Research results set out in the 2017 edition of Lloyd’s Technology Radar – the first to zoom in on low carbon energy and power and energy – reveals that renewable power generation technologies are now cost competitive with fossil fuels, and ongoing innovation is likely to yield further gains.
“We are very encouraged by the findings, which highlight not only a growing optimism across the industry but a vigorous and intelligent debate about the pathways to decarbonization,” Lloyd’s Register Energy Director Alasdair Buchanan commented upon the report’s release.
“Clearly, there are many uncertainties about exactly how the industry will evolve, but what is inarguable is that the conversation is no longer about ‘should we?’ but ‘how should we do it?’”
Lloyd’s Low Carbon Technology Radar: The Highlights
A global engineering, technical and business services organization wholly owned by the Lloyd’s Register Foundation, Lloyd’s Register explores conditions and the outlook for renewables, nuclear, grid and infrastructure; and energy storage in its double edition Technology Radar – Low Carbon 2017 research report.
In addition to delving into a wide variety of data and information sources spanning the global power-energy value chain, researchers sought out insights and opinions of industry leaders and obtained views from nearly 600 professionals and experts.
Among the report’s key takeaways, Lloyd’s Register found that low-carbon generation technologies have declined in cost to the point where they are now competitive with conventional fossil fuel power generation.
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