What is Electrification and which are its benefits

categories: Construction & Infrastructure 

Milan, Italy   -   18/07/2023 - 02:00 AM

What is electrification, one of the main drivers of decarbonization Prysmian Group is investing in?

 

The electrification of the energy sector, reached by generating electricity through renewable energy sources, is one of the main pillars for achieving carbon neutrality, as electricity appears to be a crucial energy vector and a ground-breaking opportunity to boost decarbonization and energy transition.

 

What is decarbonization?

Decarbonization refers to the process of reducing the amount of carbon dioxide and other greenhouse gas (GHG) emissions that are emitted into the atmosphere in order to mitigate the impact of climate change and achieve carbon neutrality. Key driver of the energy transition, decarbonization requires switching from fossil fuels to renewable energy sources in crucial industries such as transportation, energy production, industrial processes and so on, through the process which is commonly defined as electrification.
Decarbonization has now become a global imperative, as it is our last chance to limit global warming and therefore meet the ambition of the 2015 Paris Agreement. Although many governments and businesses are increasingly committing to reduce their carbon footprint, both locally and globally, by adopting decarbonization measures, much is still to be done.
 

Definition and benefits of electrification

As stated above, one of decarbonization’s critical megatrends is electrification, which is considered to be the first step to reach the goal of zero emissions set worldwide. But what is electrification?
Electrification is the process of replacing technologies and services that run on fossil fuels with ones that run on electricity from renewable sources, contributing to cutting carbon emissions to limit warming to 1.5°C, as required by the IPCC.
 
The benefits of electrification are clear:
  • Decarbonize the economy by cutting greenhouse gas emissions;
  • Guarantee air quality by significantly reducing air pollution;
  • Improve energy efficiency by promoting sustainable energy use;
  • Fight climate change and guarantee a cleaner future.
Electrification is therefore to be perceived as a crucial tool to bring about the energy transition and finally get on track with a sustainable development model.
 
 

 

“The year 2022 confirmed the urgency of the energy transition towards renewable sources and, to a greater degree, of electrification,

not only with a view to speeding up decarbonization processes,

but also to allowing Europe to strongly reduce its dependence on natural gas and oil exporting countries”

 

Valerio Battista
CEO Prysmian Group

 

How’s the electrification process going?

Since the share of electricity in total final energy demand in recent years has been increasing steadily, but still appears to be alarmingly low, phasing out from fossil fuels in favor of electricity as the main source of energy calls us to reshape and reconceive our habits when it comes to refueling our transport means, powering our industries or heating up our buildings, among other things. To get on track with the Net Zero Scenario, in fact, the speed of this increase will necessarily need to nearly double to reach the 2030 milestone.

More precisely, the International Energy Agency (IEA) claims that to get on track with the Net Zero Scenario, the share of electricity in energy demand will need to increase by around 3.5% per year1

 

Electrification in Prysmian Group

To share both internally and externally the role of Prysmian in helping foster the electrification process and decarbonize our environment, the Group has launched a new interactive platform providing insights on how Prysmian Group enables clean energy to power lives, communities, and everything around us.

The platform, called Discover Energy, focuses on the three critical decarbonization’s megatrends:

  • Grid hardening
  • Electrification
  • Mobility

Find out more about Discover Energy and Prysmian Group’s commitment towards electrification on the dedicated website.

 

 

“Electrification is another area where Prysmian plays a critical role.

We have invested and will continue to invest in expanding our capabilities and capacity in Solar, Wind, Mining among many others.”

 

Juan Mogollon
EVP Energy Division
 
1IEA Report on Electrification, September 2022