Delivering net-

zero: technology
innovation on the
path to 2050
A white paper in conjunction with:

https://reutersevents.com/events/energy-transition-europe/
https://reutersevents.com/events/energy-transition-north-america/
 Delivering net-zero: technology innovation on the path to 2050

Introduction

The year 2050 is still sufficiently far off to be a plausible

target for the achievement of net-zero emissions around
the world. But experts agree that reaching the Paris
Agreement target in that timeframe will be no mean feat. In
a survey by Mitsubishi Heavy Industries (MHI) Group, held
during the World Economic Forum’s Annual Meeting 2020
at Davos, a mere 35% of respondents said the target could
be achieved. In contrast, 44% of respondents were not
convinced i .

While many markets are slowly but surely progressing

towards a largely carbon-free electricity system, there is
growing awareness of the immense challenges involved
in achieving net-zero for energy overall. Decarbonizing
sectors such as transport, heating or industry, which alone
account for 42% of direct CO2 energy-related and process
emissions ii , will require not only a massive scale-up in
current low-carbon technologies, but also almost certainly,
the addition of others.

Innovation has a key role to play in the development of

these new technologies. With time running out it is crucial
for policymakers to fully support this innovation effort. This
paper outlines which areas deserve special attention.

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 Delivering net-zero: technology innovation on the path to 2050

The need to stimulate demand for a net-zero

economy

While MHI research shows that investment in new

technologies could be the most powerful force in
reaching carbon neutrality iii , it is unlikely that technology
alone could deliver net-zero emissions by 2050. Our
entire economy is based on fossil fuels, so the first goal
of a net-zero strategy should be to shift demand towards
carbon neutral products and services. Action to stimulate
low-carbon products, processes and lifestyles should be
taken on at least three fronts:

• Policy. Political will has already been key in

delivering the support needed to scale up renewable
energy technologies such as wind and solar.
Fortunately, many politicians see the value of clean
energy technologies not only for decarbonization
but also for industrial leadership—witness Japan’s
move to foster hydrogen iv , for example, or Europe’s
Green Deal v . Such support will remain critical to the
development of upcoming low-carbon technologies,
from new nuclear to green hydrogen.

• Energy efficiency. One of the easiest ways to

reduce emissions is to reduce energy consumption.
Energy efficiency standards and ratings appear to
be an effective way of encouraging this. In the EU,
for example, energy efficiency standards and ratings
are expected to save around 165 million tons of oil
equivalent in 2020, roughly equivalent to the entire
primary energy consumption of Italy vi .

The Energy Transition • Branding. As consumer movements, such as

that led by activist Greta Thunberg, have helped
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raise awareness of the dangers of climate change,
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appreciating the value of ‘low-carbon’ and ‘net-zero’
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labels in shoring up corporate reputations. In recent
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months, even oil companies have taken significant
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steps to embrace decarbonization.
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In addition to these pillars, reaching net-zero will also
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require continued and sustained support for international
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 Delivering net-zero: technology innovation on the path to 2050

Renewable technology: the story so far

Much of the optimism towards meeting net-zero by 2050

no doubt stems from the remarkable growth of renewables,
particularly wind and solar, in recent years. At the end of
2019, there was more than 2.5 TW of renewable generation
worldwide, with capacity growing at 7.4% viii a year. Although
47% of all clean energy capacity installed worldwide is in the
form of hydro power, in 2019 90% of all new projects were for
either solar or wind ix .

GW

90% 180
Share of new electricity generating capacity

80% 160

70% 140

60% 120

50% 100

40% 80

30% 60

20% 40

10% 20

0% 0

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Increase in non-renewables (GW) Increase in renewables (GW) Renewable share (%)

Renewable share of global annual power capacity expansion.

Source: International Renewable Energy Agency.

