An Exclusive Interview with CEO Per Lund in Business Focus Magazine Discover the remarkable strides in floating offshore wind power as we bring you an exclusive interview with our CEO, Per Lund, in the magazine Business Focus. In this captivating piece, Lund shares his insights the mission to revolutionise the renewable energy industry with Odfjell Oceanwind’s Floating Offshore Wind Units (FOWUs). Delve into the innovative technologies and strategies employed by Odfjell Oceanwind as we harness the untapped potential of offshore wind resources. Lund discusses the challenges faced and the ingenious solutions that have propelled us forward, painting a vivid picture of the journey. Explore the economic and environmental implications of floating offshore wind power, from powering industries to reducing carbon emissions. This interview offers valuable perspectives on the future of sustainable energy and its vital role in combating climate change. Download the full interview to gain exclusive access to Per Lund’s inspiring vision and witness the remarkable advancements in floating offshore wind power, shaping a greener and more sustainable future. Fonte: https://knowledge.odfjelloceanwind.com/knowledge/odfjell-oceanwind-bringing-floating-offshore-wind-power-to-an-industrial-scale?utm_campaign=Follow%20us&utm_medium=email&_hsmi=263321862&_hsenc=p2ANqtz–iidZ7BVsKmpZG_ZaqVunxLKWtiCAtSppOAm4lF41l0SkdmJjXHgf5UzlY8IWfNy7-veQkZYfvtOmS7XeNbGJcxC7RL9z5IQ4jLG6Ck4KzaVUrr8M&utm_content=263321862&utm_source=hs_email

New challenges—and opportunities—have emerged for green business builders. A set of actions could help companies scale during these uncertain times. The transition to net zero is well underway, but it is not happening fast enough. Growth in key climate technologies, including wind and solar power and electric vehicles (EVs), has helped accelerate decarbonization efforts worldwide. Solutions such as green hydrogen and long-duration energy storage (LDES) are becoming available and, if scaled, could reduce global emissions even further. But the pace of scaling these technologies has not kept up with projections for a warming planet. Governments and companies have done an admirable job developing and deploying climate technologies to date, but a significant acceleration is required to meet net-zero targets—and stave off the most dire effects of climate change. Sidebar About the authors Last year, we released a framework for launching and scaling green businesses, based on our work with both incumbents and start-ups.1 A few of the key actions include leading with game-changing ambition, signing up captive demand before scaling, and building capacity with parallel scaling. In the interim, as the economic and geopolitical backdrop has changed, market dynamics for green business builders have shifted in both nuanced and fundamental ways. On the one hand, capital markets and public-sector institutions have started to galvanize behind green investments. Policy, including the Green Deal Industrial Plan in Europe and the Inflation Reduction Act (IRA) in the United States, promises to support companies looking to scale climate technologies. At the same time, inflation, economic uncertainty, and the invasion of Ukraine have all complicated the path to net zero. Three areas have emerged that should now be priorities for those navigating the challenges and seeking opportunities: building up supply chains (often through cross-sector partnerships), proactively addressing an emerging skills gap, and exploring different avenues for financing and investments. Many of the unique challenges to scaling green businesses remain—high capital expenditures on physical assets (compared with building digital businesses), higher short-term costs, and customer education and adoption barriers for many sustainable products. However, the urgency to reach net-zero targets has only grown in many markets, and the industrial economy is now being reinvented around a lower-carbon energy system, circular-economy practices, and other emerging models. Companies that can innovate and scale during these fast-moving, uncertain times could set themselves up for exponential growth. Our analysis shows that growing demand for net-zero offerings could generate $9 trillion to $12 trillion of annual sales by 2030 across 11 value pools, including transport, power, and consumer goods. In this article, we lay out the evolving landscape for scaling climate technologies and explore three areas of potential action for green business builders. A significant scaling gap More than 4,000 companies have set or are in the process of committing to emissions reductions2 and 70-plus countries have set net-zero targets.3 How quickly would key climate technologies need to scale to help meet such goals? To arrive at projections, we conducted an analysis of the current growth trajectory for climate tech relative to