Energy security in the transition
Sustaining political momentum
Electric vehicles and the materials transition
Hydrogen and carbon capture
New industries and business models
Record commodity prices have highlighted the challenges in navigating the energy transition. Markets most exposed to global commodity markets double down on plans to decarbonise through electrification and other emerging, net zero-enabling technologies.
The Glasgow Climate Pact has set the stage for a global carbon market. As countries legislate net zero into law, Wood Mackenzie expects carbon prices to rise, reaching a global average of $175/t by 2050.
Battery pack prices will continue to fall as regulatory support grows and technologies advance. But an unprecedented growth in mine supply is required to deliver the raw materials to underpin electrification of the transport sector.
Low-carbon hydrogen and CCUS (carbon capture, utilisation and storage) deliver the last mile on emissions reductions and provide the solution for the difficult-to-abate end-use sectors and for reliable, flexible, dispatchable generation.
Though niche today, emerging technologies will become mainstream.
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