Decarbonisation and Electrification
Since the record temperatures reached over the summer of 2023, the pressing need to decarbonise the global economy has gathered pace. The key to energy transition is electrification – allowing us to gradually move away from a dependence on fossil fuels. Attractive economics, rising social acceptance and growing policy support should help incentivise the heavy necessary upfront investment in electric infrastructure including power generation, transmission and storage.
The continued trend towards electric vehicles for logistics and personal transportation requires heavy initial energy investment first to produce the necessary raw materials, and then to transform them into finished products such as cars, cables and solar panels. Energy efficiency is also a key focus in this transition effort, as it remains far cheaper to economise energy than to produce it.