current net-zero commitments. Based on our analysis, even mature technologies—including wind and solar power—would need to scale by a factor of six to 14 times faster to remain on track for a 1.5° pathway by 2030 (exhibit).4 Exhibit  Historically, growth in solar and wind has often outpaced projections, and new players entering the market (oil and gas companies, private equity players, and institutional investors, for example) show signs that the current pace of deployment could speed up.5Nevertheless, the potential gap for renewables to meet net-zero targets looks steep. Climate technologies that are high-potential but relatively less advanced in their commercialization (compared with renewables) would need to scale at an even greater rate. Consider hydrogen. Our analysis indicates that supply of green hydrogen, which is produced with renewables, would need to grow by a factor of 200 times. Seven actions for scaling green businesses Scaling climate technologies often requires companies to think and act in bold and innovative ways. While our seven actions for scaling green businesses hold true, they continue to evolve (for a summary of the original framework, see sidebar, “Seven actions for scaling green businesses”). Economic uncertainty, inflation, new public funding, technological risks, and supply chain considerations have altered the landscape for green business building. Actions that have become particularly important for organizations during these volatile times include creatively developing supply chains (including through partnerships), proactively addressing emerging skills gaps in the workforce, and exploring new avenues for financing and investment. Build up the supply chain through cross-sector partnerships Green business building efforts are often supply chain building efforts. For hydrogen-powered vehicles to scale and help decarbonize long-haul freight transport, for example, a supply of hydrogen and hydrogen infrastructure also needs to scale. We are increasingly seeing green business builders develop their supply chains by forging partnerships across sectors and, in some cases, creating a growth strategy with complementary players as collaborators. These partnerships are getting a boost from major climate legislation packages in the United States and the European Union. For example, the IRA in the United States allocates $369 billion for climate and energy spending,6 with a focus on ventures that address critical gaps in the North American supply chain. These collaborations happen upstream, downstream, or horizontally in the value chain. Upstream partnerships are operational partnerships that propel vertical integration. They occur when a company partners far upstream to secure critical supply of a product or service. In one example, the Volkswagen Group announced a joint venture with Umicore,7 a circular-materials technology company, to boost the supply of low-carbon battery materials. The collaborators aim to scale capacity to meet demand for 2.2 million EVs per year. Such a partnership could not only help fortify the supply chain for battery recycling, it could also help solidify demand for players across the EV and energy storage value chains (charging infrastructure, grid storage markets) and help reduce commercial risk for investors. In another example of a large-scale upstream partnership, Dow Chemical and Mura Technology, an advanced-recycling company, announced they will pair up to construct multiple recycling facilities for plastics

Times are turbulent—and all industries are being affected. That said, energy companies in particular face a number of disruptions from both macroeconomic and energy-specific shocks, including volatility in commodity prices, increased pressure to reduce carbon emissions, and supply chain disruptions. In fact, the majority of current energy and commodity prices are significantly higher and much more volatile than they were before the COVID-19 pandemic. Sidebar About the authors History teaches us that energy companies that create and pursue new opportunities during times of crisis are more likely to emerge as winners.1 However, shifting the mindset from merely reacting to volatility to taking the opportunity to thrive can be difficult. Doing so requires not only capturing larger trends but also understanding additional risks that can emerge as new opportunities are pursued. This article explains how leading energy companies can thrive in this challenging environment by getting a better handle on current risk exposures and capturing opportunities to optimize portfolios for long-term, sustainable growth. Europe’s changing energy landscape: An overview According to a recent McKinsey report, the energy transition is creating opportunities for European countries to pivot toward domestic clean-energy production.2 However, the costs of switching to clean energy by 2050, and thus becoming