23d • 📊 Industry Analysis
Electrification & Energy Efficiency (Financial Times)
I a am sharing an article I found on Financial Times, about electrification. I have taken a screenshot of the article , which you can find below.
Below I share the key points of the article.
If you want to read the original article as it appears on Financial Times, The link to the article is: https://www.ft.com/content/7258379d-e424-420e-b651-a018e3e926dd
This article is about how switching from fossil fuels to electricity can reduce global energy consumption while supporting economic growth.
As developing countries continue to advance, demand for energy-intensive services such as air conditioning and transportation is expected to grow by a lot by 2050.
Rather than increasing fossil fuel use, which would worsen climate change, electrification could reduce energy demand by by 24 % over the next 25 years, even as the global economy doubles in size.
This improvement occurs because electric applications operate more efficiently than their fossil fuel counterparts.
Traditional combustion engines convert only 25 % of fuel energy into motion, wasting the remaining 75 % as heat. Whereas electric vehicles utilize 90 % of their energy input. Similarly, heat pumps can produce 4 times more heat per unit of electricity than gas boilers can generate from the same amount of chemical energy.
Renewable electricity sources such as solar and wind avoid the significant energy losses that occur when fossil fuels are converted to electricity in power plants, where 40 to 65 % of input energy is typically lost as waste heat.
This transition to an electrified economy is affordable and will benefit consumers financially. Electric vehicles are already cheaper to operate than traditional cars and are becoming competitive in purchase price, particularly in markets such as China. Heat pumps, despite higher initial costs, deliver considerable savings through reduced ongoing energy expenses.
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Electrification & Energy Efficiency (Financial Times)
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