The real cost of electricity – Insights on CO2 emission & electric power generation mix
Would you imagine our world today without electricity? Electricity has become an integral part of our daily lives, playing a vital role in providing us with the comfort, convenience, and functionality we rely on, which is translated in the increased demand for this valuable resource. However, this comes with a cost.
Overview
Power generation is currently the largest contributor in CO2 gas emissions globally, and by analyzing electric power generation sources further; we clearly can see that fossil fuel power generation remains primary.
Top 10 Countries
Going deeper, and from country perspective, top 10 countries in CO2 emission from power generation are responsible for almost 4 times the average compared with the rest of the world. This calls for urgent action to reduce our reliance on fossil fuel sources (mainly coal sources) and shift towards a more sustainable and homogeneous mix of generation sources.
The Dominance of Fossil Fuel Sources: The electric power generation industry is still heavily dependent on fossil fuel sources, accounting for approximately 60% of the total energy mix. Surprisingly, this percentage has remained relatively unchanged from 1984 to 2022. The continued dominance of fossil fuels poses a significant challenge in our efforts to mitigate climate change.
Special focus on the USA and China
China is the largest consumer for coal worldwide and the third largest gas consumer as well, while The USA is the third largest in coal and the largest in gas consumption.
Both countries depends mainly on these two source to generate their electricity as the majority of consumption generation plants.
Proposed Solution
To combat the environmental impact of power generation, it is imperative that we focus on reducing our dependency on fossil fuels, particularly coal. Instead, we should concentrate our efforts on increasing the use of renewable and nuclear energy sources. By transitioning to a more sustainable and diverse mix of generation sources, we can significantly reduce CO2 emissions and work towards a greener future.
There are positive signs of progress in our transition towards cleaner energy sources. The shift from oil to natural gas as a primary energy source worldwide is a step in the right direction, as natural gas is more environmentally friendly compared to oil and coal. Additionally, there has been a gradual increase in the utilization of renewable energy in recent years. However, these efforts are still modest and require accelerated action to achieve sustainability and meaningful emission reduction.
Recommendations
To achieve the global sustainable goals and net-zero emission enshrined in Paris Agreement and COP27 recommendations; it is a necessity to move towards a sustainable electricity genertion mix, which can be achieved by:
1. Implement electric power generation sustainability programs:
2. Learning from the successful experience in reducing oil dependency can guide these sustainability programs.
3. Establish strong energy policy frameworks.
4. Utilize new technologies and innovative energy services solutions.
5. Increase investment in renewable and nuclear energy.
6. Upgrade and retrofit existing power plants.
7. Enhance international collaboration and electricity interconnection between countries.
In conclusion power generation is currently the largest source of CO2 emissions globally, however it is also the sector that is leading the transition to net zero emissions through the rapid deployment of nuclear and renewables.