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全球能源系统脱碳的新视角(英).pdf
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全球能源系统脱碳的新视角(英).pdf
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A new perspective on
decarbonising the global
energy system
Matthew Ives, Luca Righetti, Johanna Schiele, Kris De Meyer,
Lucy Hubble-Rose, Fei Teng, Lucas Kruitwagen,
Leah Tillmann-Morris, Tianpeng Wang, Rupert Way &
Cameron Hepburn
April 2021
2
About this report
A report for the UK-China Cooperation on Climate Change Risk Assessment Phase 3
project, funded through the prosperity programming of the Foreign, Commonwealth and
Development Oce and developed in cooperation with The Royal Institute of International
Aairs (Chatham House)
●
Authors
•
Matthew C. Ives | Institute for New Economic Thinking & Smith School for Enterprise
and the Environment, University of Oxford, UK
•
Luca Righetti | Future of Humanity Institute, University of Oxford, UK
•
Johanna Schiele | Harvard Kennedy School, Harvard University, USA
•
Kris De Meyer | Earth Sciences, University College London, UK
•
Lucy Hubble-Rose | Communicating Climate Science Policy Commission,
University College London, UK
•
Fei Teng | Institute of Energy Environment and Economy, Tsinghua University,
Beijing, P. R. China
•
Lucas Kruitwagen | Smith School for Enterprise and the Environment,
University of Oxford, UK
•
Leah Tillmann-Morris | Smith School for Enterprise and the Environment,
University of Oxford, UK
•
Tianpeng Wang | Institute of Energy Environment and Economy, Tsinghua University,
Beijing, P. R. China
•
Rupert Way | Institute for New Economic Thinking & Smith School for Enterprise and
the Environment, University of Oxford, UK
•
Cameron Hepburn | Smith School for Enterprise and the Environment,
University of Oxford, UK
Please direct any correspondence to: matthew.ives@smithschool.ox.ac.uk
Acknowledgements
We are very grateful to the Foreign, Commonwealth and Development Oce for funding
this project under its prosperity programming and for the ongoing research support that
underpins this report from the Oxford Martin Institute for New Economic Thinking and
Baillie Giord.
3
Abstract
An analysis of historical cost trends of energy technologies shows that the decades-
long increase in the deployment of renewable energy technologies has consistently
coincided with steep declines in their costs. For example, the cost of solar photovoltaics
has declined by three orders of magnitude over the last 50 years. Similar trends are to
be found with wind, energy storage, and electrolysers (hydrogen-based energy). Such
declines are set to continue and will take several of these renewable technologies
well below the cost base for current fossil fuel power generation. Most major climate
mitigation models produced for the IPCC and the International Energy Agency have
continually underestimated such trends despite these trends being quite consistent and
predictable. By incorporating such trends into a simple, transparent energy system model
we produce new climate mitigation scenarios that provide a contrasting perspective
to those of the standard models. These new scenarios provide an opportunity to
reassess the common narrative that a Paris-compliant emissions pathway will be
expensive, will require reduced energy reliability or economic growth, and will need to
rely on technologies that are currently expensive or unproven as scale. This research
provides encouraging evidence for governments that are looking for greater ambition
on decarbonising their economies while providing economic growth opportunities and
aordable energy.
This report should be referenced as:
Ives, M.C., Righetti, L., Schiele, J., De Meyer, K., Hubble-Rose, L., Teng, F., Kruitwagen,
L., Tillmann-Morris, L., Wang, T., Way, R. & Hepburn, C. 2021. A new perspective on
decarbonising the global energy system. Oxford: Smith School of Enterprise and the
Environment, University of Oxford. Report No. 21-04.
4
Contents
•
A new perspective on decarbonising the global energy system: Summary 7
•
Introduction 13
Changing the ‘policy mood music’ 14
How to read this report – a roadmap 15
•
Section 1: How models inform decision-making on climate 17
Understanding the costs and consequences of climate change 17
How climate mitigation scenarios are developed 18
The range of scenarios modelled 20
Opportunities for improvement 22
How are decision-makers currently using climate mitigation scenarios? 24
Setting climate targets, plans, policies, and strategies 25
Other uses of climate mitigation scenarios 29
•
Section 2: Empirical technological progress trends and the need
for a fresh look at the future 30
New clean energy opportunities 30
Historical development of energy system reporting 33
How have scenarios changed over time? 35
Historical technology cost trends 37
Technology cost forecasting 39
Modelling technological change 42
Assessing model cost forecasts and projections 42
What causes the projections to go so wrong? 44
Improving the estimation of technology costs 46
•
Section 3: A probabilistic technological change model for estimating
the cost of the global energy transition 48
Introduction 48
The PTEC Energy System Model 49
A simple and transparent model for forecasting technological change in the global
energy sector 49
Components of the PTEC model 51
Energy system omissions 52
Primary, final, and useful energy 52
Deploying technologies in the PTEC Model 53
Experience exponents across technologies 53
The uncertainty of future costs 54
Managing the intermittency problem 55
5
The two PTEC energy transition scenarios 56
Constructing a scenario in PTEC 56
The Stalled and Decisive Transition Scenarios 57
The Stalled Transition scenario 57
The Decisive Transition scenario 59
•
Section 4: Comparing our emission scenario projections with the IEA and
IPCC scenarios, to 2040 and beyond 60
Introduction 60
Equilibrating PTEC scenarios with those of the IEA and IPCC 61
A comparison with the IEA emissions scenarios 62
Background on the IEA World Energy Outlook 62
Primary energy demand 63
Final energy demand, and electricity generation in 2040 65
Change in final energy consumption by scenario 67
Cost per MWh by technology across scenarios 68
Annual emissions by fuel 69
Total global energy system cost comparison 71
Comparison to IPCC future emissions scenarios 71
The IPCC Scenario Matrix 71
Comparing the PTEC and IPCC emissions scenarios 72
•
Section 5: The barriers to a decisive transition and the opportunities
presented by this research 73
Introduction 73
Barriers to a decisive transition 73
Mainstream climate mitigation models 73
Navigating the socio-technical transition 75
The “just” transition, gender and inclusiveness, and energy insecurity 77
Transition risks and stranded assets 78
Regional dierences in the costs of technologies 79
Energy security and the intermittency problem 80
Is an interim solution required? 81
Competition from fossil fuels 81
The opportunities presented by the Decisive Transition 82
PTEC’s conservative assumptions about costs and tech growth 82
The empirical evidence 82
A methodology for incorporating probabilistic technological change 83
•
Section 6: Conclusions 85
The Implications of this work 85
Expectations around the overall cost of transition to a Paris Compliant Scenario 85
Expectations around the speed of transition 86
Nationally Determined Contributions (NDCs) 86
Expectations around the make-up of energy technologies in the future 86
Expectations around the transition risk 87
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