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1、Global Clean Energy Survey 2025Natural resources at a tipping pointBalancing priorities in a transforming Why is the natural resources industry at a tipping point?4Introduction 5Whats driving decision-making?6How are companies financing clean energy initiatives?10Which technologies are set to grow?1

2、4Which risks could derail clean energy initiatives?17How can risk management keep up with innovation?20A smarter approach to a transforming industry 24About our surveyWillis,a WTW business,partnered with Coleman Parkes Research to conduct a survey between November 2024 and January 2025,using a mixtu

3、re of phone interviews and web-based survey forms.When:November 2024 to January 2025Who:450 senior decision makers across risk,sustainability and corporate functions,including finance,operations and human resourcesWhere:North America,Europe,Asia Pacific,the Middle East,and Latin AmericaSegments:Rene

4、wable energy;oil,gas and chemicals;mining and metals;and power and utilitiesSize:20%of companies valued at$20m-$100m,40%$100m-$1bn,16%$1bn-$5bn,25%over$5bnFind full details of our sample and methodology on page 25.CONTENTS Global Clean Energy Survey 2025/31 International Energy Agency:Net Zero by 20

5、50,A Roadmap for the Global Energy SectorForeword by Rupert Mackenzie,Global Leader of Natural Resources,WillisThe International Energy Agency(IEA)estimates that$4 trillion of clean energy investment will be needed every year from now until 2050 in order to reach net zero targets.1 This means organi

6、zations exploring and investing,working out what technologies and systems work best for them,and plotting the trajectory of their own clean energy transition while keeping a firm grip on immediate commercial priorities.The pressures impacting the natural resources industry are not binary.They are di

7、verse,complex and interconnected:Regulatory pressures to uphold ESG commitments Financial pressures to boost ROI Operational pressures to build efficiencies and secure energy supplies Competitive pressures to maintain and grow market share Social pressures to decarbonize Maintaining stable energy su

8、pplies and healthy revenue flows are commercial priorities,but the need to participate in the clean energy transition is unavoidable.The question is,how can companies get that critical balance right?In navigating these challenges,making the right decisions at the right time could be the difference b

9、etween success and failure.If companies arent properly prepared with an informed view of their risks,any of these pressures could tip the balance.Why is the natural resources industry at a tipping point?At this pivotal moment,we have made it our mission to discover more about the opportunities and c

10、hallenges natural resources companies face on their clean energy journeys.What stage are they at in their strategy?What technologies are they prioritizing in the near,mid and longer term?How are they financing their investments?What are the greatest risks to achieving their goals,and how are they wo

11、rking to manage and mitigate them?To find out,we surveyed 450 companies,from new and mid-sized businesses to large and established global enterprises,and from across the sectors of oil,gas and chemicals,power,pure-play renewables,and mining and metals.This Global Clean Energy Survey report presents

12、their answers,along with analysis and commentary from our global team of natural resources specialists,and insights on how the industry can address some of its challenges.I hope you find our report useful and informative.We intend to repeat the survey and make it a biennial event so we can track the

13、 industrys progress,and report on the changing risk landscape as the clean energy future develops at pace.Please dont hesitate to get in touch if you want to discuss the 2025 findings or any of the issues raised.Rupert Mackenzie Global Leader of Natural Resources,Willis4/Global Clean Energy Survey 2

14、025Recent world events have underlined the accelerating climate crisis and the urgent need for action to reduce greenhouse gas emissions.But a continuing need for traditional fuel sources to provide energy security is unavoidable in the near term.Natural resources businesses are balancing these conf

15、licting priorities.Maintaining current supplies and protecting return on investment(ROI)while investing in a clean energy future over the next 10 to 20 years,will be a challenge for natural resources companies across all sectors,regions and sizes.From supply chain issues to technical and performance

16、 failures,to difficulties getting affordable project financing and right-sizing insurance cover,the risk outlook is more complex and interconnected than ever before.Introduction Whats the future of clean energy in natural resources?The key findings,at a glance:Global Clean Energy Survey 2025/5Most s

