Accelerating carbon neutral power systems through innovation-driven cost reduction and regional collaboration

Abstract

Prioritizing electric power system decarbonization is crucial for meeting global carbon neutrality targets. However, the role of energy technology cost reduction driven by innovation in advancing carbon neutrality in the electric power system has not been well studied. To fill this gap, an integrated investment planning and operation model is developed to simulate the carbon neutral pathway in the electric power system over a 30-year period from 2020 to 2050. The learning curves with different learning rates are incorporated into the model to represent different energy technology innovation scenarios. According to our results, the advanced innovation scenario is projected to achieve carbon neutrality in the electric power system five years earlier compared with the conservative innovation scenario, with a cost savings of 465 billion CNY. In addition, both inter-regional and intra-regional collaboration facilitate the achievement of carbon neutrality in the electric power system at a reduced cost. Graphical abstract: [Figure not available: see fulltext.]