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Fossil fuels still accounted for over 80% of the global energy mix in 2023. This is set to change in the coming decade with strong focus on ESG and commitment by major world economies to promote and incentivise green energy.

ING’s Energy Outlook 2024: High ambitions, steadier speeds Some insights Renewable power, congested grids and slow permitting processes, plus supply chain vulnerabilities Hydrogen, 2024 will bring more realism to the hydrogen buzz CCS, continued growth but market struggles to kick off via Lara Rey https://lnkd.in/ddYKaHy9

Halfway or ahead of the game? With the midway point of 2024 right around the corner, there’s no shortage of themes and data points to consider as we take the pulse of energy markets and monitor the trajectory of the energy transition so far this year. The unsettling backdrop is one of severely heightened geopolitical tensions – from military conflicts in Ukraine and the Middle East to polarized elections around the globe. What has surprised me thus far is how quickly the European power sector has become greener. Fossil fuel’s share of generation is down from 32% in 2022 to 22% so far in 2024, and emissions are down by 33% since 2022. Average power prices this year have been 30% below fossil fuel generation costs. This shows that coal and gas have struggled to be competitive in the European power mix, despite the fact that coal and gas prices are back at normal low levels after the price surge in 2022. Most of Europe’s population has in fact experienced an average of more than one hour per day with negative prices so far in 2024. This is a clear indication of a strong business case for battery storage, which is indeed growing very quickly in Europe as we speak. Elections were always going to be a hot topic for the energy industry in 2024, with voters going to the polls in numerous big-time energy-producing and consuming nations. India, Mexico and the European Union have recently completed their election cycles, with Iran, the United Kingdom and Venezuela soon to follow suit. Our assessment is that these elections do not represent a threat to the pace of the energy transition. In Mexico, for instance, newly elected president Claudia Scheinbaum has explicitly promoted policies leading to a quicker green shift. In a proverbial double-header this week, we will combine our popular Rystad Talks Energy and Rystad Talks Industry webinars into a two-part, two-hour session, where several of our most prominent thought leaders will guide you through the energy landscape. Topics will include a high-level analysis of oil trading and downstream markets in the wake of OPEC’s extension of production cuts, a review of the short-term outlook for gas and LNG, and an assessment of supply chain challenges amid continued inflation and high interest rates. We will then pivot to the cleantech sector for the latest trends within CCUS, hydrogen, solar, wind, biofuels and batteries, capped off with an update on European industrial decarbonization progress. I welcome you to join us on Thursday 20 June for a special mid-year edition of Rystad Talks. This 2-hour event will feature the latest updates on key energy markets, with a focus on oil, gas, and LNG within the global market and the energy transition. We will discuss industries' pursuit of low-carbon solutions and their implications for 2024. Register here:

Significant drops in emissions in Europe suggest gas and coal are already struggling to compete with renewables. Some thoughtful comments by founder and CEO of Rystad Energy, Jarand Rystad, below as the power market share enjoyed by renewables in Europe, and the role of energy storage, grows whilst fossil fuels continue to retreat. As he notes, elections this year also highlight the need for an equitable energy transition. Parts of the UK where large amounts of relatively cheap off and onshore wind are produced, are experiencing higher than average power costs for households, something that is unlikely to be overlooked by people who will be casting their votes on July 4th. #renewables #energytransition #rystadenergy #europe #wind

Good news for your #NetZero ambitions! Renewables and electrification can show us how to decarbonize everything. Find out how.

Net zero targets are one thing, the practicalities of delivering are another. Our new Delayed #EnergyTransition scenario reflects the increasing risk that the transition will be much slower than a Paris-aligned pathway. Why is the transition so far behind? What are the implications for #oil, #gas and #coal demand, and the penetration of low-carbon technologies? What steps are needed to get onto a 2 °C or lower pathway? Find out more in the latest Edge: https://okt.to/4uF25x

The political and economic scenarios are jeopardizing the dreamt green economy.

Net zero targets are one thing, the practicalities of delivering are another. Our new Delayed #EnergyTransition scenario reflects the increasing risk that the transition will be much slower than a Paris-aligned pathway. Why is the transition so far behind? What are the implications for #oil, #gas and #coal demand, and the penetration of low-carbon technologies? What steps are needed to get onto a 2 °C or lower pathway? Find out more in the latest Edge: https://okt.to/3b5Aj0

🔋 What’s in store for energy in 2024 | Global Hydrogen Review #GlobalHydrogenReview

Global investment in the energy transition hit a record $1.77 trillion in 2023, up 17% on the previous year, and exceeding fossil fuel investment according to the latest research from BloombergNEF! Exciting stuff, but we have a long way to go. Renewable energy investment needs to roughly triple by 2030, while fossil fuel financing needs halve by 2030. Let's keep pushing forward! Some key questions for investors in 2024: -How will interest rates and economic uncertainties affect the deployment of capital into transition finance? -As renewable sectors mature, which companies will be winners or losers? What measures can help determine this (capacity factors, operating costs, government contracts, emissions intensity)? -Where will the biggest cost falls and technological advances take place? What industries are closest to a disruptive tipping point? Eager to hear thoughts in the comments below! https://lnkd.in/eTK4EQhR #parisagreement #emissions #investment #climatefinance #transitionfinance #decarbonization #energy #power #renewables #fossilfuels #sustainablefinance #lowcarbon #netzero #esgdata