Tag: Wood Mackenzie

Wood Mackenzie forecasts trillion-dollar boom in carbon offsets and CCUS markets by 2050

Stuart Mitchell

Global carbon markets are poised for transformative growth. Two key strategic areas have emerged as critical components of global decarbonisation efforts: Carbon Capture, Utilisation and Storage (CCUS) and carbon offsets. Wood Mackenzie’s two long-term outlook reports forecast substantial market size growth, surpassing trillions of dollars in value by mid-century. Wood Mackenzie’s Carbon Markets and CCUS research teams predict that rising demand, policy evolution, strategic corporate deals, and technological advancements will fuel steep growth trajectories for both sectors. “CCUS will likely become crucial for abating process emissions in hard-to-abate industries”, said…

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Japan to exceed 2030 renewables target supported by US$100 billion investments

Stuart Mitchell

Over US$100 billion of investment in wind and solar power plants are expected to push the renewables share to 27% of Japan’s generation mix by 2030, exceeding the country’s target, says Wood Mackenzie. Outlined in the 5th Strategic Energy Plan, Japan had aimed for between 22% and 24% of the country’s generation mix to be attributed to renewables in 2030. Last year, renewables made up 19% of the country’s power generation, including about 8% of wind and solar power. Wood Mackenzie research director Alex Whitworth said: “We estimate over US$100…

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323 million electric vehicles will be on the roads by 2040

Stuart Mitchell

Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new research from Wood Mackenzie. Both projections have been revised down 2% when compared to Wood Mackenzie’s pre-coronavirus forecast, with the pandemic delaying total vehicle sales by two years. Responses to the pandemic from China and Europe have strongly supported a green recovery, whereas the US response has not been as favourable to transport electrification. “Despite EV stock growing to 35 times its current…

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