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Capgemini's World Energy Markets Observatory annual report 2024: The Paris Agreement's goals are no longer achievable, but net zero is still in sight with accelerated efforts
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Capgemini's World Energy Markets Observatory annual report 2024:
The Paris Agreement's goals are no longer achievable, but net zero is still in sight with accelerated efforts
Paris, October 10, 2024 – Capgemini has published the 26 edition of its annual World Energy Markets Observatory (WEMO), created in partnership with Hogan Lovells , Vaasa ETT and Enerdata . The report takes stock of the current state of the energy transition. Despite progress being made, greenhouse gas (GHG) emissions are continuing to increase, reaching a new record high of 37.4 billion tonnes (Gt) in 2023 , confirming that the path to the reach Paris Agreement's objectives is not on track. The report provides insights on what the key focus areas would need to be, moving forward, to address the complex energy transition challenges, including a change in the measurement of clean energy progress, as well as accelerated investment in the power grid and clean technologies.
James Forrest, Global Energy Transition & Utilities Industry Leader at Capgemini says: “Despite an historical spike in renewable penetration, the pace of development isn't fast enough to close the gap. There is still much to do in the next decade to get closer to net zero by 2050 and achieve a successful energy transition: whether it be in the field of low carbon technologies, R&D efforts, nuclear or grid flexibility and storage. In addition, beyond the necessary adoption of new market mechanisms, a shift away from measuring energy based on primary consumption is needed. This measurement was relevant during past energy crises, but it is now time to adopt a more holistic approach. Moving to a final energy demand measurement would better assess clean energy progress and ensure more accurate projections.”
Key observations from the 2024 report include:
The World Energy Markets Observatory (WEMO) is Capgemini's annual thought leadership and research report created in partnership with
Hogan Lovells , Vaasa ETT and Enerdata, that tracks the transformation of global energy markets, including Europe, North America, Australia, Southeast Asia, India, and China. Now in its 26 edition, the report has been prepared by a global team of over 100 experts, and includes 15 articles, all backed with rigorous analysis. The report begins with a global outlook, then covers the topics pivotal to the energy transition including geopolitical impacts, demand side energy transition, batteries, renewables, SMRs, Hydrogen, Industrial Heat, GenAI and the Inflation Reduction Act (IRA).
For more information and to get access to the report, click here
About Capgemini
Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
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1 Source: IEA- CO2 Emissions in 2023
2 Source IEA: Electricity Grids and Secure Energy Transitions
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