17、ee clean energy as a growth opportunity63%view the transition to clean energy as an opportunity for commercial growth.The result is similar across all sectors,indicating a widespread commitment to the energy transition.This includes oil and gas businesses,despite a recent uptick in fossil fuel activ

18、ity.Investment will increase by over a third in 202534%is the average expected increase in spend on clean energy technologies and infrastructure in the next financial year,rising from an average$185 million in 2024-25 to$249 million.Technology priorities are shifting51%rated solar as a top priority

19、in the near and medium term.In the medium to long term,61%prioritize battery storage solutions and carbon capture and storage.Geothermal and hydrogen emerged as high priorities over a 10-year horizon.Supply chain and geopolitics are top risks79%named supply chain disruption and 78%geopolitical issue

20、s among the greatest risks to their clean energy strategy,reflecting concerns over trade tensions and changes to subsidies and regulations at a time of increasing global volatility.Companies face challenges getting the right insurance53%said blanket exclusions were an obstacle to transferring their

21、risks,followed by limited duration of insurance(48%),and lack of suitable products(47%),indicating a need for insurance markets to develop new and better solutions for clean energy risks.All natural resources companies are on a clean energy pathway100%of natural resources companies in our survey hav

22、e a clean energy strategy,but with different levels of maturity.As we would expect,71%of renewables companies are at the implementing or fully implemented stage,compared to 63%for power,43%for mining and metals and 36%for oil and gas.6/Global Clean Energy Survey 2025Every company surveyed has a clea

23、n energy strategy,but at different stages of maturity.Across all sectors,a sizable proportion(37%)have moved from exploring and developing their clean energy strategy into implementation.This indicates that they are looking beyond the near-term,toward a long-term future in which clean energy solutio

24、ns will not only be advantageous but essential for their survival and growth.“Were seeing a shift in governmental policy with a new administration in the U.S.Theres a growing need for electricity,and investment is being made in the infrastructure to enable this transition.But as a resource-rich regi

25、on,the role of oil and gas will continue to be a key component of the economy,and businesses are thinking strategically about how to balance priorities.”William Helander,Head of Natural Resources,North America,Natural Resources,Willis.Businesses are looking for sustainable returnsAlmost two-thirds o

26、f respondents(63%)view the transition to clean energy positively as a growth opportunity.The result is similar across all sectors,including oil and gas,even though fossil fuels will continue to be more profitable in the next few years.ROI is in the driving seat across all sectors.For oil and gas com

27、panies,maximizing the window of opportunity in the near-term can help build the capital needed for future clean investments.For renewables,demonstrating ROI is a core focus in securing project financing.The need to balance decarbonization ambitions with ROI remains a constant,with Jakob Stausholm,Ch

28、ief Executive at Rio Tinto Group stating:“Our focus will remain on securing the enduring health and success of the business,an emphasis on disciplined growth,improving operational performance,exploring options along the value chain,and investing in the technologies that will allow us to reach our de

29、carbonization targets.”This discipline is shared by Ryan M.Lance,Chairman and Chief Executive Officer at ConocoPhillips reinforcing the need for sustainable operational and financial models:“Long-life,low sustaining capital assets play an important role in our deep,durable and diverse low cost of su

30、pply portfolio.A recent investment transaction enhances our returns-focused value proposition,Whats driving decision-making?Clean energy strategies are a gateway to long-term growth improves our return on capital employed,lowers our free cash flow breakeven and is expected to deliver significant fre

31、e cash flow for decades to come.”2In mining,71%of companies ranked growth as a driver,while 61%said increased revenue was among the most valuable outcomes from their strategy.“The mining sector stands to gain both from the production of rare earth minerals for clean energy and the efficiencies of ge

32、nerating their own power from renewables,particularly in geographies such as Australia where some companies are building solar and other renewable plants to supply their energy particularly to stabilize operating efficiencies and costs in areas where grids are unreliable.”Matthew Frost,Head of Natur

