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Power Electronics will play a key role in this paradigm shift to more renewable electrical energy and higher energy efficiency in multiple applications including transportation. In electrical energy generation a major shift to renewables as sources of future electrical energy will happen. The political institutions world-wide have the responsibility to create the boundary conditions to accelerate this needed change. Renewables (Wind, Solar, ..) are important future contributors and solar power (photovoltaic or thermal) needs to be taken serious. In regards of energy efficiency we need to focus on efficient bulk power generation including the mandatory use of waste heat for district heating or process industries. This all will ask for a substantial expansion and modernization of the electrical distribution and transmission system with more MVDC and HVDC systems. In industrial processes efficiency improvements can be achieved with a major focus on pump and fan applications. Another 30% of inefficient pump and fan applications need to be converted to variable speed drives to get an average of 40% energy saving in these applications. In regards of transportation up to 30-50% fuel/energy consumption reduction can be achieved with the DC-link based power system to enable efficient hybrid and in the longer term pure electrical solutions in transportation.