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South Korea could be more ambitious with its 9th Basic Plan’s 2030 renewables capacity target, according to research by Wood Mackenzie.
According to Wood Mackenzie and the U.S. Energy Storage Association’s (ESA) latest ‘US Energy Storage Monitor’ report, 910 megawatt-hours (MWh) of new energy storage systems were brought online in Q1 2021. This is an increase of 252% over Q1 of last year, making it the biggest Q1 so far for the US storage market.
On 19 April, Australian PM Scott Morrison's commented on the country's road to net-zero emissions.
Up to the mid-2020s, approximately 70% of wind and solar development activity will be supported by auctions. However, data from across Europe highlights that market-level dynamics are shaping the approach of would-be developers. As such, auctions alone will not be enough to deliver much-needed capacity, according to Wood Mackenzie.
Government funding and zero-emission vehicle regulations are strong drivers for commercial electric vehicle (EV) adoption in every region thus far, therefore reducing the primary barrier to commercial EV adoption: cost. This policy support will see the annual market value of electric bus and truck charging outlets pass the $200 billion mark by 2045, according to Wood Mackenzie.
Wood Mackenzie’s latest report shows that the global offshore wind operations and maintenance (O&M) market is expected to grow 16% annually to reach US$12 billion (€10 billion) by 2029.
Wood Mackenzie’s latest scenario report reveals that a significant increase in carbon pricing is needed to achieve the goals of limiting the rise in global temperatures to within 1.5 degrees Celsius.
Floating offshore could be the next frontier in wind power development in Asia Pacific, says Wood Mackenzie.
Following the military coup in Myanmar on Monday, February 1st, Wood Mackenzie and Verisk Maplecroft experts weigh in on what this means for the oil and gas industry.
Australia needs an ambitious long-term Renewable Energy Target (RET) policy to unlock future investments, says Wood Mackenzie.
What are the biggest emissions trends to watch this year? James Whiteside, Wood Mackenzie Global Head of Multi-Commodity Research, and Amy Bowe, Wood Mackenzie Head of Carbon Research, see five key themes
As Biden’s inauguration approaches, Wood Mackenzie experts share how his administration could impact trade, climate change goals, and changes to the energy sector in Asia Pacific.
With hopes of vaccines setting a better course for 2021, this year will see policymakers and market participants focus on initial but substantive steps towards net-zero objectives.
Prime Minister Boris Johnson has announced the UK's new 10-point climate action plan.
South Korea becomes the latest Asian economy to announce its net-zero carbon emissions pledge.
As global solar PV markets continue to weather the challenges posed by the coronavirus pandemic, solar PV installations are expected to hit 115 GWdc this year, according to Wood Mackenzie’s latest quarterly market outlook. This is up 5% from the total installed globally in 2019.
The global solar industry has experienced tremendous growth in the past decade as the annual demand for solar rose year after year while the cost of solar declined significantly. In the 2020s, solar module costs will continue to fall, albeit at a much slower rate. Instead, improvement in module efficiency and power class will propel the declining capex trend forward and ultimately lower the solar levelised cost of energy (LCOE), new research from Wood Mackenzie found.
The second quarter of 2020 saw more than 17 GW of wind turbine capacity ordered globally. This equates to an estimated $16 billion, according to new analysis from Wood Mackenzie.
Wood Mackenzie’s latest analysis shows over US$5 trillion of investments would be needed for China to reach its pathway for carbon-neutrality by 2060.
Wood Mackenzie’s latest report shows that the power generation sector in Asia Pacific could attract US$1.5 trillion worth of investments over the decade ending 2030.
According to Wood Mackenzie and the U.S. Energy Storage Association’s (ESA) latest 'US Energy Storage Monitor' report, 168 MW were deployed in Q2 2020. This is an increase of 72% quarter-over-quarter, 117% year-over-year and is the second-highest quarterly total ever seen, falling just behind Q4 2019 (186.4 MW).
Green hydrogen costs will fall by up to 64% by 2040, according to new research from Wood Mackenzie.
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new research from Wood Mackenzie.
Lithium-iron-phosphate (LFP) is poised to overtake lithium-manganese-cobalt-oxide (NMC) as the dominant stationary storage chemistry within the decade, growing from 10% of the market in 2015 to more than 30% in 2030, according to new analysis from Wood Mackenzie.
Using renewable energy to power liquefied natural gas (LNG) plants in Asia Pacific could reduce emissions by about 8%, says Wood Mackenzie.
546 microgrids were installed in the United States during 2019, more than any previous year, according to new research from Wood Mackenzie.
Mexico, Central America and the Caribbean saw a record 1,830 megawatts (MW) of new wind power capacity installed across the region in 2019 – a 126% year-on-year increase in additions, according to new research from Wood Mackenzie.
The U.S. solar market installed 3.6 gigawatts (GW) of new solar photovoltaic (PV) capacity in Q1 2020, representing its largest first quarter ever and 40% of all new electric generating capacity additions in the United States.
Bangladesh is expected to double its fossil fuel imports to 32 million tonnes of oil equivalent (Mtoe) between 2020 and 2030, says Wood Mackenzie.
The coronavirus pandemic will have a significant impact on the global solar PV market. Construction and development is slowing as countries around the world enforce unprecedented lockdowns. As the world economy faces severe economic disruption, Wood Mackenzie has downgraded its forecast for 2020 installations from 129.5 gigawatts (GW) to 106.4 GW, a reduction of 18%.
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