33、al Resources,Pacific,Willis.“Overall,the results suggest theres more of a commitment to the green future than might have been apparent from the last COP conference or changes in U.S.policy,”says David Bagnall,Sales and Strategy Director,Natural Resources,Willis.“Companies are looking ahead and think

34、ing about whats going to generate reliable returns in 20 years.Almost every business is on a path to becoming a clean energy company to a greater or lesser degree.”Upholding regulatory commitments is a key driver for changeMeeting sustainability targets and commitments is a top driver of change(62%a

35、cross all sectors,rising to 66%in oil and gas),while climate change regulation also features strongly at 46%.Even in North America,where decarbonization regulations are loosening,climate change regulation was a top-five driver for 50%of respondents.Companies are taking a global perspective,while exp

36、ecting the aggregate impact of regulations to tighten over time.Potential long-term cost savings and energy stability are also key.A majority(53%overall;58%in power)cited improving the reliability of energy supply among their most important drivers,while 49%said reducing the cost of supply.Many rene

37、wable technologies are now cost-competitive with fossil fuels for power generation.Despite intermittency challenges,they are also less prone to sudden price hikes and shortages and therefore less volatile as a source of energy and revenue in the longer term.2 ConocoPhillips 2023 Annual Report Global

38、 Clean Energy Survey 2025/7Growth opportunities0%10%20%30%40%50%60%70%80%90%100%Sustainability targets/commitmentsImproving the reliability of your existing energy supplyReducing the cost of your existing energy supplyKeeping up with/getting ahead of the competitionClimate change regulationBuilding

39、resilience/long-term business modelReputation and social pressureChanges in consumer behaviour and preferencesPressure from investors/stakeholdersTotal(450)63%61%59%62%71%62%53%49%56%58%51%49%50%57%47%42%48%43%46%56%52%46%46%54%46%37%44%42%42%47%50%41%46%33%46%32%41%48%34%31%41%30%27%31%33%33%66%62%

40、54%64%Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)Q.What are the most important drivers of your organizations clean energy strategy?Figure 1 Top drivers of clean energy strategies8/Global Clean Energy Survey 2025The upside of clean energy strategies:complianceAlmost two-thi

41、rds of respondents(62%)rank regulatory compliance as a top-five valuable outcome of implementing their clean energy strategy(67%in oil and gas).Meeting sustainability goals follows at 53%,reflecting the top responses in answer to what the main drivers are for the clean energy transition.This suggest

42、s that the associated incentives,such as access to tax credits,improved ESG ratings and avoidance of penalties,are wielding the most power in decision-making.Increased revenues and profit margins(51%)and better operational efficiencies(48%)arent far behind,which is consistent with the focus on ROI i

43、n the short-term.Sector dividing lines are blurring As the natural resources industry increasingly diversifies into clean energy,the dividing lines between renewables and other sectors are blurring.While nearly three-quarters of pure-play renewables companies(71%)are at the implementing or fully imp

44、lemented stage,traditional power businesses are not far behind at 63%.“The findings reflect the complexities of the industry,”says Carlos Wilkinson,Head of Power and Utilities,Great Britain,Natural Resources,Willis.“Power and utilities are committed to switching energy sources for the long term.And

45、they have the capabilities,knowledge and financial resources to adopt new technologies and make change happen.By contrast,start-up renewables companies can be shorter-term investment-backed development vehicles that dont have the same balance sheet maturity as a longstanding power company,which may

46、explain why 29%of renewables companies are still at the exploration stage in their strategy.”0%10%20%30%40%We are actively discussing our strategy,but it is not yet finalizedWe do not have a strategy18%20%19%17%14%32%10%20%43%37%30%44%44%We have fully implemented our strategy and related monitoring

47、and control measuresWe have begun to embed our strategy in our business operationsWe have developed and documented a clear strategy,but have not yet begun to embed it in our business operations44%37%13%6%19%6%27%Q.Which of the following best describes the current stage of your organizations clean en

