Iraq; and a shift towards renewables. In a systematic effort to reduce dependence on oil imports, the kingdom swiftly proceeds with exploration of its domestic fields like the Risha gas field that makes up almost 5% of the national gas consumption. Notably, the state-owned National Petroleum Company discovered in late 2020 promising new quantities in the Risha gas field that lies along Jordan’s eastern border with Iraq.
In addition, gas discoveries in the Eastern Mediterranean can be leveraged to create interdependencies between Israel, Jordan, and Palestine with the use of gas and solar for the generation of energy, which, in turn, can power desalination plants to generate shared drinking water. Eco-Peace Middle East, an organization that brings together environmentalists from Jordan, Israel and Palestine pursues the Water-Energy Nexus Project that examines the technical and economic feasibility of turning Israeli, Palestinian, and potentially Lebanese gas in the short-term, and Jordan’s solar energy in the long-term into desalinated water providing viable solutions to water scarcity in the region. Concurrently, Jordan supplies electricity to the Palestinians as means to enhancing grid connectivity with neighbours and promoting regional stability.
In neighbouring Israel, gas largely replaced diesel and coal-fired electricity generation feeding about 85% of Israeli domestic energy demand. It is estimated that by 2025 all new power plants in Israel will use renewable energy resources for electricity generation. Still, gas will be used to produce methane, ethanol and hydrogen, the fuel of the future that supports transition to clean energy. The coronavirus pandemic inflicted challenges and opportunities upon the gas market in Israel. A prime opportunity is the entry of American energy major Chevron into the Israeli gas sector with the acquisition of American Noble Energy with a deal valued $13 billion that includes Noble’s$8 billion in debt.
The participation of Chevron in Israeli gas fields strengthens its investment portfolio in the Eastern Mediterranean and fortifies the position of Israel as a reliable gas producer in the Arab world. This is reinforced by the fact that the American energy major participates in the exploration of energy assets in Iraqi Kurdistan, the UAE, and the neutral zone between Saudi Arabia and Kuwait. Israel’s normalization agreement with the UAE makes Chevron’s acquisition of Noble Energy less controversial and advances Israel’s geostrategic interests and energy export outreach to markets in Asia via Gulf countries.
The reduction by 50% in Egyptian purchase of gas from Israel is a major challenge caused by the pandemic. Notably, a clause in the Israel-Egypt gas contract allows up to 50% decrease of Egyptian purchase of gas from Israel if Brent Crude prices fall below $50 per barrel. At another level, it seems that Israel should make use of Egypt’s excess liquefaction capacity in the Damietta and Idku plants rather than build an Israeli liquefaction plant at Eilat so that liquefied Israeli gas is shipped through the Arab Gas Pipeline to third markets.
When it comes to the West Bank and Gaza, energy challenges remain high. Palestine has the lowest GDP in the region, but it experiences rapid economic growth, leading to an annual average 3% increase of electricity demand. Around 90% of the total electricity consumption in the Palestinian territories is provided by Israel and the remaining 10% is provided by Jordan and Egypt as well as rooftop solar panels primarily in the West Bank. Palestinian cities can be described as energy islands with limited integration into the national grid due to lack of high-voltage transmission lines that would connect north and south West Bank. Because of this reality, the Palestinian Authority should engage the private sector in energy infrastructure projects like construction of high-voltage transmission and distribution lines that will connect north and south of the West Bank. The private sector can partly finance infrastructure costs in a Public Private Partnership scheme and guarantee smooth project execution.
Fiscal challenges however outweigh infrastructure challenges with most representative the inability of the Palestinian Authority to collect electricity bill payments from customers. The situation forced the Palestinian Authority to introduce subsidies and outstanding payments are owed by Palestinian distribution companies to the Israeli Electricity Corporation which is the largest supplier of electricity. As consequence 6% of the Palestinian budget is dedicated to paying electricity debts and when this does not happen, the amount is deducted from the taxes Israel collects for the Palestinian Authority.
The best option for Palestine to meet electricity demand is the construction of a solar power plant with 300 MW capacity in Area C of the West Bank and another solar power plant with 200 MW capacity across the Gaza-Israel border. In addition, the development of the Gaza marine gas field would funnel gas in the West Bank and Gaza and convert the Gaza power plant to burn gas instead of heavy fuel. The recent signing of a Memorandum of Understanding between the Palestinian Investment Fund, the Egyptian Natural Gas Holding Company (EGAS) and Consolidated Contractors Company (CCC) for the development of the Gaza marine field, the construction of all necessary infrastructure, and the transportation of Palestinian gas to Egypt is a major development. Coordination with Israel can unlock the development of the Palestinian field and pave the way for the resolution of the energy crisis in Gaza and also supply gas to a new power plant in Jenin.
Overall, the creation of an integrating energy economy between Israel, Jordan, Egypt, and Palestine can anchor lasting and mutually beneficial economic interdependencies and deliver dividends of peace. All it takes is efficient leadership that recognizes the high potentials.
The EV Effect: Markets are Betting on the Energy Transition
The International Renewable Energy Agency (IRENA) has calculated that USD 2 trillion in annual investment will be required to achieve the goals of the Paris Agreement in the coming three years.
Electromobility has a major role to play in this regard – IRENA’s transformation pathway estimates that 350 million electric vehicles (EVs) will be needed by 2030, kickstarting developments in the industry and influencing share values as manufacturers, suppliers and investors move to capitalise on the energy transition.
Today, around eight million EVs account for a mere 1% of all vehicles on the world’s roads, but 3.1 million were sold in 2020, representing a 4% market share. While the penetration of EVs in the heavy duty (3.5+ tons) vehicles category is much lower, electric trucks are expected to become more mainstream as manufacturers begin to offer new models to meet increasing demand.
The pace of development in the industry has increased the value of stocks in companies such as Tesla, Nio and BYD, who were among the highest performers in the sector in 2020. Tesla produced half a million cars last year, was valued at USD 670 billion, and produced a price-to-earnings ratio that vastly outstripped the industry average, despite Volkswagen and Renault both selling significantly more electric vehicles (EV) than Tesla in Europe in the last months of 2020.
Nevertheless, it is unlikely this gap will remain as volumes continue to grow, and with EV growth will come increased demand for batteries. The recent success of EV sales has largely been driven by the falling cost of battery packs – which reached 137 USD/kWh in 2020. The sale of more than 35 million vehicles per year will require a ten-fold increase in battery manufacturing capacity from today’s levels, leading to increased shares in battery manufacturers like Samsung SDI and CATL in the past year.
This rising demand has also boosted mining stocks, as about 80 kg of copper is required for a single EV battery. As the energy transition gathers pace, the need for copper will extend beyond electric cars to encompass electric grids and other motors. Copper prices have therefore risen by 30% in recent months to USD 7 800 per tonne, pushing up the share prices of miners such as Freeport-McRoran significantly.
Finally, around 35 million public charging stations will be needed by 2030, as well as ten times more private charging stations, which require an investment in the range of USD 1.2 – 2.4 trillion. This has increased the value of charging companies such as Fastnet and Switchback significantly in recent months.
Skyrocketing stock prices – ahead of actual deployment – testify to market confidence in the energy transition; however, investment opportunities remain scarce. Market expectations are that financing will follow as soon as skills and investment barriers fall. Nevertheless, these must be addressed without delay to attract and accelerate the investment required to deliver on the significant promise of the energy transition.
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