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Technology Revolutionizing Energy Mix but Policy Failing to Keep Pace – DNV GL Energy Transition Outlook Report

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  • Energy mix rapidly decarbonizing with oil set to fall sharply from 2030 onwards, leaving natural gas as the biggest single source of energy
  • Share of electricity in the final demand mix will more than double from today’s level to 40% in 2050, with two thirds of that electricity provided by solar PV and wind
  • Global emissions will peak in 2025, yet we still exhaust the 1.5 degree carbon budget in 2028
  • The Energy Transition Outlook is DNV GL’s view on the energy future through to 2050 modeling 10 regions and the impact on 3 industry sectors. It is a forecast of the most likely path ahead

LONDON–(BUSINESS WIRE)–#EnergyTransition–A technology-driven energy transition of staggering scale and speed will lead to a rapid decarbonization of the energy mix, with almost half our energy needs met by renewables by 2050, according to a new report. Plunging technology costs and market forces are driving the transition, but without bold policy intervention we will fall well short of the Paris climate goals. These are some of the findings of the third edition of the Energy Transition Outlook (ETO), which, owing to DNV GL’s independence and technical expertise, has become a respected voice in forecasting our energy future.

The speed of the transition is demonstrated by a series of landmarks in the coming decade. Oil will peak in mid 2020s, capital expenditure (CAPEX) on grids and renewables will exceed fossil CAPEX by 2025, natural gas will overtake oil as the single largest energy source in 2026 and in 2030 the amount of energy produced will start to decline even in a world of growing GDP.

Electrification will transform how energy is produced and consumed. By midcentury, 40% of final energy demand will be met by electricity (up from 19% in 2017), 63% of which will be generated by solar PV and wind. Electrification is also having a dramatic effect on road transport and by 2032 half of new car sales globally will be electric. The intrinsic efficiency of electric engines means that despite a 75% expansion of the global vehicle fleet by 2050, road transportation will use less energy in 2050 than it does today.

“Existing technology can deliver the future we desire – including meeting the 1.5°C target set out in the Paris Agreement. So far, support for the energy transition has been too sporadic. For example, German, Japanese and Chinese support for the solar industry has been vital in transforming its energy mix and Norway’s and China’s uptake of EVs has been rapid because of government support. We need widespread policy supporting emerging technologies, and continuing the support in the build-up phase to accelerate the energy transition” said Remi Eriksen, Group President and CEO of DNV GL.

The technology exists to meet the Paris target, but policies must be put in place that promote greater energy efficiency, more renewables and industrial scale carbon capture and storage. DNV GL has proposed ten measures that could be implemented to limit global warming. These actions include; $1.5 trillion of annual investment in expanding and reinforcing energy grids, an 8-fold increase in renewable energy production by 2030 and a 50-fold increase in manufacturing of batteries for the 50 million electric vehicles needed per year, also by 2030. On the current path, CO2 emissions will peak in 2025 and will be about half the current level by mid-century, indicating a warming of 2.4 degrees by the end of the century.

Policy makers can be emboldened by the affordability of the energy transition. Global expenditure on energy is currently 3.6% of GDP but that will fall to 1.9% by 2050. This is due to a decline in spending on fossil fuels, and the rise of low-cost, efficient electrification that leads to operating savings which more than offset ongoing, substantial high CAPEX on grids. This is reflected in declining energy intensity – the amount of energy required per unit of GDP – which will improve at 2.4% per year through to 2050. Going forward, energy intensity declines faster than the global economy grows, which leads to a peak in world energy demand by 2030 – at that point humanity will start using less energy.

–ENDS–

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About DNV GL

DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.

Contacts

Media Relations Manager

Peter Lovegrove

peter.lovegrove@dnvgl.com

+47 40904294

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

For the last half century, thousands of communications professionals have turned to us to deliver their news to the audiences most important to their business through the sources they trust most. Over that time, we've gone from a single office with one full time employee to more than 500 employees in 32 bureaus.

Business Wire

Onset Financial Named a Winner of the Utah Top Workplaces 2019 Award

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DRAPER, Utah–(BUSINESS WIRE)–#equipmentleasing–Onset Financial was just named the 14th Best Place to Work in Utah. The Salt Lake Tribune released the list based on employee feedback gathered through a third-party survey administered by research partner Energage, LLC, a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution, and connection, just to name a few.

