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The Global Energy Prize annually honors outstanding achievements in energy research and technology from around the world that are helping address the world’s various and pressing energy challenges.

Rae Kwon Chung gave the lecture within the framework of the "Energy of Knowledge" at EEF-2018

On September 11 the Global Energy Prize International Award Committee member Rae Kwon Chung, an international expert in the field of energy and climate change, presented a speech on "The forecast of the world energy development until 2030" within the framework of The Energy of Knowledge program.

Nowadays the global community asks more questions about the energy future shape, in the expiring stock of traditional energy sources and environmental problems related to their processing conditions. Energy consumption by the whole of humankind will continue to grow, and the issue of global transition to energy generation from renewable energy sources is becoming more acute.  The world community has made a big step towards a sustainable eco-future by signing the Paris Climate Agreement (preventing the global temperature rise above 2 ° C). Although the traditional types of energy continue the world's energy balance domination, the share of electricity produced by RES in 2017 was 25% of the total volume.

Rae Kwon Chung, Adviser to the Chairman of the UN Secretary-General`s High-level Expert and Leaders Panel (HELP) on water and disasters, is the lead author of the Intergovernmental Panel on Climate Change report awarded the Nobel Peace Prize in 2007. He is also an active supporter of the concept of "green growth." This principle means stimulating economic growth, which ensures the preservation of natural assets.

According to Rae Kwon Chung, the humanity is on the verge of three global crises: energy, environmental and economic.

"The world community is at the beginning of a difficult path to transform the energy industry. States should use new models of reducing the carbon emissions and reduce the carbon intensity of the economy. Hydrocarbons combustion can no longer guarantee the economic growth as we need a new economic paradigm, for example, the “Three E” paradigm It means a close intertwining of the economy, ecology, and energy. Net renewable energy will stimulate energy growth without causing any damage to the environment," the expert believes.

Pros of deep decarbonization will only be visible in the long-term perspective. Under the Paris Agreement, by 2050 hydrocarbon emissions would be reduced by 70% compared to current levels, and 95% of electricity would be generated from clean energy. However, the implementation of the Paris Agreement requires decisive political action. For example, introducing a carbon dioxide emissions tax, that would reveal the profitability of changing the energy consumption structure. The expert considers that such a tax will not do any harm to the business. It is planned to attract 860 billion dollars each year as the additional net investments in the RES segment.

The expert also cited the international agency for renewable energy sources IRENA forecast. According to it, by 2050 in the RES segment will create 26 million job opportunities. By the same year, 70% of cars produced would be electric vehicles. By 2050, the share of fossil fuel use would be reduced by three times compared to today's figures. Also, public health levels will improve, and the mortality due to environmental pollution rate will decrease.

"Reducing the use of fossil sources and the energy transition to a "green economy" has been not a matter of technical feasibility or political will, but of a critical need, which is also economically viable," the speaker concluded.

Let us remind you that the Energy of Knowledge program is a series of interactive lectures of the Global Energy Prize Laureates and other outstanding experts working in the energy sector. Its goal is to draw the young audience’s attention to the global energy issues and to inspire scientific research in the industry.

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