17 17. We are witnessing a revolution in genomics – and it's only just begun; World Economic Forum; https://www.weforum.org/agenda/2019/06/today-you-can-have-your-genome-sequenced-at-the-supermarket/
18 18. Jenax J. Flex battery; https://jenaxinc.com/
19 19. Future batteries, coming soon: Charge in seconds, last months and charge over the air; Pocket-lint; https://www.pocket-lint.com/gadgets/news/130380-future-batteries-coming-soon-charge-in-seconds-last-months-and-power-over-the-air
20 20. 3 Major Materials Science Breakthroughs – and Why They Matter for the Future; Singularity hub; https://singularityhub.com/2020/05/21/3-major-materials-science-breakthroughs-and-why-they-matter-for-the-future/
21 21. Scientists just got closer to making nuclear fusion work; World Economic Forum; https://www.weforum.org/agenda/2019/05/nuclear-fusion-could-solve-the-world-s-energy-problems-and-scientists-just-got-closer-to-making-it-work/
22 22. Top 10 Emerging Technologies of 2020; World Economic Forum; http://www3.weforum.org/docs/WEF_Top_10_Emerging_Technologies_2020.pdf
PART II RETHINKING KEY SECTORS
Building upon the global shifts and tech mega-trends outlined in Part I, in Part II we'll look at the implications for some key sectors, including opportunities, challenges, and some brief examples of exciting projects and initiatives. (You'll find many more real-world examples across Parts III and IV.)
I could write a whole book on the changes taking place in these sectors, so each chapter provides an overview and highlights some of the dramatic shifts taking place. And, of course, I wasn't able to include every possible sector or industry facing change. I wanted to highlight those sectors that touch all of our lives to ensure everyone can relate to them. Some sectors are deliberately not included here, because they're referred to so frequently across Parts III and IV. Retail is a prime example.
Bottom line, if your sector isn't explicitly mentioned in this Part, don't worry; many of the same challenges, trends, and transformations will be applicable to your organization, and there are many lessons to be learned from the changes taking place in these industries.
CHAPTER 3 HOW WE GENERATE ENERGY: The Three Trends Transforming the Energy Sector
Our traditional ways of generating energy are exploitative, unsustainable, and designed for the world of the past (making the name “fossil fuels” particularly apt). Then there's the problem that energy producers who are reliant on fossil fuels aren't held accountable for the true external costs, particularly the cost to the environment and people's health. Coal, for example, is only considered cheap because coal-fueled power stations don't have to pay for the environmental and social costs associated with burning coal. In some parts of the world, this will no doubt have contributed to the reliance on fossil fuels continuing far longer than it should have.
Now that we understand the impact of fossil fuels, it's time to start approaching energy production differently. And it couldn't be more urgent because some of the emerging alternatives being mooted have a long lead time, meaning we need to start investing in these technologies now if we're to reap the benefits by, say, 2050.
It's no exaggeration to say that I consider transforming the energy sector to be one of the most important challenges we face in the world. But there are exciting and encouraging signs of change. In particular, three key trends are promising to overhaul how we produce energy:
Decarbonization refers to the transition toward a clean, carbon-free world, largely by increasing the use of renewables. Increasing premiums on the use of fossil fuels would also fall under this.
Decentralization refers to distributed energy production, instead of the highly centralized grids that we're currently used to.
Digitization refers to the use of digital machines, devices, and technology to optimize energy production, infrastructure, and use. Think of it as “intelligent energy.”
Let's explore each trend in turn.
Trend 1: The Decarbonization of Energy
Electrification is often touted as a key way to decarbonize energy, with the move toward electric cars being a great example. The electrification of our world is such a key trend that, over time, electricity demand could increase by four times in Europe, while the price of electricity falls due to increasing use of renewables.1 Unfortunately, at present, fossil fuels still make up a huge percentage of electricity generation in many parts of the world (in the US, for example, fossil fuels are responsible for 60.3 percent of electricity generation).2 For electricity to become emissions-free, we must move further toward renewable energy solutions such as wind, solar, biofuels, and tidal power.
The case for renewables
Switching to wind, solar, and water power worldwide could eliminate as many as 7 million deaths a year from air pollution, and slow (then, ultimately, reverse) the effects of global warming.3 Roughly one-fifth of the world's primary energy supply already comes from renewable sources, and this is expected to continue growing by 2.6 percent each year until 2040.4 Solar appears to be winning the market so far, making up 60 percent of the renewable energy capacity installed in 2019 and prompting technology giants like Apple and Google to invest in solar technology.5
Looking beyond the well-known option of solar panels on roofs, some of the most exciting solar projects to make headlines in recent years include: