艰难的事情：驾驭能源转型的物理现实（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The energy transition is in its early stages, with only about 10 percent of the required deployment of low-emissions technologies achieved by 2050 in most areas, indicating significant room for growth and investment opportunities [9][15][28] - Twenty-five interlinked physical challenges must be addressed to advance the energy transition, which involves developing new low-emissions technologies and entirely new supply chains and infrastructure [9][10][29] - Understanding the physical challenges can help CEOs and policymakers navigate the transition effectively, identifying viable opportunities and addressing bottlenecks [11][42] Summary by Sections At a Glance - The energy system accounts for over 85 percent of global CO2 emissions, necessitating a transition to low-emissions technologies while expanding energy access globally [9][15] - Progress has been made in some areas, but the most demanding challenges remain largely unaddressed [9][28] Introduction - The global energy system is complex and has been optimized over centuries, but it is responsible for high emissions and inefficiencies [14][57] - The transition aims to reduce emissions while maintaining or improving energy system performance [57][58] Executive Summary - The current energy system is high-performing but generates significant emissions, with two-thirds of energy currently wasted [24][57] - Low-emissions technologies like solar and wind power need to be deployed effectively to ensure a successful transition [25][27] Energy Transition Challenges - The transition involves transforming seven interlinked domains: power, mobility, industry, buildings, raw materials, hydrogen, and carbon reduction [26][40] - Addressing the hardest of the 25 identified physical challenges is crucial for reducing energy-related emissions [29][35] Physical Challenges Overview - The report categorizes challenges into three levels based on technological performance and interdependencies, with Level 3 challenges being the most difficult [34][35] - Significant scaling of low-emissions power generation capacity is required, alongside advancements in electric vehicles and industrial decarbonization [36][37][38] Conclusion - A successful energy transition requires a comprehensive understanding of physical challenges and the interdependencies within the energy system [20][42] - Stakeholders must consider both immediate actions and long-term strategies to facilitate the transition while ensuring affordability and reliability [43][44]