Keywords
Carbon Reduction
CCS/CCU
Improving energy efficiency
How to Cite
Abstract
This article explores the role of energy in reducing global carbon emissions, which is crucial in the worldwide fight against climate change. Using the case study of KGHM, a leading industry player that has successfully integrated energy solutions, this study highlights the impact and key results of such efforts. By searching into the state of energy consumption this research addresses the widespread dependence on fossil fuels and the potential impact of renewable sources like solar, wind, hydroelectric power and biomass in reshaping our energy landscape. The study provides insights into technologies, the challenges they face during implementation and the economic and policy structures that influence their adoption. The study outlines technologies, their challenges in implementation and the economic and policy frameworks that impact their adoption. In this research, some recommendations have been provided for companies aiming to reduce their impact and encourage eco initiatives. The findings highlighted the growing of the transition to renewable energy in order to meet the targets set forth in agreements such as the Paris Agreement, which seeks to limit temperature rise to than 2 degrees Celsius. Finally, it was concluded a call to action for widespread policy reforms and increased corporate accountability in fostering a sustainable future for energy.
References
Abed, Q. A., & Badescu, V. (2015). Some solar energy technologies and applications. Energy Science and Technology, 5(1), 23-41.
Akar, S., & Young, K. (2015). Reducing subjectivity in geothermal exploration decision making [Paper presentation]. 2015 Stanford Geothermal Workshop, Palo Alto, California. https://www.nrel.gov/docs/fy15osti/63762.pdf
Amin, A. Z. (2015). How renewable energy can be cost-competitive. https://www.un.org/en/chronicle/article/how-renewable-energy-can-be-cost-competitive
Bhattacharjee, S., & Nandi, C. (2021). Technical feasibility study and optimisation analysis on solar biomass-based pumped storage hydropower plant. International Journal of Environment and Sustainable Development, 20(4), 404-429. https://doi.org/10.1504/IJESD.2021.116864
Brijs, P. H. A. T. (2021). Rising to the challenges of integrating solar and wind at scale. https://www.bcg.com/publications/2021/addressing-variable-renewable-energy-challenges
Bushnell, J. B. (1998). Water and power: Hydroelectric resources in the era of competition in the western US. https://www.haas.berkeley.edu/wp-content/uploads/pwp056.pdf
Carboni, J., Duncan, W., Gonzalez, M., Milsom, P., & Young, M. (2018). Sustainable project management: The GPM reference guide. Novi: GPM Global.
CDP. (2020). Climate change. https://guidance.cdp.net/en/guidance?cid=13&ctype=theme&idtype=ThemeID&incchild=1µsite=0&otype=Questionnaire&tags=TAG-646%2CTAG-605%2CTAG-600
Cozzi, L. (2021). Global energy review: CO₂ emissions in 2021. https://www.iea.org/reports/global-energy-review-co2-emissions-in-2021-2
Denholm, P., Arent, D. J., Baldwin, S. F., Bilello, D. E., Brinkman, G. L., Cochran, J. M., Cole, W. J., Frew, B., Gevorgian, V., & Heeter, J. (2021). The challenges of achieving a 100% renewable electricity system in the United States. Joule, 5(6), 1331-1352. https://doi.org/10.1016/j.joule.2021.03.028
Denholm, P., Ela, E., Kirby, B., & Milligan, M. (2010). Role of energy storage with renewable electricity generation. National Renewable Energy Laboratory (NREL). https://www.nrel.gov/docs/fy10osti/47187.pdf
Dzwigol, H., Kwilinski, A., Lyulyov, O., & Pimonenko, T. (2023). The role of environmental regulations, renewable energy, and energy efficiency in finding the path to green economic growth. Energies, 16(7), 3090. https://doi.org/10.3390/en16073090
Ejemeyovwi, J. O., Osabuohien, E. S., Ihayere, O. B., Gitau, C. M., Oyebola, F. M., & Ama, G. (2022). Biomass energy: Clean fuels for domestic use and institutional framework in Africa. In Y. Al-Douri (Ed.), Renewable Energy: Analysis, Resources, Applications, Management, and Policy. New York: AIP Publishing. https://doi.org/10.1063/9780735424272_007
Global Wind Energy Council. (2013). Global wind report – Annual market update 2012. https://www.gwec.net/wp-content/uploads/2012/06/Annual_report_2012_LowRes.pdf
Global Wind Energy Council. (2020). Global offshore wind report 2020. https://gwec.net/wp-content/uploads/2020/12/GWEC-Global-Offshore-Wind-Report-2020.pdf
Goodson, T. (2021). Renewables bucked the trend in 2020. https://www.iea.org/reports/global-energy-review-2021/renewables
Gracie Brown, B. C., Clune, R., & Cutler, Z. (2022, February 1). Upgrade the grid: Speed is of the essence in the energy transition. https://www.mckinsey.com/capabilities/operations/our-insights/global-infrastructure-initiative/voices/upgrade-the-grid-speed-is-of-the-essence-in-the-energy-transition
Hall, D. G. (2006). Feasibility assessment of water energy resources of the United States for new low power and small hydro classes of hydroelectric plants. https://www.nrc.gov/docs/ML1409/ML14093A275.pdf
