By Bill Lacivita and Geoff Olynyk, McKinsey & Company
Power generation accounts for approximately 30% of global greenhouse gas emissions, and carbon-emitting fossil fuels like coal and natural gas account for 61% of power generation. If the world is to meet the goal of net zero emissions, even as demand for power continues to rise, something has to give.
As one of the worldโs largest exporters of oil and gas, Russiaโs inhuman invasion of Ukraine was always going to spark a chain reaction within the industry.
By Expro director of portfolio advancement, Ingrid Huldal
The energy crisis is deepening. There is little doubt that most economies around the world are facing a serious situation and, with recent reports suggesting one in four people in the UK will not switch their heating on this winter, thatโs a chilling prospect for our population, particularly the elderly and vulnerable.
By Professor Paul de Leeuw, director of RGU's Energy Transition Institute
Record-breaking commodity prices resulting in sky-high gas and electricity prices have prompted calls for fundamental market reform. The European Union (EU) announced in September 2022 that it is looking to impose historic interventions in the energy market to rein in soaring commodity prices, including considering a levy on excess profits and potential gas price caps.
Macquarie Group is betting the North Sea - engine of the UKโs once-booming oil and gas industry - can be transformed into the green energy hub of Europe.
Danish renewable energy giant Orsted plans to directly invest up to ยฃ12 billion in Scotland if it is successful with all five of its bids in the ScotWind offshore wind auction.
Ocean Winds (OW) and Aker Offshore Wind (AOW) have pledged to create thousands of high-skilled jobs in Scotland if they're given the green light to build what would be the UKโs largest floating offshore wind development off the north-east coast.
Thailandโs oil giant, whose sales account for about 10% of the nationโs economic output, is suddenly spending billions of dollars on electric-vehicle and renewable-energy companies and tilting its traditional businesses toward chemicals and plastics.
Investors poured more money than ever into renewable energy in the first half of the year, but the pace is far from enough to sufficiently curb increasing carbon emissions.
Less than 15% of the $2.4 trillion in government spending to support the post-pandemic economic recovery has gone to investments in clean energy, according to the International Energy Agency.
Royal Dutch Shell announced late last year it would slash capacity by half at its biggest oil refinery. For Singapore, where the plant has been a mainstay of the economy for six decades, it marked a turning point in one of the most successful bets on fossil fuels in history.
A new investment programme has been launched which will eventually unlock ยฃ200 million of public sector investment to help Scotland achieve its net zero target.
The UK and Indonesia have announced the creation of a new joint trade dialogue that will open green energy opportunities for UK companies in Southeast Asiaโs largest economy.