48、ergy strategy?0%No strategy50%Exploring37%Implementing13%Fully implementedTotal(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)Figure 2 Organizations progress with their clean energy strategy3 WTW Energy Market Review 2021 Global Clean Energy Survey 2025/9Who is leading on

49、 clean energy strategies?Corporate strategy and sustainability are the functions most active in leading clean energy strategy within organizations according to our survey,with 33%and 24%respectively ranking these functions at number one.This is the same order we found in our 2021 report on climate r

50、isk and the energy transition,when we asked a similar question.3 The finding most likely reflects the complex regulatory requirements for many clean energy projects and the strict vetting procedures and consultation processes involved.To get it right requires strong corporate leadership and support

51、from sustainability professionals who know how to navigate the system and get the necessary approvals.Figure 3 Corporate and sustainability teams lead clean energy strategiesCorporate strategySustainability team,including ESGC-suiteRisk and insuranceLegalFinanceOperationsProcurementQ.Which corporate

52、 functions are most active in leading your organizations clean energy strategy?33%7%8%7%7%4%6%8%4%7%4%5%8%4%6%5%5%4%0%9%2%26%31%42%39%24%23%36%14%22%11%11%7%9%17%9%11%11%8%6%Total(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)0%10%20%30%40%50%0%10%20%30%40%50%The C-suite

53、and risk and insurance teams also have a seat at the table in leading their organizations clean energy strategy,but finance teams are not as involved in strategic planning,ranking near the bottom of the list.That could become an issue as finance should be a core element of planning conversations to

54、ensure investment decisions are made with clarity and confidence.4 Equinor Message to stakeholders10/Global Clean Energy Survey 202534%is the average expected increase in spend on clean energy technologies and infrastructure in the next financial year,secured through a mixture of cashflow,divestment

55、,debt financing and development funding.Across the industry,the average spend on clean energy technologies and infrastructure in the 2025-2026 financial year is expected to be more than$248 million,up from$185 million in 2024-25,a 34%increase.Among the largest companies,spend will be much higher,wit

56、h 42%planning to invest over$500 million.How are companies financing clean energy initiatives?Companies are ramping up spend on new energy sourcesDemonstrating this uptick,Jon Erik Reinhardsen,Chair of the Board,and Anders Opedal,President and CEO at Equinor shared in a leadership statement how the

57、company has grown capacity from a point in 2023 where 20%of investments were directed towards renewables and low carbon solutions,to being on track to reach over 50%of investments in profitable renewables and low carbon solutions by 2030.4Every natural resources sector is moving in the same directio

58、n,with percentage increases ranging from 29%in oil and gas to 51%in mining and metals.Regionally,investment will be highest in North America,where 20%of companies plan to spend between$500 million and$1 billion,and lowest in the Middle East,where only 5%plan to invest at that level.Q.How much did yo

59、ur organization spend in$on clean energy investments in the last financial year?2024+34%$million202520242025202420252024202520242025185.01248.62190.61245.01266.40346.32114.32160.92163.12245.83+29%+30%+41%+51%Total(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)Figure 4 34%

60、rise in clean energy investment by 20255 National Grid Grid expectations:how upgrading the UKs energy system will touch your life Global Clean Energy Survey 2025/11Clean energy goals are mixedSome clean energy investments are being used to boost operational efficiencies.For example,some oil and gas

61、companies are investing in offshore wind to generate the power required for fossil fuel extraction.Some large mining and metals companies are developing wind and solar farms,not to supply the grid,but to make their own energy supply more sustainable and reduce their dependence on unreliable local po

62、wer grids.However,every project helps to move the dial and reduce emissions.Although the U.K.plans vastly more new and upgraded infrastructure in the next six years than it has in the previous 30 years,according to the National Grid plc,5 the average level of investment by power companies in 2025 is

63、 less than in other natural resources sectors.This may reflect the complex and lengthy nature of new power projects,such as moving from gas to renewables for large scale power generation.Construction work and infrastructure investment is not concentrated in one year but spread over a long period.Fir

64、ms favor internal financingLooking at how companies are financing their investments,a large proportion of respondents appear confident about their ability to raise money through Figure 5 Financing strategies for clean energy initiativesInfrastructure funds,development banks or other large investment