Hamm, S. G., Anderson, A., Blankenship, D., Boyd, L. W., Brown, E. A., Frone, Z., Hamos, I., Hughes, H. J., Kalmuk, M., & Marble, A. (2021). Geothermal energy R&D: An overview of the U.S. Department of Energy’s geothermal technologies office. Journal of Energy Resources Technology, 143(10), 100801. https://doi.org/10.1115/1.4049581
Holechek, J., Geli, H., Sawalhah, M., & Valdez, R. (2022). A global assessment: Can renewable energy replace fossil fuels by 2050? Sustainability, 14(18), 4792. https://doi.org/10.3390/su14084792
IEA. (2021). Net zero by 2050. https://www.iea.org/reports/net-zero-by-2050
IEA. (2022). International collaboration. https://www.iea.org/energy-system/decarbonisation-enablers/international-collaboration
IEA. (2023a). Data and statistics. https://www.iea.org/data-and-statistics/data-sets?filter=all
IEA. (2023b). Fossil fuel subsidies in clean energy transitions: Time for a new approach. https://www.iea.org/reports/fossil-fuel-subsidies-in-clean-energy-transitions-time-for-a-new-approach
IPCC. (2018). Global warming of 1.5 ºC. https://www.ipcc.ch/sr15/
IPCC. (2019). Global greenhouse gas overview. https://www.epa.gov/ghgemissions/global-greenhouse-gas-overview
IRENA. (2019). Renewable energy market analysis: GCC 2019. https://www.irena.org/Publications/2019/Jan/Renewable-Energy-Market-Analysis-GCC-2019
IRENA. (2020). Global renewables outlook: Energy transformation 2050. https://www.irena.org/publications/2020/Apr/Global-Renewables-Outlook-2020
KGHM. (2021). Climate policy of KGHM Polska Miedź S.A. https://kghm.com/en/climate-policy
KGHM. (2022). Integrated reports. https://kghm.com/pl/inwestorzy/centrum-wynikow/raporty-zintegrowane (in Polish).
Lueken, L. (2023). Energy at a glance. https://heartland.org/publications/energy-at-a-glance-coal-power/
Maradin, D. (2021). Advantages and disadvantages of renewable energy sources utilization. International Journal of Energy Economics and Policy, 11(3), 176-183. https://www.econjournals.com/index.php/ijeep/article/view/11027
Mendiluce, M. (2021). Your company pledged to reduce its carbon footprint. Now what? Harvard Business Review. https://hbr.org/2021/06/your-company-pledged-to-reduce-its-carbon-footprint-now-what
Morris, J., Calhoun, K., Goodman, J., & Seif, D. (2014). Reducing solar PV soft costs: A focus on installation labor. Proceedings of the 2014 IEEE 40th Photovoltaic Specialist Conference (PVSC), Denver, USA, 3356-3361. http://dx.doi.org/10.1109/PVSC.2014.6925654
NREL. (2021). Economic feasibility for CO₂ utilization data visualization tool. https://www.nrel.gov/bioenergy/co2-utilization-economics/about.html
Parkinson, G. (2024). Neoen lands $1.4 billion debt deal for old and new projects, including Australia’s biggest battery. https://reneweconomy.com.au/neoen-lands-1-4-billion-debt-deal-for-old-and-new-projects-including-australias-biggest-battery/
Ritchie, H., Roser, M., & Max, R. (2024). Energy production and consumption. https://ourworldindata.org/energy-production-consumption
Royston, S., Foulds, C., Pasqualino, R., & Jones, A. (2023). Masters of the machinery: The politics of economic modelling within European Union energy policy. Energy Policy, 173, 113386. https://doi.org/10.1016/j.enpol.2022.113386
Sahoo, U. (2019). Progress in solar energy technology and applications. New York: John Wiley & Sons.
The Guardian. (2024). Three ways governments can accelerate the renewable energy transition. https://www.theguardian.com/advertiser-content/orsted/three-ways-governments-can-accelerate-the-renewable-energy-transition
Thurton, D. (2024). Ottawa no longer committed to a net-zero electricity grid by 2035. https://www.cbc.ca/news/politics/net-zero-electricity-climate-canada-1.7412874
Topping, N. (2021, April 23). How governments can drive a faster, bigger and better energy transition. World Economic Forum. https://www.weforum.org/agenda/2021/04/governments-drive-faster-bigger-better-energy-transition/
UNCTAD. (2023). Investment policies for the energy transition: Incentives and disincentives. https://unctad.org/publication/investment-policies-energy-transition-incentives-and-disincentives
Vaghela, P., Pandey, V., Sircar, A., Yadav, K., Bist, N., & Kumari, R. (2023). Energy storage techniques, applications, and recent trends: A sustainable solution for power storage. MRS Energy & Sustainability, 10, 261-276. https://ui.adsabs.harvard.edu/link_gateway/2023MRSES..10..261V/doi:10.1557/s43581-023-00069-9
Wang, Y., Yao, G., Zuo, Y., & Wu, Q. (2023). Implications of global carbon governance for corporate carbon emissions reduction. Frontiers in Environmental Science, 11, 1071658. https://doi.org/10.3389/fenvs.2023.1071658
World Bank Group. (2023). Scaling up energy storage to accelerate renewables – ESMAP’s energy storage program. https://www.worldbank.org/en/results/2023/02/08/scaling-up-energy-storage-to-accelerate-renewables-esmap-s-energy-storage-program
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Copyright (c) 2024 Economics and Environment