WTW Renewable Energy Market Review 2024
Attracting talent and fostering collaboration and transparency are key to renewable energy supply chain resilience and the sector’s contribution to net zero emission ambitions.
In 2024, the renewable energy sector finds itself at a pivotal juncture. The push for clean energy, coupled with ambitious climate targets, has set the stage for significant growth. However, this expansion is not without its complexities.
The push to achieve net zero emissions (NZE) will require a strong, secure and sustainable supply chain to deliver an effective energy transition. This puts the spotlight on the supply of minerals, materials and manufacturing capacity needed to deliver on NZE.
In this article - which calls on perspectives from WTW’s latest Renewable Energy Supply Chain Risk Report 2023 - we consider global renewable energy supply chain challenges, and provide pathways for overcoming these obstacles to build the resilience the sector will need to make a substantial contribution to reaching net zero.
The renewable energy sector heavily relies on critical raw materials such as lithium, cobalt, nickel and graphite for technologies like batteries and solar panels. According to the International Energy Agency China accounts for 60% of global turbine capacity and half of total exports, as well as a large proportion of solar panels, batteries and heat pumps. This concentration of production creates vulnerabilities and supply chain risks.
To overcome this obstacle, the sector should focus on diversifying its supply chain by exploring alternative sources and developing partnerships with new suppliers. Investing in research and development to find alternative materials or improve recycling processes can also help reduce dependencies and ensure a steady supply of critical raw materials.
To read more, please download the full article, below.
| Title | File Type | File Size |
|---|---|---|
| Is net zero achievable? Yes, if we solve the renewable energy supply chain puzzle | .4 MB |