65、 institutions0%10%20%30%40%50%60%70%80%0%10%20%30%40%50%60%70%80%Equity investmentGenerating cashflow for investmentInitial public offering(IPO)Raising capital through divestmentQ.How is your organization financing its clean energy initiatives?38%43%31%40%33%55%54%53%53%58%66%59%66%70%76%48%42%42%53

66、%59%27%21%24%36%33%59%55%69%57%59%Total(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)Debt financing(public or private)the business.Two-thirds(66%)said they are using cashflow generated from the business(76%in mining and metals),while almost as many are raising capital th

67、rough divestment(59%)and equity investment(55%).By contrast,only 38%are using debt financing(43%in oil and gas,40%in power)to fund clean energy strategies.“Its encouraging to see organizations are looking toward a diversified mix of funding options,”says David Bagnall.“It also indicates that many co

68、mpanies are confident in their strategy and in their ability to meet their own financing needs.”12/Global Clean Energy Survey 2025How do organizations balance investment and business priorities?Looking in detail at clean energy investments planned for 2025 reveals some interesting variations.While o

69、nly 3%or less of respondents across all sectors intend to invest more than$1 billion,which might indicate a cap on ambition,spend in relation to company size suggests a higher level of confidence.Almost 1 in 5(18%)of mid-sized businesses with turnover between$100 million and$1 billion plan to invest

70、 between$100 million and$500 million in clean energy in the next year an amount that could be equal to or more than their total revenue for the year.More than a third(34%)with turnover over$1 billion are planning to spend between$500 million and$1 billion.As a complex interplay of internal and exter

71、nal factors impact on their decisions,businesses need to carefully calibrate their investment to achieve their goals.Both over-or under-investment can put strategies at risk and threaten the financial resilience of the business.Underinvestment could potentially leave your company:Struggling to compe

72、te with those that are adapting more quickly Missing out on growth opportunities Exposed to greater regulatory risk Overinvestment could create different challenges:Leaving companies with overstretched balance sheets Potentially creating stranded assets if projects do not materialize or perform to e

73、xpectations TotalAnnual turnover Small(net)Medium(net)Large(net)Base:all respondents45090180180Less than$1 million(0.495)-Between$1 million and$100 million(50.5)57%99%82%11%Between$100 million and$500 million(300)26%1%18%48%Between$500 million and$1 billion(750)14%-34%Over$1 billion(1,250)3%-8%Total

74、Sector Oil,Gas and Chemicals(net)Renewables(net)Power(net)Mining and Metals(net)Base:all respondents450180909090Less than$1 million(0.495)-Between$1 million and$100 million(50.5)57%58%42%72%54%Between$100 million and$500 million(300)26%26%28%21%31%Between$500 million and$1 billion(750)14%13%27%4%11%

75、Over$1 billion(1,250)3%3%3%2%3%By company sizeBy sectorChart 1 How do your clean energy investments measure up?Q.How much is your organization budgeting to spend on clean energy investments in the next financial year?Global Clean Energy Survey 2025/136 IEA Government Energy Spending Tracker“Investme

76、nt decisions can directly impact risk profiles and insurance strategies with cost implications to the business.If technologies are not typically covered by traditional insurance,you may need to consider captives or alternative risk solutions.Factor the total cost of risk,both retained and transferre

77、d,into your planning process.Risk modeling and analytics can help you quantify your risks and optimize your risk financing strategy”Kevin Little,Director,Strategic Risk Consulting,Willis see page 19 for further insights.$1.34 trillionAmount allocated by governments for clean energy investment 2020-2

78、3.614/Global Clean Energy Survey 2025Companies are mostly taking a pragmatic approach to the transition,prioritizing energy sources that are established and financially viable now,while giving extra weight to emerging technologies over a longer horizon.However,our survey did throw up some surprises,

