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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Exploring the challenges of net zero: energy security, LNG markets and Saudi Arabia’s decarbonisation plans
27/11/2024
8 min read
Feature
Despite numerous governments making plans to move to net zero, and climate activists agitating for faster decarbonisation, consumer behaviours are yet to change. In part this is due to obstacles and roadblocks that were not foreseen when the plans were originally implemented but are now being encountered. These include the Russian invasion of Ukraine and the challenges of delivering a multilateral approach. The WPC Energy UK National Committee Expert Workshop 2024 hosted by Deloitte at its London office on 31 October considered these factors and other challenges. Nnamdi Anyadike reports.
Opening the session, David Holtam, Deloitte/WPC Energy UK National Committee, said: ‘Since the beginning of the Russian war in Ukraine, energy security has become a higher priority for governments. Uncertain project economics have also beset offshore wind projects, particularly in the US, while the adoption of electric vehicles and heat pumps has been slower than anticipated.’
The inauguration of newly elected President Donald Trump in January 2025 and the likely implications for the Paris Accord and the oil and gas industry could also provide additional complications for global adherence to the net zero roadmap.
In the meantime, gas in Europe is likely to continue to play a key role as a gateway fuel to renewables. This is due to a new mood of optimism as the worst concerns of 2022 about the loss to Europe of Russian pipeline gas turned out to have been overplayed.