Comment: Five questions about the energy crisis that must be answered in 2023.
: if investors steer clear of countries with coal-based energy systems, many low- and middle-income nations will find it harder to catch up and industrialize. More money needs to be made available to them. So far, national pledges to the Green Climate Fund have come up short. What’s needed are more initiatives such as the Global Climate Alliance, proposed at the COP27 climate conference in Egypt last month.
Some energy-intensive manufacturing sectors, including for aluminium, fertilizers and other chemicals, are starting to move to places offering cheaper energy, such as the United States or the Middle East. Other industries are innovating. European steel makers are investing in converting to green hydrogen and teaming up with energy companies to build large wind-to-hydrogen facilities.
Researchers need to inform new business models to help heavy industry to adjust swiftly while remaining competitive. These models will need to be rapidly refreshed as conditions and practices change. For example, petrochemical refineries will survive in the long run only if they switch to low-carbon liquid fuels and can commercialize them.
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