Tackling the Energy Trilemma: Mitsubishi Power’s Pioneering Approach to Secure, Affordable, and Clean Energy Solutions
As the world shifts gears towards clean energy, “navigating the energy trilemma” is the top short-term priority. The energy trilemma involves providing secure, affordable, and clean energy while increasing investments in renewables and other low-carbon solutions. Emerging markets like the Indian subcontinent, Southeast Asia, and Sub-Saharan Africa are expected to drive global energy use through 2050. However, most of these countries will still rely heavily on fossil fuels for at least the next decade.
Mitsubishi Power believes that the cornerstone of energy transition success in the power generation industry is cultivating partnerships that facilitate the creation of groundbreaking products and business models. With the recent enactment of the Inflation Reduction Act (IRA) in the United States, a staggering $370 billion has been allocated for clean technology incentives, promising robust market growth for the next thirty years. To further diminish emissions, Mitsubishi Power is concentrating its efforts on hydrogen co-firing in gas turbines and broadening their “Energy Transition” division. This expansion will encompass battery energy storage, photovoltaic solar, and hydrogen technologies.
Bill Newsom, Dr. Javier Cavada, and Khalid Salem, leading executives at Mitsubishi Power, share their thoughts on the scope and challenges of the global energy transition today, and the role Mitsubishi Power is taking to help guide the power solutions market toward those goals.
Article written by Azam Saghir.
