Review of Global Carbon Neutral Strategies and Technologies
Youngho Cheon
Abstract
Declarations of achieving carbon neutrality are made by world leaders to prevent the climate change crisis and global warming. While direct regulatory measures for reaching carbon neutrality, such as market-based mechanisms, do exist, there may be limits to their use. Governments are now advocating for energy transitions, which involves replacing most of their electricity demand with renewable energy, hydrogen and nuclear power generation instead of fossil fuel power generation, and replacing non-electric energy demand with hydrogen energy. In this paper, we review the projected decline of fossil fuels in the current energy transition period and the characteristics of new and renewable energy predicted to replace them. Further, we review the role of the overseas resource development industries in the era of carbon neutrality, including Carbon capture and storage (CCS), and the overseas development of clean hydrogen energy.