But in many regions, including Africa, Eurasia and Oceania,

the share of renewables in the generation fleet is still in the
low single digits. Asia, Europe and North America are the only
regions where renewables achieve a double-digit share of
generation capacity xi . Meanwhile, in places such as California
and South Australia, where wind and solar increasingly
provide the bulk of daytime generation, there are growing
The Energy Transition
problems with grid management xii .
Europe
The meeting unites CEO’s from This is usually a result of the fact that wind and solar
across the energy sector to tackle production is localized in time—PV works when it’s sunny
the Energy Transition (ET) head on; and turbines turn when it’s windy—so renewables-heavy
to shed light on the defining issue of
our time and help energy companies grids face a feast-or-famine situation. This underscores the
meet a uniquely difficult challenge. need for wind and solar buildouts to be accompanied by
That is, to be both an energy complementary generation technologies and energy storage.
company of today, and the energy
companies of tomorrow. As a result, there are calls not only to continue scaling
up wind and solar deployment but also to fast-track the
November 23 - 24, 2020, development of complementary clean energy technologies
London & Online such as hydrogen, batteries, carbon capture and new nuclear.
In September 2020, for example, the International Energy
 Delivering net-zero: technology innovation on the path to 2050

Agency’s executive director, Fatih Birol, said that energy

and climate goals “will become virtually impossible to reach”
without urgent action to develop carbon capture, utilization
and storage (CCUS) projects xiii .

The same month, the analyst firm Wood Mackenzie warned

it would be impossible to achieve the Paris climate goals
without a massive scale up of CCUS and green hydrogen.
“While the challenges facing the commercial deployment of
green hydrogen and CCUS are daunting, both must be part
of the solution if the world is to achieve the Paris goal for
global warming”, said Prakash Sharma, head of markets and
transitions for Asia Pacific xiv .

Turning up the dial on the energy transition

The relative importance of new technologies to achieving

net-zero is illustrated by original research carried out by
Reuters Events. When asked which technologies held the
most potential to deliver carbon savings on the road to
net-zero, wind and solar were cited by little over 25% of
350 respondents. This compared to more than 31% citing
hydrogen and 20% selecting batteries.

8.2% Wind
17.3% Solar
31.3% Hydrogen
10.1% Carbon Capture
20.2% Battery Storage

The Energy Transition 7.7% Nuclear

Summit North America 0.5% Tidal

2.4% Geothermal
Set Benchmarks, Inspire Change,
2.4% Biofuels
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• 7,500+ Attendees
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• 25+ Live & On-Demand Sessions What technology holds the most potential to deliver carbon savings on the road to net-zero?

• 1000+ Virtual meetings Source: Reuters Events Entergy Transition Network poll.

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America & Online

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Delivering net-zero: technology innovation on the path to 2050
Overall, there are at least four nascent energy technology
families that appear to hold significant promise in achieving
net-zero. These are described in detail below.
1. Hydrogen
Hydrogen is increasingly seen as a partner for renewables and
a storage medium to solve intermittency issues associated
with solar and wind. It has the potential to help decarbonize
hard-to-abate sectors such as heavy transportation, aviation,
steelmaking, and cement production, and can also serve
as a precursor for other green fuels, such as ammonia and
methanol.
At present, hydrogen production requires fossil fuels and
is carbon intensive. However, it is already possible to
decarbonize this process, creating so-called ‘blue hydrogen,’
by capturing carbon through CCUS during the production
process. “Blue hydrogen is in the spotlight because of its
supply and cost merits”, said MHI CEO Seiji Izumisawa.
“We can produce an energy source free of carbon dioxide
emissions by combining hydrogen with a carbon capture
system”.
Longer term, the objective is to switch to ‘green hydrogen’,
made using low-cost renewable generation to power water
electrolysis. Moves are already afoot to speed up this
process, which could help cut the cost of achieving net-zero
in half xv .In September 2020, for example, Mitsubishi Power,
a part of MHI Group, launched the world’s first portfolio of
standard packages for green hydrogen integration xvi .
Outlook 1: Medium term
Fossil-H2 with CCUS to be initiator and
accelerator of hydrogen society
Outlook 2: Long term
Renewable-H2 to be dominant through
successive/disruptive innovation and
significant cost reduction
Renewable energy-based
hydrogen
100% Fossil fuel-derived hydrogen
following the application of CCUS
Fossil fuel-derived hydrogen
0%
2030 2040 2050 (ICY)
Outlook for hydrogen ratio by source over the medium to long term.
Source: Mitsubishi Heavy Industries Group xvii .

