Womble Bond Dickinson: 2024 Energy Transition Outlook Survey Report

Womble Bond Dickinson's 2024 Energy Transition Outlook Survey Report points to a new phase in the multi-generational journey to net zero. While 56% of their respondents are deepening their focus on their transition strategy, the energy sector executives, investors and legal counsel we surveyed also demonstrate an increasing awareness of cost and economic impact.

The results suggest a growing understanding of the scale of existing grid modernisation, as well as the new infrastructure required to support renewable resource generation. Meanwhile, the critical role of government support has risen to new prominence.

Key findings include:

• Cost and economic impact remain top challenges: Over half of respondents identified cost and economic impact as the primary barriers to a smooth energy transition

• Governments must step up their support: Nearly half of respondents expressed concerns about inadequate tax and incentive support from their governments for clean energy investments. Clear and stable regulatory and legislative policies are a must

• Infrastructure modernisation is crucial: Infrastructure and grid modernisation are critical for the energy transition. Interconnection challenges, grid instability mitigation, and ageing infrastructure pose significant hurdles

• Decarbonisation solutions hold promise: Industry leaders see opportunities in decarbonisation-focused solutions, such as biofuels, biomass, energy efficiency improvements, carbon capture technologies, utility-scale energy storage, and electric vehicles

Read the report here