“The Top Workplaces award is about much more than recognition and celebration,” said Eric Rubino, CEO of Energage. “Our research also shows that these organizations achieve higher referral rates, lower employee turnover, and double the employee engagement levels. It just goes to show that being intentional about culture delivers bottom-line results.”

Onset Financial dedicates time and effort to provide employees with an environment focused on their needs. As a core value, a healthy company culture is crucial to creating a dominating workplace. Onset Financial holds semiannual employee training, provides unlimited free cereal, distributes a hearty amount of company swag, serves catered lunches every Friday and focuses on employee appreciation.

“It’s exciting to be recognized as a top workplace in Utah, and I’m grateful to the members of our team who have put in the time to make Onset the place to be,” said Justin Nielsen, CEO of Onset Financial. “We are experiencing a record year and we know our employees are the biggest reason for this success.”

Most recently, Onset Financial launched Onset Fit. This program offers trainer-led workouts three times a week to employees during their lunch hour.

About Onset Financial, Inc. – Founded in 2008, Onset Financial, Inc. is the industry leader in equipment leasing and financing. Onset’s seasoned Management Team has decades of equipment leasing experience and key industry relationships that enable Onset to offer additional flexibility in lease structuring. For more information please call 801-878-0600 or visit www.onsetfinancial.com.

Contacts

Debbie Worthen

Onset Financial, Inc.

o: 801.878.0600

f: 801.878.0601

dworthen@onsetfinancial.com
www.onsetfinancial.com
Facebook: https://www.facebook.com/OnsetFinancial
Twitter: https://twitter.com/OnsetFinancial
LinkedIn: https://www.linkedin.com/company/onset-financial

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Edgewater Wireless Announces Grant of Stock Options

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OTTAWA, Ontario–(BUSINESS WIRE)–#Densification–Edgewater Wireless Systems Inc. (YFI; TSX.V) (OTCQB: KPIFF), the industry leader in Wi-Fi Spectrum Slicing technology for residential and commercial markets, has granted incentive stock options pursuant to its incentive stock option plan to a director of the Company to purchase up to an aggregate of 250,000 common shares in the capital stock of the Company. The options are exercisable at a price of $0.085 per share for a period of ten years from the date of grant. The options will vest over two years, with 33% vesting immediately, 33% vesting on the date that is 12 months from the date of grant and the remaining 34% vesting on the date that is 24 months from the date of grant. The options, and the shares issuable upon exercise, will be subject to applicable securities laws and regulatory hold periods.

About Edgewater Wireless

We make Wi-Fi. Better.

Edgewater Wireless (www.edgewaterwireless.com) is the industry leader in innovative Wi-Fi Spectrum Slicing technology for residential and commercial markets. We deliver advanced silicon solutions, Access Points, and IP licensing designed to meet the high-density and high quality-of-service needs of service providers and their customers. With 24+ patents, Edgewater’s Multi-Channel, Single Radio (MCSR) technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

For more information, visit www.edgewaterwireless.com or www.aera.io.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. Although Edgewater Wireless believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Edgewater Wireless can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause Edgewater Wireless’ actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets, market forces, competition from new and existing companies and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Edgewater Wireless undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts

Edgewater Wireless Investor Contact:

Andrew Skafel

President and CEO

T: +1 613-271-3710

E: andrews@edgewaterwireless.com
W: www.edgewaterwireless.com

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Uber CFO to Participate in Fireside Chat at the RBC Capital Markets 2019 Technology, Internet, Media and Telecommunications Conference

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SAN FRANCISCO–(BUSINESS WIRE)–Uber Technologies, Inc. (NYSE: UBER) announced today that Nelson Chai, chief financial officer, will participate in a fireside chat at the RBC Capital Markets 2019 Technology, Internet, Media and Telecommunications Conference on Wednesday, November 20, 2019. Mr. Chai is scheduled to appear at 8:30 a.m. Eastern Time.

A live webcast of the event will be available on the investor relations section of the Uber website at http://investor.uber.com.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 10 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Contacts

Investor Contact:

investor@uber.com

Media Contact:

press@uber.com

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