less dependent on fossil fuels sourced from unreliable regions, are estimated at $5.3 trillion.3 The switch to increased renewables thus comes with a price, particularly as it relates to upgrading electric grids, the need for baseload power with hydro pump storage plants, and smarter technology in homes and offices for heating or cooling. Further complicating matters, the energy landscape is becoming increasingly circular, complex, and volatile. For example, the power value chain has changed: consumers have become prosumers as new business models have emerged, and the addition of renewable-energy sources has increased demand and price volatility. Furthermore, the COVID-19 pandemic and the invasion of Ukraine have had a significant impact on the lives and livelihoods of millions of people and resulted in significant supply chain disruptions. Both have raised the prospect of an economic recession and amplified market volatility affecting energy companies and consumers alike. On this point, a few recent examples of price spikes illustrate the expected increase in volatility. In early 2021, more than 4.3 million homes and businesses across the state of Texas lost power after a polar vortex brought temperatures to a 30-year low.4 Over the course of a week, power prices spiked, jumping from approximately $1,000 per megawatt-hour (MWh) to $9,000 per MWh. In another example, from 2016 to 2020, Australia experienced a significant increase in negative price events, primarily driven by distributed solar photovoltaics (PV). Finally, regional differences are becoming more apparent and will need to be managed. At one point in 2021, power cost more than £2,000 per MWh in the United Kingdom and approximately €100 per MWh in Norway.5 Moving forward, price volatility is expected to further increase because of the higher penetration of intermittent renewables, requiring companies to structure a risk management approach. Playing defense: Structuring a risk management approach Shifting the mindset from surviving to thriving requires companies to play defense—and structure a successful risk management approach—before playing offense. This means understanding the larger trends by collecting the right data, conducting analyses, and then using the results to inform decision making. With these points in mind, companies can take four practical steps to navigate times of uncertainty. Step one: Create transparency around risks Creating transparency requires companies to take a snapshot of their current risks. By building a heat map, companies can break down these risks and determine which should be prioritized (table). In addition, heat maps can illustrate how certain actions can result in additional, previously unseen risks. They can also help leadership understand risk ownership, managing where risks occur in silos. Risk data is not meant to stay in the engine room—it should be taken into the boardroom. A one-page heat map overview can help facilitate this shift by making the risk data understandable at all levels of the organization. Step two: Engage in quantitative modeling Heat maps essentially provide a snapshot of portfolio risk. As a next step, quantitative modeling can illustrate the entire distribution of risk, effectively creating a dynamic portrait. Risks can be quantified through a high-level outside-in analysis, and the models can help company leaders better understand the impact of investment strategies. Such methods are based on risk modeling derived from investment banking after the financial crisis of 2008, during which the industry undertook significant upskilling. Step three: Stress test Once the quantitative models are created, relevant scenarios can be applied to the portfolio with direct indications of how they will affect company finances, and expert projections can be supplemented with simulations to re-create real-world complexities. The results of the stress testing can help shine a light on the probability of disruption as well as possible mitigation efforts. Step four: Ensure risk governance For a company to benefit from sophisticated risk modeling, the results can be presented to the board in an actionable way so that decision making can be based on those results. Many energy companies already have the data and know how to manage it. However, it remains challenging to build a comprehensive view of the portfolio that can be easily communicated to top management and to the board. On this point, the results of stress testing will need to be translated in a way that makes sense—and getting the data right takes significant effort. Through simple, informative dashboards that show the evolution of the portfolio, management boards can be engaged and then decide on a road map to tackle the risks. Playing offense: Pursuing new value chain opportunities Once the risks are fully understood, companies can begin pursuing promising new opportunities, which often entails creating optionality through rapid capital allocation to new business areas and expanding into new value chains. Shifting from playing defense to playing offense is a matter of having the right mindset. Many companies want to weather the storm by covering their bases, but emerging as a winner requires

