Artificial Intelligence to accelerate energy transition; WEF report

By Shilpa Annie Joseph, Official Reporter
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Switzerland-based independent international organization World Economic Forum (WEF) has released a new report on how artificial intelligence (AI) can be used to speed up equitable energy transition and increase business trust in the technology.

Digital technologies, particularly AI, are crucial drivers for this transition and have the potential to deliver the energy sector’s climate goals more rapidly and at a lower cost.

The report ‘Harnessing Artificial Intelligence to Accelerate the Energy Transition’ was written in collaboration with BloombergNEF and Deutsche Energie-Agentur (dena), the German Energy Agency. It examines AI adoption in the energy sector, identifies high-priority AI applications in the energy transition, and provides a road map as well as practical recommendations for the energy and AI industries to maximize AI’s benefits.

According to the report, AI has the potential to add significant value to the global energy transition. Based on BNEF’s net-zero scenario modeling, every 1 percent of additional efficiency in demand creates $1.3 trillion in value between 2020 and 2050 due to reduced investment needs. AI can achieve this by enabling greater energy efficiency and flexing demand.

Roberto Bocca
Roberto Bocca
Head – Energy & Materials

“AI is already making its mark on many parts of society and the economy. In energy, we are only seeing the beginning of what AI can do to speed up the transition to the low-emissions, ultra-efficient, and interconnected energy systems we need tomorrow. This report shows the potential and what it will take to unlock it – guided by principles that span how to govern, design, and enable responsible use of AI in energy. Governments and companies can collectively create a real tipping point in using AI for a faster energy transition.”

Mr. Andreas Kuhlmann, Chief Executive Officer, dena said, “As dena, we have been focusing on digital technologies for years. Especially with our ‘Future Energy Lab’ we are boosting Artificial intelligence projects AI is an essential technology for the energy transition since it will provide the glue to connect the different sectors (power, heat, mobility, and industry) and serve as digital technology to effectively monitor systems and processes. To efficiently control the energy system of the future, which will be very volatile due to renewable energies, such agent-based control will play an overarching role.”