Energy transition, the replacement of fossil fuels by environmentally friendly renewable energy, is creating a vast global market with extensive opportunities for investment, according to an article by Owen Rolt, head of energy transition at Reuters Events.
The article, “Five Predictions as We Enter the Age of the Energy Transition”, precedes Reuters Events’ planned Energy Transition Summit, a partly live, partly online conference on November 23-24, 2020. Rolt is chief organiser of the event.
According to a German government-commissioned report cited by Rolt in his article, the generation and storage of environmentally-friendly power represents a global market that was worth about 313bn euros in 2011 (about $413bn at that year’s exchange rate) and will most likely swell to more than 1 trillion euros ($1.12 trillion) by 2025.
Redesigning generation systems and revamping electricity grids is an aspect of energy transition that alone offers “stellar economic opportunities”, Rolt argues, citing analysts.
These technical overhauls call for more sophisticated technologies and would result in a global manufacturing effort that would generate more than 4 trillion euros ($4.49 trillion) in sales by 2025, according to an estimate cited by Rolt.
The Energy Transition Summit will include more than 20 live sessions in London and over 1,000 virtual meetings. It is anticipated to bring together an audience of more than 10,000, which would hear over 60 speakers.
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