Based on a number of…
Macron has been eager to…
French utilities company Engie will ditch natural gas as a power source by 2050, opting instead for biogas, and renewable hydrogen to fulfill its green goals, according to a new report by Reuters.
“We will progressively make our gas greener so that by 2050 it can be 100 percent green,” Chief Executive Isabelle Kocher told reporters. “Most of the energy consumed is for heating, cooling and transport. By massively deploying green gas we could decarbonize all that.”
Engie has 70 biogas projects around the world, with just over half of them in France. The company has more projects lined up for approval, which would increase biogas production tenfold and generate millions of euros of new revenue. Engie sold most of its fossil fuel interests to Total and other oil majors this year as part of its green energy plan.
Engie’s leadership is packed with strong voices predicting a faster-than-anticipated adoption of green energies. Take the firm’s innovation chief, Thierry Lepercq.
“Even if oil demand continues to climb until 2025, its price could drop to $10 if markets anticipate a significant fall in demand,” Lepercq told Bloomberg in an interview last year.
“Solar, battery storage, electrical and hydrogen vehicles, and connected devices are in a ‘J’ curve,” he added. “Hydrogen is the missing link in a 100 percent renewable-energy system, but technological bricks already exist.”
Related: Does OPEC Need An Exit Strategy?
“As carmakers offer more electrical vehicles with a range exceeding 500 kilometers, charging stations being progressively deployed and more cities banning gasoline and diesel cars, a shift will progressively take place,” he said.
His prediction is in line with a growing number of estimates that predict a faster adoption of renewables and EVs than previously anticipated. For example, just a few weeks ago Wood Mackenzie estimated that electric vehicles could erase 10 percent of global gasoline demand by 2035.
By Zainab Calcuttawala for Oilprice.com
More Top Reads From Oilprice.com:
Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…