COP27 Ends with Loss and Damage Fund Agreement, US Commitments on Transportation Electrification; Smart Energy Management for EV Charging can Help.
Held in Egypt from November 6 – 20, COP27 extended closing by more than a day to reach an agreement that developed nations will provide “loss and damage” funding for vulnerable countries hit hard by climate disasters. The next step will be establishing a committee that will make recommendations at COP28 on how to operationalize the agreement.
Delegates from nearly 200 countries also agreed that greenhouse gas emissions need to be cut nearly in half by 2030 and reaffirmed the goal of containing global warming to 1.5 degrees Celsius above pre-industrial levels. However, delegates were disappointed at the lack of progress made in commitments to phasing out the use of fossil fuels, putting achieving the 1.5 degree limit at risk.
The conference also saw a number of other developments, including the resumption of formal climate talks between the US and China and emission reduction plans from India, the EU, Turkey, and other countries.
Additionally, the US announced its intention to only sell and produce zero-emission medium- and heavy-duty vehicles by 2040, including commercial delivery vehicles, buses, and heavy-duty trucks. The memorandum of understanding sets targets for 30% of new vehicles in this category to be zero emission by 2030 and 100% by 2040.
Smart EV charging energy management accelerates emission reductions
Globally, power generation accounts for about 30% of all (GHG) emissions. A smart energy management solution for EV charging infrastructure, including EV fleet depots, can contribute to reducing GHG emissions by helping to avoid increasing power generation needed to keep the rapidly growing numbers of EVs charged and on the road. Given the higher draw on the electric grid that will come from medium- and heavy-duty vehicles, smart energy management will be even more important in the coming years.
Smart energy management works by optimizing the use of existing grid capacity. Smart algorithms flatten the demand curve and balance use of electricity across all chargers at a facility. Smart energy management can also integrate grid power supplies with onsite renewable energy — typically solar panels — and local battery storage. Locations served by utilities that offer flexible and time-of-use pricing can also charge local storage from the grid when demand is lowest.
Paired with smart EV charging technology, the EVs themselves can become part of the solution with vehicle-to-grid (V2G) and vehicle-to-everything (V2X) technology. V2G returns the energy stored in EV batteries to the grid through bi-directional charging stations, further reducing the need to increase power generation to support EVs. V2X technology works the same way, but it can send energy from the vehicle’s batteries back to storage at home or at workplace charging facilities.
All told, with EV manufacturers, power utilities, smart energy management, and smart charging all working together, we can make progress on our shared goal of creating a better future world for our children.