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Executive summary│2024 considerations – sectors
(part 2 of 3)
Implementation of the green transition will pick up pace in 2024, with a focus on key sectors that drive decarbonisation
Key sectoral themes for 2024
- Realising net-zero emissions will require an immense effort to invent, refine, and deploy climate technologies across a host of sectors. Yet, although all sectors of the economy are subjected to a net zero transition, some are more exposed than others.
- The elephant in the room remains the combustion of fossil fuels which produce more than 80% of global CO2 emissions. The sector is seeking to decarbonise through energy efficiency, electrification, and managing fugitive methane emissions. At the same time, it faces significant demand shifts from potential changes in the energy mix, with a growing demand for other energy sources such as electricity, hydrogen and biofuels.
- We also anticipate a focus on finance and insurance (risk transfers), healthcare (risk receivers) and climate technologies (risk mitigators).
In this report, we offer our clients an examination of the key sectoral themes for 2024:
- Oil and gas – paramount in ensuring a just and orderly transition
- Methane – short-term focus
- Hydrogen – long-term focus
- Coal – phase out with the emphasis on APAC
- Nuclear – new reactors set to exceed shutdowns (thanks to APAC)
- Grids – scaling for generation and distribution
- Finance – encouraging aspirations but emerging markets gap is wide
- Insurance – circumnavigating extreme weather
- Healthcare – collective recognition and effort
- Technologies – 90% of emissions abated with 12 proven technologies
