Wood Mackenzie NEWS

Wood Mackenzie announces the launch of the second edition of its Power & Renewables Asia Pacific (APAC) Virtual Conference on July 26 – 28. The Asia Pacific is the world’s biggest electricity consumer and carbon emitter, larger than Europe and North America combined. With strong demand growth and coal still accounting for over half of the power supply, the region has yet to peak carbon emissions and is at its infancy in the long journey to net zero. The path to success is now paved with even more obstacles as fuel and power prices soar, geopolitical tensions rise, supply chains are stressed and project developers face rising costs and unprecedented revenue risks. The big question now is whether the Asia Pacific can rise above these challenges and take a proactive role in the energy transition. How are companies dealing with economic pressures while recalibrating environmental and net-zero strategies?

According to WoodMackenzie, by 2035, India will account for a third of global demand growth, a surge of 3.5 million bpd. Although, Aramco will build a 1.2 million bpd refinery in Mumbai, but according to WoodMac it won’t be sufficient. The survey hints that it could lead to gas imports from Europe and US. Research director said that the need of new refineries depends on oil demand growth and private refiners.