9/23/2023 0 Comments Mint budget australia![]() BYD’s Seagull), indicating further technological progress and an upgrade to TRL 8 (first-of-a-kind commercial) if sales materialise as planned. Since then, multiple carmakers have announced plans to market sodium-ion electric cars (e.g. In 2022, the world’s largest battery manufacturer, CATL, announced that it would begin production of sodium-ion batteries by 2023, and the IEA assessment of this technology increased from TRL 3/4 (early prototype) to TRL 6 (full prototype at scale) as a result. Their main drawback is their lower energy density, which means that they are better suited to stationary storage and lower-range EVs. Sodium-ion batteries have the potential to completely avoid the use of less abundant critical metals, and are the only battery chemistry currently under development that does not require lithium. Major policy developments – such as the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union, and the 14th Five-Year Plan already in place in China – could significantly accelerate innovation and improve competitiveness of pre-commercial technologies, but an over-emphasis on domestic strategies could also risk creating barriers to knowledge sharing. Spending on innovation is growing – such as through public and corporate energy research and development (R&D) budgets or venture capital (VC) investments in clean energy start-ups – despite the global energy and macroeconomic crisis, Russia’s invasion of Ukraine and the long tail of the Covid-19 pandemic. Technology readiness has advanced in key areas such as certain electric vehicle (EV) batteries, low-emission hydrogen production and carbon capture in cement production. While most of the CO2 emission reductions needed by 2030 can be achieved with technologies available on the market, the path to 2050 relies on technologies that are not yet ready for widespread uptake but must become available this decade, particularly in sectors that are hard to decarbonise such as heavy industry and long-distance transport. Innovation in clean energy technologies needs to accelerate to get on track with the Net Zero Emissions (NZE) by 2050 Scenario.
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