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Delivering net-zero: technology innovation on the path to 2050
Elsewhere, MHI is exploring the implementation of hydrogen-
powered tri-generation plants for data centers in Singapore xii .
Work on the first utility-scale renewable hydrogen creation,
storage and transmission project is also underway in the
U.S xix . Recent MHI investment in HydrogenPro of Norway,
a leading producer of advanced electrolyzers, will further
contribute to the creation of a sustainable society through
hydrogen energy xx .
2. CCUS
Although carbon capture, utilization and storage is in its early
days of deployment, bodies such as the International Energy
Agency now believe it will be essential in achieving net-
zero. The technology itself can now be considered relatively
mature, with emerging applications in bioenergy xxii and
shipping xxiii . MHI Group, amongst others, has been developing
CCUS technology since 1990 and now has plants that can
capture as much as 90% of CO2 emissions.
Nevertheless, CCUS is still seen as a high-risk bet by the
investor community. Of the 21 large-scale CCUS plants in
operation around the world today xxiv , only one has received
commercial financing, said Guloren Turan, general manager of
advocacy and communications at the Global CCS Institute, an
industry body.
This could change as the need for CCUS becomes more
widely recognized. There is already the potential to remove
450 million tons of CO2 from natural gas production using
underground stores, at a cost of less than $40 a ton, said
Turan. Removing CO2 from power stations and industrial
processes is a more expensive affair, costing around $100 a
ton, she said. But with economies of scale there could be a
“significant reduction” in costs, she said.
A key determinant in CCUS uptake could be setting a price
for carbon. Turan said the International Monetary Fund had
calculated that the average carbon price needed to be around
$75 a ton to meet the Paris targets. Currently, “we’re far away
from it”, she said.

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Delivering net-zero: technology innovation on the path to 2050
3. Electrical energy storage
Electrical energy storage, which today is mostly dominated
by lithium-ion batteries, is still a nascent industry—but only
just. According to Wood Mackenzie, global energy storage
capacity could grow at a compound annual growth rate of
31% to 741 GWh by 2030. “We expect wavering growth in
the early 2020s”, Wood Mackenzie principal analyst Rory
McCarthy said. “But growth will likely accelerate in the late
2020s, to enable increased variable renewable penetration
and the power market transition” xxv .
800
700
600
%
31
GR
500 CA
400
300
6%
200 R6
CAG
100
2013 2015 2017 2019 2021 2023 2025 2027 2029
Cumulative global energy storage deployments. Source: Wood Mackenzie. xxvi
Most of this capacity will likely go towards applications with
discharge times of up to a few hours. Beyond this point
it will probably be economically advantageous to employ
less mature technologies than lithium-ion. One option is
green hydrogen, and there are already moves afoot to
create significant stores of the gas, to help power electricity
networks. xxvii
Mitsubishi Power’s Hydaptive™ package integrates a gas
turbine power plant with electrolysis to produce green
hydrogen using 100% renewable power and onsite storage of
green hydrogen xxviii . Elsewhere, the production of electricity
from hydrogen will likely require fuel cells. Fuel-cell technology
is developing apace and has been used by Mitsubishi Power
as the core of a high-efficiency power generating system
when combined with micro gas turbines. xxix
 Delivering net-zero: technology innovation on the path to 2050

Hydaptive tm Standard Flexibility Package

Hydaptive™ Standard Flexibility Package. Source: Mitsubishi Power

4. New nuclear

Nuclear power is a carbon-free energy technology capable

of stable, large-scale supply. As such, it holds promising
prospects for ongoing use as a crucial baseload power
source. In order to help deliver decarbonization with nuclear
technology, companies such as MHI are working to develop
next-generation light water reactors with the world’s highest
levels of safety and economics xxx .

