The Transition to the Decarbonised Economy of Tomorrow

How can economic strategies bring our current, fossil fuel based energy system into a carbon neutral future? According to the International Panel on Climate Change, we have only limited time left to keep global temperatures below 1.50 C and to avoid a climate crisis. How do we go about decarbonizing our economy? What are the best renewable energy sources to bring about this transition? And how do we convince investors that renewables really are the best option? These and more questions will be addressed in this course. Moreover, we will identify the steps the European Union needs to take to reach its goal of a carbon neutral economy by 2050.

In order to understand the energy transition options, we will examine the impact the introduction of carbon free energy production has on the market. Increasingly wind and solar power and other technologies, are integrating into the energy mix at a high level. Looking at real life cases and expert predictions, you will look into these technologies, their integration in current market designs and the economic strategies needed for their implementation.

None of this can be done, of course, without the help of governmental policies. Using real life case studies, you will learn about the business case for renewable energies and how government support schemes, such as subsidies and green certificates, are currently driving the boom in the renewable energy sector. You will also learn about the implementation of carbon markets and carbon pricing and be able to discuss how effective this strategy has been in the European Union.

Finally, we will be looking to the future, examining the visions that have been outlined for 2030, 2050 and beyond. The course will ask you to envision the future of energy supply: how would you shape the carbon free world? There are already many ideas out there, but nothing is certain. You could be the next great mind helping to mold the future into the sustainable and carbon-free world we all want to live in.

What you'll learn

• The impact of the energy transition on energy markets, including the introduction of renewable energy sources and storage technologies;
• To understand the business case for renewable energy technologies and to detail different support schemes for renewable energy sources;
• To discuss different methods of carbon pricing, including discussing the origin and the implementation of the emission trading scheme;
• To describe the goals and appearance of the European energy system and energy market of 2050, discussing the steps necessary to achieve these goals.

Syllabus

• Week 1 - Key elements of energy markets and the energy transition : Why we need the energy transition and the tools and technologies currently working towards achieving this, including renewable energy sources and flexibility options.
• Week 2 - The economics of renewables and renewable energy policies : The business case for renewable energies and the different support schemes in place to integrate them into the energy market.
• Week 3 - Decarbonization and carbon markets : The different methods of carbon pricing and the emission trading scheme, using the European union as a case study
• Week 4 - Energy Vision of the European Union : The 2050 goals for the European energy market, what is needed to be done to achieve these goals. That will outline how the energy system will look like by that time.
• Week 5 - Next steps forward

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Photo : Annie Spratt on Unsplash