WEBVTT 1 00:00:00.300 --> 00:00:01.800 - Jens, Thomas. Hi. 2 00:00:01.800 --> 00:00:02.861 Jens, to you first. 3 00:00:02.861 --> 00:00:05.850 Reaching our net zero goals will require 4 00:00:05.850 --> 00:00:08.640 a change in the way that we produce and consume energy. 5 00:00:08.640 --> 00:00:11.872 So what will the energy system need to look like 6 00:00:11.872 --> 00:00:13.950 to reflect that? 7 00:00:13.950 --> 00:00:17.520 - So a net zero energy system means 8 00:00:17.520 --> 00:00:21.480 we need to phase out fossil fuels everywhere. 9 00:00:21.480 --> 00:00:24.180 That means all energy consuming sectors 10 00:00:24.180 --> 00:00:29.180 predominantly need to electrify a lot of cars, trucks, 11 00:00:29.190 --> 00:00:33.183 building heat, industrial heat, all need to move to power. 12 00:00:34.402 --> 00:00:37.123 Where we still need molecules, 13 00:00:37.123 --> 00:00:40.650 those need to shift from fossil to non-fossil. 14 00:00:40.650 --> 00:00:43.380 A lot of which are also based on power. 15 00:00:43.380 --> 00:00:47.520 So we need to massively scale up our power infrastructure 16 00:00:47.520 --> 00:00:50.340 while transforming that away 17 00:00:50.340 --> 00:00:53.790 from coal and gas to renewables. 18 00:00:53.790 --> 00:00:54.690 - Thomas, what about the role 19 00:00:54.690 --> 00:00:58.708 and responsibilities of utilities in this transformation? 20 00:00:58.708 --> 00:01:01.860 - Building on what Jens said, 21 00:01:01.860 --> 00:01:03.690 we are just at the beginning of a journey. 22 00:01:03.690 --> 00:01:07.203 If you take for example our continent, Europe, 23 00:01:07.203 --> 00:01:12.203 we have just some 15% of primary energy based on renewables. 24 00:01:15.030 --> 00:01:18.750 So there are still 85% to go at the end of the day. 25 00:01:18.750 --> 00:01:21.990 And it's not only about ramping up the renewables, 26 00:01:21.990 --> 00:01:25.800 not only about replacing fossil fuels, 27 00:01:25.800 --> 00:01:30.750 it's making the right electron be at the right time, 28 00:01:30.750 --> 00:01:34.620 at the right place, which is a huge distribution journey, 29 00:01:34.620 --> 00:01:36.540 distribution grid journey. 30 00:01:36.540 --> 00:01:38.910 It all happens in the distribution grids, 31 00:01:38.910 --> 00:01:42.840 and it's all about the digitization of the energy system. 32 00:01:42.840 --> 00:01:44.420 Bringing the central... 33 00:01:45.480 --> 00:01:48.750 Bring the decentral supply and demand into balance 34 00:01:48.750 --> 00:01:53.750 is a huge challenge for the digital systems of the future, 35 00:01:55.110 --> 00:01:56.970 and that is a big role that we have to play 36 00:01:56.970 --> 00:01:58.443 as utilities in the future. 37 00:01:59.370 --> 00:02:01.860 - Jens, what are your hopes and expectations, 38 00:02:01.860 --> 00:02:04.530 for this COP in terms of transformation, 39 00:02:04.530 --> 00:02:06.840 accelerating that transformation? 40 00:02:06.840 --> 00:02:09.000 - I think the one thing we need to understand 41 00:02:09.000 --> 00:02:12.660 is that all this transformation that is ahead of us 42 00:02:12.660 --> 00:02:15.150 is probably, for energy systems, 43 00:02:15.150 --> 00:02:19.710 the most significant one since we introduced electricity. 44 00:02:19.710 --> 00:02:20.673 That's possible. 45 00:02:21.840 --> 00:02:24.030 The technologies for this are there. 46 00:02:24.030 --> 00:02:27.540 What's still lacking is a lot of political will, 47 00:02:27.540 --> 00:02:32.540 and in emerging economies also financial support. 48 00:02:33.090 --> 00:02:36.120 On the financial support side, I think we can see progress. 49 00:02:36.120 --> 00:02:38.520 If loss and damage comes, this will help 50 00:02:38.520 --> 00:02:41.040 finance the transformation. 51 00:02:41.040 --> 00:02:44.940 On political will, I have to say that I'm not sure 52 00:02:44.940 --> 00:02:47.340 whether, at least on a global level, 53 00:02:47.340 --> 00:02:50.370 political leaders have yet understood 54 00:02:50.370 --> 00:02:52.473 the severity of the situation we're in. 55 00:02:53.310 --> 00:02:55.140 - Do you agree with that, Thomas? 56 00:02:55.140 --> 00:03:00.140 - Yeah, I'm a little bit at odds with the whole vibe, 57 00:03:01.620 --> 00:03:06.620 the whole mindset here at COP27. 58 00:03:07.230 --> 00:03:10.860 What I see is the whole spirit is basically driven 59 00:03:10.860 --> 00:03:14.010 by the NGOs and by the industries, 60 00:03:14.010 --> 00:03:18.180 and my big hope would be that this enthusiasm 61 00:03:18.180 --> 00:03:20.871 also spills over to the politics, 62 00:03:20.871 --> 00:03:24.990 to the politicians, and political decision makers, 63 00:03:24.990 --> 00:03:29.990 and I guess the expectations for this COP 64 00:03:30.000 --> 00:03:31.920 regarding political decisions, 65 00:03:31.920 --> 00:03:35.160 political signals are not that high. 66 00:03:35.160 --> 00:03:36.960 But again, we are on a journey. 67 00:03:36.960 --> 00:03:41.220 We see a lot moving in the political landscape in Brazil. 68 00:03:41.220 --> 00:03:44.580 We've got some good news quite recently from the US, 69 00:03:44.580 --> 00:03:46.560 and I hope that we can take these dynamics 70 00:03:46.560 --> 00:03:47.820 at least to the next COP. 71 00:03:47.820 --> 00:03:50.490 - Thomas, Jens, thanks so much.