There is also major interest in developing small modular

reactors (SMRs) for small grids and mobile usage. These
reactors of 300 MWe or less are expected to address the
need for carbon-free power in small-scale grids and remote
island areas, along with long-term and/or temporary mobile
power supplies in disaster areas xxxi .

“The U.S. is pushing ahead with its own program and there

The Energy Transition are also various programs worldwide, including in South
Korea, Argentina and several countries in Europe”, said Dr
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Jonathan Cobb, senior communication manager for the World
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Tackle the Energy Transition Head On Nuclear Association. “The range of proposed SMRs is very
broad, ranging from developments of technologies used in
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reactors today to novel technologies using different fuels, high
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temperatures, molten salt and so on”.
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Aside from this, a number of companies are also looking to
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develop fusion reactors, harnessing the process that powers
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the sun to create a virtually limitless supply of clean energy
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 Delivering net-zero: technology innovation on the path to 2050

xxxiii
.The International Atomic Energy Agency has counted more
than 110 fusion devices worldwide xxxiv , with the largest and
most ambitious one being ITER in France, co-developed and
co-manufactured by 35 nations xxxv .

Outlook and conclusions

The four technology categories listed above all have

considerable potential to speed up the decarbonization of
the world’s energy systems. Take hydrogen, for example.
Currently, hydrogen production is responsible for 2.2% of
global emissions, equivalent to the carbon output of the U.K.
and Indonesia combined. Switching to blue or green hydrogen
could cut those emissions at once.

Low-carbon hydrogen could go on to help decarbonize much

more of the energy system. It could account for up to 14%
of Europe’s energy mix by 2050, up from less than 2% today.
Goldman Sachs believe that green hydrogen could become a
$12 trillion market xxxvi .There is abundant corporate interest in
developing and exploiting this opportunity.

MHI Group, for example, has been researching and developing

hydrogen technologies since the 1970s. In 2018, the company
developed a 30% hydrogen mixture combustion technology.
The technologies above represent just a portion of the energy
innovation story. Other areas that could provide valuable
support on the path to net-zero range from heat pumps to
digital solutions, such as TOMONI and ENERGY CLOUD xxxvii .

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November 23 - 24, 2020, MHI Group’s Digital Solutions for Energy Management. Source: Mitsubishi Heavy Industries

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 Delivering net-zero: technology innovation on the path to 2050

That said, for all these technologies to achieve the scale

needed for net-zero, it is important that industry is given clear
signs of support from policy makers. A key step needed for
the development of this second generation of decarbonization
technologies is “a regulatory framework for blue hydrogen
production as well as green hydrogen”, said Professor
Emmanouil Kakaras, Senior Vice President and Head of
Innovation and New Products at Mitsubishi Power Europe.

This, along with a “level playing field among fuels, is needed

to effectively streamline public support for first-mover projects
and would create long-term certainty for investors”, he said.

References
__________________________________________________________________________________________________

i
 Mitsubishi Heavy Industries Group, Spectra, February 26, 2020: Net-zero by 2050
goals need sustained action, says poll. Available at https://spectra.mhi.com/net-
zero-by-2050-goals-need-sustained-action-says-poll.

ii 
Shunichi Miyanaga, Mitsubishi Heavy Industries Group, Spectra, January 17, 2020:
Net-zero by 2050 is possible: Success rests on 3 pillars. Available at https://
spectra.mhi.com/net-zero-by-2050-success-rests-on-3pillars.

