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While the energy industry is one of the few sectors that can affect the wellbeing of a country, much of the world's energy is produced and consumed today in ways that burden the environment.
The issue can be addressed with the use of sustainable technologies with low or zero emissions, which would require the transformation and modernization of the current energy model.
Smart sustainable energy technologies can help us meet our future needs but require careful planning, advanced technology and innovative solutions.
It is expected that the changes to come in the next few decades, will be sweeping compared to the evolution so far.
With the current rates with which we are moving away from a carbon economy, it is estimated that hydrogen will have a 90% market share around 2100 unless changes pick up the pace and a more decisive shift to a hydrogen economy is made.
For example, oil now holds a prominent position in the EU as it is widely used in the industrial, transport sectors and households.
Also, natural gas is used in all sectors including power generation along with coal and nuclear energy.
Moving towards a hydrogen economy, it is expected that the use of oil will initially be limited to meeting only the needs of the transport sector.
The main energy resource used in all sectors will be natural gas. Also, a part of natural gas resources will be used to produce hydrogen which is an environmentally friendly fuel.
The first hydrogen communities created will be able to produce green hydrogen, that is hydrogen from renewable scattered production systems.
The first hydrogen power systems will be on a commercial basis and will cover part of the demand for zero emissions and carbon dioxide electricity.
Once the shift from the current hydrocarbon economy to the hydrogen economy is completed, oil will no longer be used as it is expected that hydrogen produced either by natural gas reforming or coal gasification or renewable energy sources will be used on a large scale.
The EU will have transformed its current economy into a hydrogen economy.
Moving towards the hydrogen economy, the future electricity system will consist of central power stations with clean and environmentally friendly technologies that will produce the basic load (perhaps along with nuclear power plants).
Meanwhile, renewable energy systems such as wind and photovoltaics and scattered production systems will be integrated into the electrical system.
Also, storage mechanisms are expected to evolve, so that hydrogen can be stored and used for power generation when needed.
For example, due to current technical limitations, at night when demand is low, some wind farms cannot link to the electricity grid.
But in the future, with the use of storage mechanisms, they will be able to connect whenever there is wind, and if they cannot direct the generated electricity to the system (due to low demand), they can produce hydrogen by electrolysis of the water.
Hydrogen can be stored and used during the day when demand is high or in other energy sectors such as transport.
Central power stations will produce their maximum power (thus maximum efficiency) around the clock.
The resulting excess energy can be used, just as renewable energy sources, to produce hydrogen by water electrolysis. Hydrogen can be stored and used during the day when demand is high or in other energy sectors such as transport.
In the long run, we are also to see the installation and use of a smart over-grid that will unite Europe's electricity grids with those of North Africa and the Middle East.
Renewable energy sources can be installed on a large scale where there is a high potential. For example, wind farms can be installed in the North Sea and on the west coast of Europe and North Africa.
Solar power systems (photovoltaic and solar thermal) can be installed in southern Europe, North Africa and the Middle East.
Wave energy technologies can be installed in the Atlantic Ocean and geothermal technologies in Iceland.
With this geographic distribution of renewable energy combined with the use of hydrogen storage mechanisms, 100% renewable energy use will be possible in the future.
Given the recent developments with the discovery of hydrocarbon deposits in the Southeastern Mediterranean, as well as the strong interest in renewable energy investments, we need to achieve sustainable energy growth by smartly combining the right management of hydrocarbons with sustainable development for the benefit of future generations.
Thus, transforming the existing polluting energy system of the Southeast Mediterranean countries into a sustainable energy system based on diversified energy sources with higher energy efficiency, with the long-term goal of moving to a hydrogen economy to enhance cooperation and prosperity.
At the same time, the Southeast Mediterranean countries can pioneer the hydrogen economy by becoming exporting countries of sustainable energy to the EU.
This could be achieved by drawing up a common long-term strategic plan with a horizon beyond 2060.
The strategy will take into account inter alia (a) the connection of the Southeast Mediterranean countries to the European countries through electrical interconnections; (b) the integration of sustainable energy technologies in all the countries of the South East Mediterranean; (c) the use of hydrogen to be produced from renewable energy sources and from gas reform after 2030; (d) the export of electricity to European countries; and (e) the export of hydrogen to European countries.
The writer is chairman of the Cyprus Energy Regulatory Authority