As potencialidades do hidrogênio verde (H2V) serão o tema da próxima edição do Ciclo ILP-FAPESP de Ciência e Inovação, que será realizada segunda-feira (29/05), de forma presencial, na Assembleia Legislativa de São Paulo (Alesp). Integram a programação pesquisadores que buscam superar as complexidades e os desafios que envolvem a produção e o uso dessa energia. O hidrogênio é um elemento abundante no planeta e pode ser usado em transporte, geração de energia elétrica, aquecimento residencial e industrial, armazenamento de energia e produção de produtos químicos. Mas precisa passar por uma série de etapas até se converter em energia verde. A produção de hidrogênio verde por meio de fontes renováveis de energia é considerada limpa e sustentável. Os especialistas estão convencidos de que investimentos contínuos em pesquisa e desenvolvimento e na infraestrutura para produção, armazenamento e distribuição em larga escala possibilitarão que o H2V seja uma alternativa viável aos combustíveis fósseis. A pesquisadora Lucia Helena Mascaro Sales, professora da Universidade Federal de São Carlos (UFSCar) e integrante do Centro de Desenvolvimento de Materiais Funcionais (CDMF), explica que o hidrogênio não está disponível na crosta terrestre na forma molecular, sendo necessários processos químicos para a sua produção. Atualmente, 94% do hidrogênio produzido no mundo vem de combustíveis fósseis, o que leva a emissão de grande quantidade de gases de efeito estufa, entre eles o CO2, que chega a cerca de 870 milhões de toneladas por ano. A produção verde requer investimentos em pesquisa e infraestrutura. “Vários grupos de pesquisa no Brasil têm trabalhado na diminuição do consumo de energia na produção do hidrogênio verde, desenvolvimento de catalisadores mais baratos para a eletrólise da água, uso de biomassa para geração de H2V, desenvolvimento de membranas mais duráveis e formas alternativas de armazenamento e transporte.” Segundo ela, outra questão importante é a segurança. “O hidrogênio é altamente inflamável e seu manuseio, armazenamento e transporte são desafios técnicos a serem enfrentados.” O Brasil pode desempenhar um papel de destaque na corrida para a produção do H2V, uma vez que o país tem uma grande disponibilidade de fontes renováveis de energia, como solar e eólica, além de vastos recursos naturais. Ana Flávia Nogueira, professora do Instituto de Química da Universidade Estadual de Campinas (IQ-Unicamp) e coordenadora do Centro de Inovação em Novas Energias (CINE), diz que para impulsionar a produção do hidrogênio verde, principalmente no Estado de São Paulo, é necessário investir na implementação de mais usinas solares e eólicas. “Embora o Estado de São Paulo seja o segundo colocado em geração solar fotovoltaica distribuída, aquela que encontramos em casas e prédios, estamos muito aquém em produção centralizada”, diz. A produção centralizada é importante para a instalação de grandes centrais de produção de H2V, uma vez que o hidrogênio produzido por eletrólise só é considerado verde se o sistema de produção é conectado a uma fonte renovável. O hidrogênio também pode ser obtido a partir de etanol. O interesse da indústria pela pesquisa sobre produção e uso do hidrogênio verde é considerado fundamental para que ele deixe de ser apenas uma alternativa promissora. Daniel Gabriel Lopes, pesquisador e diretor da Hytron Energia e Gases Especiais, participará do evento. Ele trará para o debate as soluções tecnológicas em curso para tornar o H2V viável. O evento terá início às 15 horas no auditório Teotônio Vilela da Alesp e será transmitido pelo YouTube. Interessados podem se inscrever em: www.al.sp.gov.br/ilp/cursos-eventos/detalheAtividade.jsp?id=9205. Fonte: https://www.saopaulo.sp.gov.br/spnoticias/especialistas-debatem-a-producao-de-hidrogenio-verde-como-oportunidade-para-sao-paulo/

Migrating aviation to carbon-free fuels could require up to 1,700 terawatt hours (TWh) of clean energy by 2050. To generate this amount of power, it would take the equivalent of between 10 and 25 of the largest wind farms in the world today, or a solar farm half the size of Belgium. These are the key takeaways of a new whitepaper on decarbonized aviation co-authored by the World Economic Forum and McKinsey. Aviation accounts for over 2% of global energy-related CO2 emissions and has grown faster than road, rail or shipping. In 2021, the International Energy Agency (IEA) reported that aviation emissions had bounced back from the disruption of pandemic lockdowns in 2020, regaining a third of the drop it had realized that year. The IEA’s