iii 
Mitsubishi Heavy Industries Group, Spectra, February 26, 2020: Net-zero by 2050
goals need sustained action, says poll. Available at https://spectra.mhi.com/net-
zero-by-2050-goals-need-sustained-action-says-poll.

iv 
Shunichi Miyanaga, Mitsubishi Heavy Industries Group, Spectra, January 17, 2020:
Net-zero by 2050 is possible: Success rests on 3 pillars. Available at https://
spectra.mhi.com/net-zero-by-2050-success-rests-on-3pillars.

v 
European Commission website: A European Green Deal. Available at https://
ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal_en.

vi 
Mitsubishi Heavy Industries Group, Spectra, January 29, 2020: Here are 4 key
demand drivers for a low-carbon economy. Available at https://spectra.mhi.com/
here-are-4-key-demand-drivers-for-a-low-carbon-economy.
The Energy Transition
Summit North America Ibid.
vii

Set Benchmarks, Inspire Change, viii 

International Renewable Energy Agency, March 31, 2020: Renewable capacity
Tackle the Energy Transition Head On highlights.

• 7,500+ Attendees ix
Ibid.

• 40+ x CEO & Executive Speakers x

Ibid.
• 25+ Live & On-Demand Sessions
xi
Ibid.
• 1000+ Virtual meetings
xii 
Neil Ford, Reuters Events, September 23, 2020: California wind-storage projects
• 2+ Days of networking
surge as system struggles. Available at https://www.reutersevents.com/renewables/
wind/california-wind-storage-projects-surge-system-struggles.
November 19 – 20, 2020, North
America & Online

Energy Transition
Europe
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London & Online
Delivering net-zero: technology innovation on the path to 2050
xiii 
Jillian Ambrose, The Guardian, September 24, 2020: Carbon storage technologies
critical for meeting climate targets – IEA. Available at https://www.theguardian.com/
environment/2020/sep/24/carbon-storage-technologies-critical-for-meeting-climate-
targets-iea.
xiv 
Wood Mackenzie press release, September 24, 2020: Achieving 2-degree world
remains Herculean task.
xv 
Energy Networks Australia press release, September 25, 2020: Halving the cost to
net-zero emission with hydrogen.
xvi 
Mitsubishi Power Americas press release, September 2, 2020: Mitsubishi Power Cuts
Through the Complexity of Decarbonization: Offers the World’s First Green Hydrogen
Standard Packages for Power Balancing and Energy Storage. Available at https://
power.mhi.com/regions/amer/news/20200902.html.
xvii 
MHI Report 2019: Initiatives in the Hydrogen Supply Chain Aimed at Realizing a
Carbon-Free Society. Available at https://www.mhi.com/finance/library/annual/pdf/
report_2019_13.pdf.
xviii 
MHI press release, June 18, 2020: Keppel and Mitsubishi Heavy Industries to jointly
explore hydrogen powered tri-generation plant concept for data centres in Singapore.
Available at https://www.mhi.com/news/200618.html.
xix 
Jason Compton, Forbes, March 13, 2020: In Utah, Hydrogen And A Massive Salt
Dome Are Winning The West For Renewable Energy. Available at https://www.forbes.
com/sites/mitsubishiheavyindustries/2020/03/13/in-utah-hydrogen-and-a-massive-
salt-dome-are-winning-the-west-for-renewable-energy/#6d362cec5c52.
xx 
MHI press reléase, October 14 2020: MHI Group Undertakes Investment in
HydrogenPro of Moray,
xxi 
Leading Producer of Advanced Electrolyzers-- More Will Contribute to Creation of a
Sustainable Society through Hydrogen Energy. Available at: https://www.mhi.com/
news/201014.html
xxii
International Energy Agency press release, September 24, 2020: The world needs to
build on the growing momentum behind carbon capture. Available at https://www.
iea.org/news/the-world-needs-to-build-on-the-growing-momentum-behind-carbon-
capture.
xxii
MHI press release, June 24, 2020: NEGATIVE EMISSIONS PIONEER DRAX AND
LEADING GLOBAL CARBON CAPTURE COMPANY - MITSUBISHI HEAVY INDUSTRIES
GROUP - ANNOUNCE NEW BECCS PILOT. Available at https://www.mhi.com/
news/200624.html.
MHI press release, August 31, 2020: Mitsubishi Shipbuilding to Test World’s
xxiii
First Marine-based CO2 Capture System. Available at https://www.mhi.com/
news/20083101.html.
xxiv
Nicholas Kusnetz, InsideClimate News, September 27, 2020: Exxon Touts Carbon
Capture as a Climate Fix, but Uses It to Maximize Profit and Keep Oil Flowing.
Available at https://insideclimatenews.org/news/25092020/exxon-carbon-capture.
xxv
Wood Mackenzie press release, September 30, 2020: Global energy storage capacity
to grow at CAGR of 31% to 2030.
 Delivering net-zero: technology innovation on the path to 2050

