Global Energy and Climate Outlook 2022: Energy trade in a decarbonised world

Kimon Keramidas, Florian Fosse (), Andrea Diaz Rincon (), Paul Dowling (), Rafael Garaffa, Jose Ordonez (), Peter Russ (), Burkhard Schade, Andreas Schmitz (), Antonio Soria Ramirez, Toon Vandyck () and Matthias Weitzel
Additional contact information
Florian Fosse: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Andrea Diaz Rincon: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Paul Dowling: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Jose Ordonez: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Peter Russ: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Andreas Schmitz: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Toon Vandyck: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en

No JRC131864, JRC Research Reports from Joint Research Centre

Abstract: This edition of the Global Energy and Climate Outlook (GECO 2022) presents an updated view on the implications of energy and climate policies around the world. Current climate policy pledges and targets imply a rapid decline in greenhouse gas emissions, but there remains both an implementation gap in adopting policies aligned with countries’ mid-term Nationally Determined Contributions and Long-Term Strategies, and a collective ambition gap in reducing emissions to reach the Paris Agreement targets of limit global warming to well below 2°C and pursue efforts to 1.5°C. This report provides insight into the structural evolution of energy trade in a decarbonising world in the coming decades. With a greater share of energy produced domestically, the decarbonisation effort results increased energy self-sufficiency. We examine the role of hydrogen specifically: the share of hydrogen and of derived fuels in total global final energy consumption remain low by 2050 (7% and 5%, respectively). International hydrogen trade is limited (6-11% of hydrogen demand), with most trade taking place via pipeline from neighbouring regions. The trade of hydrogen-derived liquid fuels is more pronounced (up to 25% of these fuels' demand) and takes place over longer distances by ship. Embodied energy trade remains an important element in a decarbonised global economy, while shifting away from embodied fossil fuels towards embodied low-carbon electricity.

Keywords: Global Energy system; Climate Change; Green House Gas emissions; Nationally determined contributions (NDCs); Long term strategies (LTS); trade; embodied emissions; hydrogen; synthetic fuels; e-fuels (search for similar items in EconPapers)
Date: 2022-12
New Economics Papers: this item is included in nep-ene, nep-env and nep-int
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