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Wood Mackenzie Asia Pacific Head of Markets and Transitions Prakash Sharma responds to the recently released IPCC report.
Wood Mackenzie is organising the 2021 Southeast Asia Energy Forum today. Experts will be discussing key issues and opportunities facing the region’s energy industry over the coming decades.
Demand across most commodities in China is expected to slow down in the second half of 2021, according to Wood Mackenzie’s new monthly China Economic Focus report.
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.
Europe is at the forefront of the shift to net zero, both in ambition, but also in terms of how to make rapid and deep decarbonisation a reality. The world needs to reduce carbon dioxide (CO2) emissions as quickly as possible. Not doing so means we will need to turn to expensive and unproven technologies to withdraw CO2 from the atmosphere later this century.
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.”
European steelmaker ArcelorMittal today announced plans to become the world’s first steelmaker to produce fossil-free steel using virgin iron. ArcelorMittal, the world’s second largest steelmaker and Europe’s largest producer, plans to produce fossil-free steel via a process known as H-DRI-EAF.
Asia Pacific solar photovoltaic (PV) capacity could triple to 1,500 gigawatts (GW) by 2030, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK).
As OPEC+ meets on 1 July, oil prices are supported by tightening oil market fundamentals for the second half of 2021. Global natural resources consultancy Wood Mackenzie forecasts total oil demand to rise 5.9 million barrels per day (b/d) year-on-year for 2021.
Proposed changes to Chile’s mining royalty regime will not have a drastic impact on the country’s production landscape in the near-term. However, analysis from global natural resources consultancy Wood Mackenzie, a Verisk company (Nasdaq:VRSK), indicates there is clear risk the amendments could compromise continued appetite to make large-scale, long-term investments in Chile’s copper sector.
Achieving the 2°C goal of the Paris Agreement will require more than simply avoiding carbon. To cap global warming at 1.5°C or even 2°C, carbon removal will be essential. Research from global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq:VRSK), shows the key to effective large-scale carbon removal is unlocking potential economies of scale through basin-wide carbon capture and storage (CCS), effectively providing a community answer to a global problem.
Low-carbon hydrogen could become a US$50 billion to US$90 billion export industry for Australia in 2050, says Wood Mackenzie.
The energy transition represents US$14 trillion worth of uncertainty for upstream oil and gas, according to a new report by Wood Mackenzie.
The 2.5 million barrels per day (b/d) Colonial Pipeline moves roughly 45% of the US East Coast's supply of gasoline, diesel, and jet fuel from the Gulf Coast. The duration of the outage following the cyberattack on 7 May 2021 is uncertain. In the short term, Wood Mackenzie expects fuel demand and prices to rise in PADD 1, prompting refined fuel inventories to decline and PADD 1 refiners to maximize production.
The UK government and the country’s oil and gas sector recently agreed a deal to leverage the upstream industry's capabilities, accelerate the energy transition and help the North Sea reach net zero by 2050.
OPEC+ is, as expected, holding firm to its decision to increase supply, gradually and carefully, over the coming months.
If the world acts decisively to limit global warming to 2°C by 2050, the scale of change will revolutionise the energy industry. Progressive electrification will squeeze the most polluting hydrocarbons out of the energy mix, nearly eliminating their markets. Oil demand will shrink, and with it, so will the power of major oil producers. Gas demand will remain resilient, but business models will need to evolve.
At present, few countries require producers to either pay a carbon tax or participate in an emissions trading scheme (ETS). But as governments seek to meet decarbonisation targets, that could soon change. Carbon charges are likely to come, and they will transform the upstream sector, affecting both asset values and the industry’s economics.
Wood Mackenzie’s latest report reveals that China’s march towards carbon neutrality by 2060 can complement both energy security and economic goals.
Europe’s new 2030 emissions target of a 55% reduction over 1990 levels has made it the undisputed global leader in climate ambition. However, with the region still a long way from achieving this rapidly approaching goal, dramatic changes are needed.
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.
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key themes – OPEC+ production, Covid-19 developments, and the energy transition.
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.
2021 will be a defining year for the gas and LNG industry, says Wood Mackenzie in its latest outlook report.
Wood Mackenzie’s Australasian upstream 2021 outlook report shows at least US$11 billion of gas projects poised for FID in 2021.
Tense negotiations and rumours of a rift between Saudi Arabia and UAE ended with a compromise deal for OPEC+ on 3 December 2020. Despite concerns on oversupply for Q1 2021, the group agreed to increase output by 500,000 b/d in January. Production restraint is set at minus 7.2 million b/d instead of the Q4 2020 level of minus 7.7 million b/d.
OPEC held its scheduled bi-annual meeting virtually on 30 November 2020. Though the group was unable to reach an agreement at that meeting, up for discussion is whether the production restraint would be eased starting 1 January 2021.
Wood Mackenzie’s latest analysis shows 2020 is on track to be the quietest year for upstream transactions in the Asia Pacific region since the beginning of the 21st century.
A world on a 2-degree pathway could significantly reduce upstream gas investments by 65% through to 2040, says Wood Mackenzie.
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