xxvi
Ibid.

xxvii
Jason Compton, Forbes, March 13, 2020: In Utah, Hydrogen And A Massive Salt
Dome Are Winning The West For Renewable Energy. Available at https://www.forbes.
com/sites/mitsubishiheavyindustries/2020/03/13/in-utah-hydrogen-and-a-massive-
salt-dome-are-winning-the-west-for-renewable-energy/#6d362cec5c52.

xxviii
M itsubishi Power Americas press release, September 2, 2020: Mitsubishi Power Cuts
Through the Complexity of Decarbonization: Offers the World’s First Green Hydrogen
Standard Packages for Power Balancing and Energy Storage. Available at https://
power.mhi.com/regions/amer/news/20200902.html.

xxix
M itsubishi Power website: Hybrid System of Solid Oxide Fuel Cells (SOFC) and Micro
Gas Turbines (MGT). Available at https://power.mhi.com/products/sofc/index.html.

xxx
Mitsubishi Heavy Industries Group website: PRESSURIZED WATER REACTOR
(PWR):FEATURES OF THE LWR PLANT. Available at https://www.mhi.com/products/
energy/light_water_reactor_plant_features.html.

xxxi 
Mitsubishi Heavy Industries, Challenge Zero: The next-generation light water reactor
achieving the world’s highest safety and economic efficiency. Available at https://
www.challenge-zero.jp/en/casestudy/604.

xxxii
M itsubishi Heavy Industries, Challenge Zero: SMR Development for Small Grit Power
Reactors and Mobile Reactors. Available at https://www.challenge-zero.jp/en/
casestudy/613.

xxxiii
A ndrea Willige, Mitsubishi Heavy Industries Group, Spectra, June 11, 2020: Can
nuclear fusion give us unlimited emissions-free energy? Available at https://spectra.
mhi.com/can-nuclear-fusion-give-us-unlimited-emissions-free-energy.

xxxiv
International Atomic Energy Agency Fusion Portal, 2020: Fusion Device Information
System. Available at https://nucleus.iaea.org/sites/fusionportal/Pages/FusDIS.aspx.

xxxv
Masahiko Inoue, Mitsubishi Heavy Industries Group, Spectra, June 16, 2020: These
massive magnets take us a step closer to nuclear fusion. Available at https://spectra.
mhi.com/these-massive-magnets-take-us-a-step-closer-to-nuclear-fusion.

xxxvi 
Steve Goldstein, MarketWatch, September 23, 2020: ‘Green Hydrogen’ Could
Become a $12 Trillion Market. Here’s How to Play It. Available at https://www.
marketwatch.com/articles/goldman-sachs-says-so-called-green-hydrogen-will-
become-a-12-trillion-market-heres-how-to-play-it-51600860476.

Energy Transition M HI press release, December 8, 2017: MHI Group Launches New Organizational
xxxvii

Structures to Develop Energy Service Solutions for Changing Market. Available at

Europe https://www.mhi.com/news/171208.html.

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