net-zero emissions by 2050 scenario (NZE) sees aviation emissions rising further to the end of the decade. This will mainly be driven by emission growth in international flights while domestic emissions are expected to plateau. Decarbonizing aviation The industry will have to work hard to curb its energy consumption while moving to low-carbon and carbon-free alternatives from the fossil aviation fuels currently used. To help this transition, the US Sustainable Aviation Fuel Grand Challenge, announced in September 2022, offers funding to demonstrate new fuel and aircraft technologies. Similarly, the European Union Parliament and Council have just agreed the ReFuelEU Aviation regulation. It mandates that aviation fuel suppliers increase the amount of sustainable aviation fuel (SAF) they deliver to 70% by 2050, and that airports have suitable infrastructure for alternative fuels. Alongside SAF – which includes the likes of biofuels, recycled carbon fuels and synthetic aviation fuels (e-fuels) – experts estimate that aircraft running on hydrogen and battery-electric powertrains could make up around a third of the global commercial and cargo aircraft fleet by 2050. Battery-electric and hydrogen-driven flight needs new infrastructure The whitepaper, titled Target True Zero: Delivering the Infrastructure for Battery and Hydrogen-Powered Flight, identifies two new value chains emerging for battery electric and hydrogen-based propulsion. Overall, the shift to these propulsion technologies will require a capital investment of between $700 billion and $1.7 trillion by 2050. A share of these investments will go into the development of aircraft, ranging from battery-electric planes for short-range flights to larger and longer-range aircraft retrofitted to use hydrogen fuel cells. Alternative propulsion is predicted to ramp up substantially between now and 2050. Image: World Economic Forum. In addition, airport infrastructure will need to be adapted. However, the vast majority of this investment – some 90% – will be required off-airport. This will include facilities for power generation and transmission, hydrogen pipelines, green hydrogen production, liquefaction and distribution to aircraft. On- and off-airport infrastructure will need to be adapted to meet the needs of electric and hydrogen aircraft. Image: World Economic Forum. While the investment needs of new infrastructure will vary according to airport size, the authors of the whitepaper expect the costs to be of a similar scale as other upgrades, such as building terminals. These requirements mean operators will face costs of around 86% above the market price for green electricity and around 76% for hydrogen as part of the operating costs of their migration to carbon-free propulsion. Developing carbon-neutral aviation in partnership It’s a tall order and the aviation industry must start to ramp up now if it is to meet 2050 goals. Entering into partnerships with other industries will be vital in the process, not least to secure enough green electricity and hydrogen supplies, which are still highly constrained. The whitepaper suggests that large airports could consume up to 10 times more electricity by 2050 compared to today as the industry migrates to electric and hydrogen propulsion. As a major future consumer of alternative fuels, aviation needs to have a place at the table when it comes to shaping the future of the surrounding ecosystem. The whitepaper follows the Clean Skies for Tomorrow report published in 2020. The Forum has also initiated a Clean Skies for Tomorrow coalition, which recognizes the need for investing in carbon-neutral flying and rapidly scaling sustainable aviation fuel production. This article was first published by the World Economic Forum. Climate Champions articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The views expressed in this article are those of the author alone and not the Climate Champions. Fonte: https://climatechampions.unfccc.int/decarbonizing-aviation-this-is-what-the-shift-to-alternative-propulsion-will-require/

Global investment in clean energy is on course to rise to USD 1.7 trillion in 2023, with solar set to eclipse oil production for the first time Investment in clean energy technologies is significantly outpacing spending on fossil fuels as affordability and security concerns triggered by the global energy crisis strengthen the momentum behind more sustainable options, according to a new IEA report. About USD 2.8 trillion is set to be invested globally in energy in 2023, of which more than USD 1.7 trillion is expected to go to clean technologies – including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps – according to the IEA’s latest World Energy Investment report. The remainder, slightly more than USD 1 trillion, is going to coal, gas and oil. Annual clean energy investment is expected to rise by 24% between 2021 and 2023, driven