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New research from global natural resources consultancy Wood Mackenzie indicates Asia-Pacific's offshore wind capacity will rise 20-fold to 43 GW in 2027.
Is the Global Energy Transition on track? A new report by Wood Mackenzie, Thinking global energy transitions: the what, if, how and when, explores the forces shaping the energy transition, and pinpoints the sustainability tipping point – when the world shifts from the age of oil and gas to the age of power and renewables – will arrive by 2035.
Veritas Capital (“Veritas”), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas has completed the purchase of Wood Mackenzie from Verisk (Nasdaq: VRSK).
Wood Mackenzie’s latest report shows most markets in Asia Pacific can expect to see cheaper levelised cost of electricity (LCOE) for renewables compared to coal by 2030.
According to a new report by Wood Mackenzie, coal will continue to be the dominant fuel source in power generation, peaking at 2027 before slowing down and accounting for 36% of the region’s generation mix in 2040.
Following PM Scott Morrison's win in the recent 2019 Australia election, Wood Mackenzie and Verisk Maplecroft analysts share their thoughts.
India's first east coast regas project, Ennore LNG terminal, was commissioned yesterday by Indian Oil Corporation (IOCL). Wood Mackenzie's senior analyst Kaushik Chatterjee shares the significance of this project and how this marks the beginning of India doubling its regas capacity to 56.5 million metric tonnes per annum (mmtpa) by 2025.
The Asia Pacific region is forecast to invest US$3.3 trillion in power generation over the next 10 years, with 49% earmarked for wind and solar, and 12% for energy storage, according to latest Wood Mackenzie analysis.
Following the 7.4-magnitude earthquake reported off Fukushima, Japan, Wood Mackenzie senior analyst Yamato Kawamata gives an overview of the impact on the power sector.
China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before. Western markets are benefitting from trading with the IKEA of the energy transition, but balancing reliance on China’s technology providers with local interests is now a key political as well as environmental challenge, says Wood Mackenzie.
The EIB's new financing criteria will make lending to gas projects very difficult. It highlights that gas is also increasingly in the spotlight of the climate debate.
India’s renewables target of 175 GW capacity (100 GW of solar and 75 GW of wind) by 2022 is an ambitious endeavour. Even with significant cost declines, Wood Mackenzie expects about 76% of the target to be met by 2022 and this would still be a noteworthy achievement. Wood Mackenzie's solar analyst Rishab Shrestha explains why.
Historically, coal has played a key role in meeting Asia's growing power demand. However environmental concerns has led to more stringent regulations and commitments towards tighter emission controls globally. Increasingly over the last year, financing institutions (mostly export credit agencies (ECAs) in OECD countries and European banks) have announced plans to stop investing in coal power projects. This could impact Asia since we expect growth in power demand through to 2035, and this calls for new power capacity, including coal-fired ones.
If high interest rates persist, transitioning to a net zero global economy will be even harder and more costly. The higher cost of borrowing negatively affects renewables and nascent technologies, compared to more established oil and gas, and metals and mining sectors, which remain somewhat insulated.
Last week, Japan’s Ministry of Economy, Trade and Industry (METI) released a draft of its upcoming 6th Strategic Energy Plan which included major changes to the FY2030 power generation mix targets.
Asia Pacific renewables (wind and solar) generation investments could double to US$1.3 trillion over the current decade to 2030 compared to the previous decade (2011 – 2020), says Wood Mackenzie, a Verisk business (Nasdaq:VRSK).
China’s march towards carbon neutrality is forcing its aluminium smelters away from using captive coal-fired power, says Wood Mackenzie.
On 22 September, China announced its ambition to be carbon-neutral by 2060. Wood Mackenzie experts weigh in on what this means.
The topic of environmental protection continues to feature heavily in the Two Sessions today. Wood Mackenzie experts share some initial thoughts.
War in Ukraine is transforming the outlook for the supply, demand and price of hydrocarbons and the pace and cost of the energy transition. While the precise timing and implementation of future bans on Russian commodity imports are difficult to predict, a rewriting of energy trade flows is now underway.
According to a new report by Wood Mackenzie, Japan could lose its pole position as the world’s top LNG importer to China as early as 2022.
After a decade of stellar growth, Wood Mackenzie forecasts that solar demand in the Asia-Pacific will decline for the first time this year. Compared to 2017, the region's solar demand will dip 18% to 59 GW in 2018 due to declining installations in China, India and Japan.
Economic growth, stability in energy prices, energy transition, dual-control targets and relations with the US, are the top five themes to watch out for in China’s energy outlook this year, says Wood Mackenzie.
On 19 April, Australian PM Scott Morrison's commented on the country's road to net-zero emissions.
Wood Mackenzie believes that Chinese authorities could allow customs clearance of stranded Australian thermal coal. In addition, the local governments in Yulin region of Shaanxi province and Inner Mongolia have announced yesterday that they will be increasing coal supply to meet demand.
Carbon emissions in the steel sector must fall by 75% from today’s levels to limit global warming to within 2 degree Celsius (°C), says Wood Mackenzie.
The EU Commission proposed a carbon border adjustment mechanism (CBAM) as part of today’s “Fit for 55” package. James Whiteside, global head of multi-commodity research at Wood Mackenzie, said: “As the first mechanism of its kind, the CBAM is being designed in consultation with industry to avoid unintended consequences. “A CBAM that does not cover a substantial portion of the production chain will encourage carbon leakage - pushing emissions beyond the borders of the EU or shifting competition between EU and non-EU producers to the next stage of the value chain.”
A five-year delay to the energy transition could see the global average temperature rise to 3°C above pre-industrial levels.
Following the conclusion of the COP26 on November 13, Wood Mackenzie experts weigh in on the key developments of the conference.
Bangladesh is expected to double its fossil fuel imports to 32 million tonnes of oil equivalent (Mtoe) between 2020 and 2030, says Wood Mackenzie.
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