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[LISTEN] We aren't doing our part in reducing energy consumption by using energy more efficiently. Carbon capture and storage aren't being deployed as they should be: Tasneem Samodien of OldMutualSA on MoneywebNOW climatechange renewables podcast
SIMON BROWN: I’m chatting now with Tasneem Samodien. She’s a research analyst at Old Mutual Private Client Securities. Tasneem, it’s good to chat again. Reports are out, particularly around coal consumption, talking around coal getting back to 2013 record levels, fuelling fears that coal’s returning and that the move to green/renewable is abating. In a note that you put out recently you disagree.
So I don’t think any government in the world at this point can stand up to the population and say, ‘we’re going to build more coal plants’, or ‘we’re going to invest in additional fossil fuels, despite the energy crisis’.SIMON BROWN: You make the point that China’s tripling investment in solar panels this year; the US has just passed the Inflation Reduction Act, which had lots in it but there’s almost $400 billion in there committed to clean energy.
So we all know where we’re going, but we all know that we have to get to using renewable energy to reduce our carbon emissions. I don’t think we can get around that. So it’s more the short term versus long term that’s playing out. SIMON BROWN: Yes, and the circumstances. A quick last question. Notwithstanding, you do make the point that you think we are unlikely as a planet to achieve that net-zero emission target by 2050, which was an ambitious but important target.
And then also [in] the high-intensity industries – the production of steel, the production of chemicals – where you can’t really electrify, they are really dependent on coal and other fossil fuels. We haven’t developed alternative fuel sources like hydrogen. Clean hydrogen would go a long way in decreasing emissions in those industries. But we are still a couple of years off on that technology.
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