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Worldwide Energy Economy Transformation

With the transition in energy in progress, the global community is shifting from energy sources that are fossil-based towards a zero-carbon emission soon. As the spotlight continues to be on renewable and substitutable energy sources, the previous years have proved to be intriguing for both global oil and global power sectors.

The Bambili group attended conferences in 2019 and opened up discussions on the potentiality of renewable energy sources in the transformation of energy economies in underperforming economies. 

The widespread discussion dealt with critical aspects of transformation, including project funding, enabling policy frameworks amidst others. Apart from the European countries, the last few years have witnessed activities in renewable energy and alternative power sources in Asia, with Japan and China taking the lead on the automotive fuel sector of energy.

The Re-Fire technology in Shanghai, Horizon  Fuel Cell technology in Singapore, and Ballard Power Systems in Shandong are good examples of places where the use of hydrogen power is evident in the moving of buses and other locomotives. 

China has been a front-runner in the fight to transition the world away from fossil burning fuels. A major view from the conferences was that the adoption of innovative financial funding systems to tackle the funding issues in the fuel cell sector in up-coming economies.

In China, it was observed that the presence of the government was needed as an equity partner in renewable energy companies. The presence of a public-private partnership is vital for the advancement of renewable energy sources as developing economies would gain access to angel venture funding.

Japan, on the other hand, has also been actively involved in the implementation mission for a clean and more sustainable energy in the future by committing to hydrogen and renewable fuel cell energy sources. Recently Honda and Isuzu signed a pact to conduct joint fuel-cell power research on heavy trucks.

South Korea, India, and Malaysia are also slowly starting to adopt renewable energy as a complementary source in their mixing of energy.

Energy Shift in Africa

Africa boasts of more than 1.4GW of newly installed solar structure, which is photovoltaic in nature. In 2018, the International Renewable Energy Agency installed 1067 MW combined in South Africa, Egypt, Kenya, Namibia, and Ghana, naming these nations the fastest rising PV markets in Africa.

The adoption of a fuel cell as a substitute energy source has been hindered by the nature of hydrogen, which is its prohibitiveness in storage and transportation costs, though it is readily available.

It is tough to predict what the year 2020 has in store for the power sector, mostly the renewable and substitute energy sector.