by renewables and electric vehicles, compared with a 15% rise in fossil fuel investment over the same period. But more than 90% of this increase comes from advanced economies and China, presenting a serious risk of new dividing lines in global energy if clean energy transitions don’t pick up elsewhere. “Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” said IEA Executive Director Fatih Birol. “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.” Led by solar, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation. Consumers are also investing in more electrified end-uses. Global heat pump sales have seen double-digit annual growth since 2021. Electric vehicle sales are expected to leap by a third this year after already surging in 2022. Clean energy investments have been boosted by a variety of factors in recent years, including periods of strong economic growth and volatile fossil fuel prices that raised concerns about energy security, especially following Russia’s invasion of Ukraine. Enhanced policy support through major actions like the US Inflation Reduction Act and initiatives in Europe, Japan, China and elsewhere have also played a role. Spending on upstream oil and gas is expected to rise by 7% in 2023, taking it back to 2019 levels. The few oil companies that are investing more than before the Covid-19 pandemic are mostly large national oil companies in the Middle East. Many fossil fuel producers made record profits last year because of higher fuel prices, but the majority of this cash flow has gone to dividends, share buybacks and debt repayment – rather than back into traditional supply. Nonetheless, the expected rebound in fossil fuel investment means it is set to rise in 2023 to more than double the levels needed in 2030 in the IEA’s Net Zero Emissions by 2050 Scenario. Global coal demand reached an all-time high in 2022, and coal investment this year is on course to reach nearly six times the levels envisaged in 2030 in the Net Zero Scenario. The oil and gas industry’s capital spending on low-emissions alternatives such as clean electricity, clean fuels and carbon capture technologies was less than 5% of its upstream spending in 2022. That level was little changed from last year – though the share is higher for some of the larger European companies. The biggest shortfalls in clean energy investment are in emerging and developing economies. There are some bright spots, such as dynamic investments in solar in India and in renewables in Brazil and parts of the Middle East. However, investment in many countries is being held back by factors including higher interest rates, unclear policy frameworks and market designs, weak grid infrastructure, financially strained utilities, and a high cost of capital. Much more needs to be done by the international community, especially to drive investment in lower-income economies, where the private sector has been reluctant to venture. To help address this, the IEA and the IFC will on 22 June release a new special report on Scaling Up Private Finance for Clean Energy in Emerging and Developing Economies. Fonte: https://www.iea.org/news/clean-energy-investment-is-extending-its-lead-over-fossil-fuels-boosted-by-energy-security-strengths

Key to the fight against global warming are the many technologies, old and new, that can help abate the emission of greenhouse gases (GHGs) across every industry. According to our analysis, existing technologies can address about 45% of the 51 gigatons of CO2 equivalent (CO2e) GHGs emitted annually around the world. The remaining 55% must be mitigated in large part through implementation of new green technologies—approaches that range from low-carbon hydrogen and biofuels to carbon capture, utilization, and storage (CCUS). If these technologies are to play an essential role in mitigating GHG emissions and helping countries meet their Paris Agreement goal of limiting global warming to well below 2° Celsius above preindustrial levels and pursue efforts to further limit the temperature increase to 1.5°C, they must achieve mass industrialization two to four times faster than did earlier green technologies such as solar photovoltaic and onshore wind. Two challenges stand in the way of achieving these results. The first is the need to reduce what Bill Gates in his book How to Avoid a Climate Disaster termed the green premium: the added cost of low-carbon technologies compared with technologies based on fossil fuels—synthetic aviation fuels versus traditional petroleum-based jet fuel, for example. Already, countries with favorable green energy costs and subsidy schemes have significantly reduced the green premium, due in large part to the surge in energy prices as the COVID-19 pandemic subsides and the war in Ukraine roils energy markets. Recent favorable policies such as the US’s Inflation Reduction Act and the recently adopted reforms of the EU’s