Tag: Wood Mackenzie

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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