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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.
The Chinese economy is expected to grow by 5.5% but could grow by as much as 7% in 2023 as the country bounces back from three years of lock-down caused by the Covid pandemic according to a new report by Wood Mackenzie.
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.
UK gas production is down 28% year-to-date, helping fuel the current European gas price rally, global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK) said.
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.”
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.
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