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A five-year delay to the energy transition could see the global average temperature rise to 3-degree Celsius above pre-industrial levels.
China accounted for 65% of global wind capacity in 2023, which pushed four Chinese wind turbine original equipment manufacturers (OEM) into the top five global rankings, a first for the sector. With a record of 16.3 gigawatts (GW) capacity installed, Goldwind maintained the leading position for the second consecutive year.
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.
Global wind turbine order intake hit new highs in 2023 with 155 gigawatts (GW) procured for the year, an increase of 16 GW from 2022.
More than 100 gigawatts (GW) of global renewable energy capacity is expected to be tendered in 2024. With more than 60 GW to be offshore wind, the overall volume is set to grow as the year progresses and will match 2023 levels.
The future of low-carbon hydrogen hinges on global policymakers introducing regulations and subsidies that focus on the carbon intensity of the hydrogen produced rather than its colour.
Despite supply chain headwinds and price pressures, the global offshore wind sector saw significant growth in its mature pipeline, as late-stage pipeline mergers & acquisitions, turbine orders, and project financial investment decisions (FIDs) saw record activity in 2023. This has boosted the sector’s momentum into 2024.
Currently on target to reach a record-breaking 230 gigawatts (GW) of wind and solar installations this year, China leads the global renewables market. This is more than double the number of US and Europe installations combined.
After investing over US$130 billion into the solar industry in 2023, China will hold more than 80% of the world’s polysilicon, wafer, cell, and module manufacturing capacity from 2023 to 2026.
The rise of electric-arc furnace technology, increased use of green feedstock and evolving carbon policies will reshape steel production and global trade patterns.
The top 10 global solar photovoltaic (PV) inverter vendors accounted for 86% of market share in 2022, increasing by 4% year-over-year since 2021, according to latest analysis by Wood Mackenzie, a global insight business for renewables, energy and natural resources.
Despite concerns about underinvestment in upstream, peak oil and gas demand can be met in the 2030s without a substantial increase to current annual asset development investment levels of US$500 billion in 2023 terms, according to a new Horizons report from Wood Mackenzie.
The acceleration of the energy transition means gas resource holders increasingly face a choice: follow the established pathway and develop new LNG export facilities or pivot into developing blue ammonia.
The global floating solar market is expected to pass the six-gigawatt (GW) threshold by 2031, as PV developers struggle to meet growing solar demand and look to alternate development technologies.
China’s solar exports grew 64% to US$52 billion in 2022 despite global trade tensions, according to latest analysis from Wood Mackenzie.
Despite policy support and market growth, the biggest economic hurdle to the uptake of the latest nuclear and small modular reactors (SMRs) is cost, according to Wood Mackenzie report.
The global wind energy market will pass the one terawatt (TW) threshold for installed capacity by the end of 2023, according to the latest market outlook from Wood Mackenzie.
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.
The total global announced capacity for hydrogen projects reached 71.4 million tonnes per annum (Mtpa), but 2022 falls short of becoming a record year according to latest analysis from Wood Mackenzie.
The energy transition will require oil and gas for decades to come, but the supply of lower-cost, lower-carbon “advantaged” barrels remain scarce, threatening emissions targets and causing upstream providers to pivot to new strategies, according to “Scraping the Barrel” a new Horizons analysis from Wood Mackenzie.
The European Commission’s announcement that the EU is proposing a US$100 per barrel price cap on Russian oil products such as diesel, jet fuel and gasoline, and a US$45 per barrel cap on discounted products like fuel oil, would not severely impact Russian refiners according to Wood Mackenzie.
Long-duration storage energy (LDES) projects around the world have attracted more than US $58 billion in commitments made by governments and companies since 2019. If all these projects went forward, it would lead to the installation of 57 gigawatts (GW) of LDES – the equivalent of three times the global energy-storage capacity deployed in 2022, according to analysis from Wood Mackenzie.
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the current energy crisis.
High natural gas prices will continue to drive down European demand to seven percent below the five-year average through March, leaving a best-case scenario of storage levels at 31% at winter’s end, in line with the five-year average, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK).
US Inflation Reduction Act bill set to boost CCUS uptake but more is needed to meet net zero goals by 2050
Russia reducing flows via Nord Stream, outages at Freeport and French nuclear downgrades have sent the European natural gas market into an upward spiral with more volatility still to come. And while summer consumption will be covered, analysts at Wood Mackenzie, a Verisk business (Nasdaq: VRSK) say storage refill is at risk unless additional demand and supply measures are taken.
Italian major Eni has, for the fourth time in seven years, been named the upstream industry’s most-admired explorer, an accolade awarded as part of Wood Mackenzie’s industry-leading annual Exploration Survey.
The REPowerEU initiative has the potential to add at least 420 gigawatts (GW) of solar installations by 2030; however, rising solar raw material costs could become the stumbling block to achieving this goal, says Wood Mackenzie.
Global economic growth could slow to 2.5% year-on-year in 2022 and 0.7% in 2023 due to the Russia-Ukraine war, says Wood Mackenzie.
The Russia-Ukraine crisis has shocked the coal and the broader energy markets, with spikes in Newcastle prices observed in recent days, says Wood Mackenzie.
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