Emissions Trading System are likely to enable other markets to reach green parity sooner than previously expected. This amplifies the importance of shifting the focus to the second challenge: scaling up green technologies for mass industrialization within the limited time that remains. Doing so will require an unprecedented effort to overcome six major hurdles, from developing mass manufacturing processes to fully integrating them into end markets. Besides reducing the threat of climate disaster, succeeding at this endeavor will unlock business opportunities worth up to $25 trillion between now and 2040 for the companies involved. In our view, only by assembling entire ecosystems of complementary organizations—including incumbent industry players, green tech startups, industry associations, educational institutions, and public bodies—can the global community overcome the remaining hurdles and enable critical green technologies to deliver their full potential to mitigate GHGs. The Industrialization Imperative The math is simple: the green technologies now being scaled up around the world—including renewable energy generated by solar and wind, heat optimization and recovery, electrical efficiency, operations optimization, and natural carbon sequestration—have the potential to reduce only about 23 gigatons of CO2e per year—45% of the 51 gigatons of CO2e currently being released into the atmosphere every year. To reach net zero goals, countries must eliminate or offset the remaining 28 gigatons of CO2e per year. This will require changes in both energy consumption and energy production. On the consumption side, this entails reducing demand for the fossil fuels that drive GHG emissions. On the production side, it involves developing and bringing to market eight categories of new green technologies: low-carbon hydrogen and synfuels, bioenergy, carbon removal, CCUS, energy storage, green building technologies, distributed energy, and green factory technologies. Each of these technology categories holds considerable promise for carbon reduction. For example, low-carbon hydrogen, when fully adopted, has the potential to reduce around 25% of the total gap through a range of applications, including heavy road transport, mining equipment, aviation, and steel. (See Exhibit 1.) These applications are at different stages of maturity, but none of them are mature enough to support mass industrialization. Bioenergy and green building technology, for example, have already reached the early adoption stage, while carbon removal and most green factory technologies are still at the prototype stage. (See Exhibit 2.) The path to mass industrialization will be rough, especially for the least mature technologies. If these technologies are to play a meaningful role in reducing GHG emissions by 2030, they must be scaled up to achieve capacity levels far greater than they currently possess. And they must reach those capacity levels and be brought to market within the next three to seven years—a time interval two to four times shorter than the ones previous green technologies required. As an example, consider electrolyzers, which are essential for producing the low-carbon hydrogen needed as an input in refining, fertilizers, iron and steel manufacturing, as a feedstock for the fuel cells and synfuels needed to transform the transport sector, and elsewhere. If this technology is to contribute significantly to meeting the Paris Agreement targets, it must achieve mass industrialization within the next three years—more than four times as fast as the time needed to bring solar power to market. And by 2030 it must expand its hydrogen production capacity to an amount 600 times greater than its current level. (See Exhibit 3.) By comparison, solar power took 19 years to achieve that level of increased capacity, and onshore wind took more than 26 years. Direct air capture (DAC) technology—a method of capturing CO2 directly from the atmosphere and then storing or using it in industrial processes—presents an even greater challenge. DAC has the potential to massively reduce the quantity of GHGs already present in the atmosphere. According to the International Energy Agency, DAC must be ready to capture about 87 megatons of CO2 every year by 2030, and 983 megatons by 2050, to meet global carbon abatement goals. But DAC is still in its infancy, and reaching the projected figures would require scaling deployment over today’s levels by a factor of about 9,000 by 2030. (See Exhibit 4.) Even factoring in the commitments that the largest DAC players have made, the effort would fall short by roughly 70 megatons. So to reach the goal, DAC must be industrialized at five times the pace currently anticipated. What stands in the way of mass production and market acceptance of these new technologies? And how can countries reduce mass industrialization enough to slow the rate of global warming? The