Ref: McKinsey and Company
|Ways to Achieve It (as per the article)
|How the Pacific is Affected
|Designing and deploying a capital-efficient and affordable system
|Efficient decarbonization planning; Cross-sectoral resource planning; Capital efficiency in energy sector spending; Empowering and educating customers to manage rates.
|- Plan investments for long-term decarbonization - Deploy capital more cost effectively - Empower and educate customers to manage rising rates
|Improved energy affordability, potential for clean energy growth, reduced environmental impact.
|Strengthening supply chains
|Secure availability of raw materials; Scale up resilient manufacturing; Develop and acquire talent.
|- Secure long-term supply agreements for raw materials - Innovate to reduce material constraints - Invest in talent acquisition and development
|Stable access to materials, potential for job creation, ensuring a resilient energy supply in the Pacific region.
|Securing access to adequate land
|Developing land with strong potential for renewables efficiently; Improved solar and wind technology; Value sharing with communities.
|- Efficiently develop land for renewables - Improve technology efficiency to require less land - Share economic value with communities
|More efficient use of available land, potential for renewable energy generation, increased local economic opportunities.
|Reforming transmission development
|Diversification of transmission methods; Deploying DERs; Optimizing electric transmission; Transition to dispatchable zero-carbon resources.
|- Deploy DERs for local capacity - Optimize electric transmission with existing gas network - Transition to dispatchable zero-carbon resources
|Enhanced grid reliability, integration of renewables, ensuring energy access in remote Pacific areas.
|Creating market mechanisms
|Establish market mechanisms to ensure reliable and adequate clean-energy supply; Revise resource planning; Expand forecasting; Incentivize flexible power sources.
|- Revise resource planning for decarbonization - Expand forecasting to account for changing supply and demand - Provide incentives for flexible power sources
|Ensure power reliability, affordability, and sustainability in the Pacific region.
|Accelerating technological innovation
|Investing to reduce risk; Providing long-term market and regulatory clarity; Investing in shared infrastructure to scale up new clean technologies.
|- Invest in research and development for new technologies - Provide regulatory clarity and incentives - Invest in shared infrastructure for scaling up new technologies
|Access to cutting-edge technologies, sustainable energy solutions, job opportunities in innovative sectors.