Power: from renewables expansion to system integration
In many markets the main question has shifted from “how fast can we build renewables?” to “how do we integrate high shares of variable renewables reliably and affordably?”.
Industry: deep decarbonisation takes time
Industrial decarbonisation requires a mix of efficiency, electrification, hydrogen, CCS and circularity. The sequence and timing varies by sub‑sector and geography.
Implications for investors
Capital allocation needs to reflect where each sector is on its pathway, and how exposed assets are to future carbon costs, standards and technology shifts.