Despite their ongoing investments in fossil fuels, the natural resources sector remains dedicated to implementing clean energy strategies.
In a significant development for the global energy sector, a new survey by Willis Towers Watson (WTW) has revealed a growing commitment towards clean energy among natural resources companies. The survey, which polled senior decision-makers in leading energy and natural resources firms across Europe, North America, Asia-Pacific, and Latin America, predicts a 34% increase in average spend on clean energy technologies in the next financial year.
The survey results suggest that 63% of the companies view clean energy as a growth opportunity, with 100% of natural resources companies surveyed having a clean energy strategy, albeit with varying levels of maturity. This shift in technology priorities is evident, with 51% rating solar as a top priority in the near and medium term, and 61% prioritizing battery storage solutions and carbon capture and storage in the medium to long term.
However, the survey also highlights several challenges that these companies face. Geopolitical issues and supply chain disruption are identified as the greatest risks to clean energy strategies by 78% and 79% of the surveyed companies, respectively. Additionally, 53% of the companies find blanket exclusions as an obstacle to transferring their risks, followed by limited duration or inflexibility of insurance (48%) and lack of suitable products (47%).
The survey findings also underscore the importance of interconnectors, or cross-border electricity transmission links, in the accelerating energy transition in Asia. The ASEAN Power Grid and The East Asia Super Grid are highlighted as key initiatives, with utilities and energy infrastructure firms from countries like Singapore, China, and regional partners collaborating on smart grid and transmission technologies.
WTW, a business that provides data-driven, insight-led solutions in the areas of people, risk, and capital, serves 140 countries and markets worldwide. The press release invites readers to publish their news, events, jobs, and thought leadership on the WTW platform.
For more details on this survey and its findings, visit the WTW platform at publish now → publish now →. The press release is related to topics such as Carbon & Climate, Energy, and Policy & Finance, and highlights tags such as clean energy, emissions, financing, fossil fuels, insurance, investment, natural resources, renewable energy, supply chain, energy transition, and decarbonisation.
