After more than a year of research and modelling analysis, the EY Energy and Resources Transition Acceleration Report (if every energy transition is different, which course will accelerate yours?).(hereinafter referred to as "the Report") was officially launched at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
The release of the report attracted wide attention from industry experts and stakeholders, and the subsequent forum session also aroused heated discussions among all parties, fully demonstrating the industry's concern about the speed and challenges of energy change. Ernst & YoungYaming Zhu, Head of Carbon Neutrality, Greater China, and Head of Energy & Infrastructure Consulting, Greater ChinaParticipate in global events and discuss the path and opportunities of China's energy transition with EY global industry leaders and experts.
Our point of view
Energy companies around the world are faced with the challenge of balancing energy security and affordability, climate change, and green and low-carbon transitions, all while meeting market growth expectations. This report will bring companies the latest energy transition insights, hard evidence, and guidance to help them transform their practices. The report not only summarizes the in-depth research and analysis of EY's global industry expert think tank, but also draws on the latest global data and information from the EY Energy and Resources Transition Acceleration (ERTA) model. The EY Energy Transition Model is EY's latest industry-proprietary tool, which uses more than 50,000 data from 52 energy technologies across 13 major regions to simulate** the trends and prospects of the global energy transition.
Point 1:
Renewables are expected to become the new base load of the power system by 2030, accounting for 38% of the power generation mix, and will further increase to 62% by 2050.
Point 2:
As the energy transition accelerates, the process of change will have a significant impact on the global energy system, requiring trade-offs and significant investment to address these changes.
Point 3:
Energy and resources companies need forward-looking strategies to meet challenges and seize opportunities.
With years or even decades of disruption set to undergo disruptive change in the energy and resources industry, companies need to make strategic choices today to address the challenges and opportunities and accelerate their journey to a cleaner, more resilient and more sustainable energy future.
Note: [1].Ernst & Young (China) Corporate Advisory***
This article is for general information purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please ask your advisor for specific advice.