79、including greater than expected interest in carbon capture and storage(CCS)in the medium term and a lack of enthusiasm for nuclear.Innovation will drive change Oil and gas was the biggest priority in the near term,named by 29%,with this result heavily weighted by responses from the oil and gas secto

80、r and the Middle East region.“The Middle East has historically been Which technologies are set to grow?Renewables will overtake oil and gas as a priority in the medium termlargely a petro-economic region,and oil and gas continues to play a core role in both the countries economic make-up,as well as

81、geopolitical relationships.”Andrew Brunero,Head of Broking,Middle East,Natural Resources,Willis.Richard Goyder,Chair of the Board,Woodside Energy stated“we are confident gas will continue to play a crucial role in the global energy mix,including as back up support for electricity grids powered by re

82、newables.We are also working to diversify our portfolio into new energy products and lower carbon services.”7Taking near-term and five-year priorities together,solar(51%),biofuels(45%),offshore wind(39%),onshore wind(38%)and hydropower(36%)all scored highly,reflecting the pace of innovation in these

83、 established renewables technologies as they become cheaper,more scalable and efficient.0%20%40%60%80%100%Oil/gasSolarOnshore windCarbon captureHydropowerOffshore windBiofuelsMining(including metallurgical coal and lithium)Other hydrocarbons/fossil fuels(e.g.thermal coal)Battery energy storage solut

84、ionsHydrogenGeothermalNuclear29%17%14%20%18%23%16%20%23%14%25%20%12%19%24%12%39%22%12%23%26%11%16%27%4%16%29%3%6%14%13%32%23%20%44%17%27%24%15%Immediate priorityNext 5 yearsNext 10 yearsQ.What timespan has your organization set for prioritizing the following energies?Figure 6 Shifting energy priorit

85、ies:from renewables to innovation7 Woodside Energy 2023 Annual Report Global Clean Energy Survey 2025/15Figure 7 Key actions for achieving energy strategy goals0%20%40%60%80%100%Investment in new technologiesRaising capitalResearch and development/innovationWorking with trade bodies and government d

86、epartmentsReviewing contractual energy supply arrangementsMinor modifications to existing assets(less than$250 million)DecommissioningForming joint ventures and partnershipsDivesting operations or business segmentsMerger/acquisition to acquire new capabilities or technologiesMajor modifications to e

87、xisting assets($250 million or more)74%24%2%74%24%2%62%28%9%62%23%15%47%37%16%39%31%16%39%35%18%32%41%22%27%50%16%25%45%22%13%47%34%Immediate priorityNext 5 yearsNext 10 yearsQ.What time span has your organization set for implementing the following aspects of your clean energy strategy?Longer term,b

88、attery storage surges in importance,named by 61%as a priority over the next five and 10 years,offering a solution to the intermittency challenges of renewables when the wind doesnt blow or the sun doesnt shine.Hydrogen also emerges as a leading priority,reflecting its potential once issues around it

89、s cost,infrastructure and storage are overcome,while geothermal energy is also seen as an important source of clean energy over a 10-year time frame.Carbon capture is inAlmost half(44%)of respondents are putting their faith in carbon capture over the next five years.“This is surprising given that th

90、e technology has not yet been deployed on any large scale.However,the finding may reflect the prospect of tradeable carbon credits,certainty about the price for storing carbon,and the commercial opportunities for oil and gas producers from sequestering carbon in exhausted fields.”Marie Reiter,Head o

91、f Global Broking Strategy,Natural Resources,Willis.The results also point to a continued reliance on thermal coal over the next decade.This is still an important source of baseload energy in many parts of the world and there are hopes that it can be made cleaner for power generation through measures

92、 such as burning it together with ammonia to reduce the amount of coal needed for the same amount of energy produced.However,there was little enthusiasm for nuclear in our survey.Even over a 10-year time frame,only 14%say they intend to prioritize it.Despite recent growing interest in small-scale mo

93、dular reactors,the industry doesnt seem to believe that these can play a meaningful role as a clean energy source,while large scale nuclear is very difficult and expensive to develop.Priorities change over timeLooking at the actions companies are planning as part of their strategy,the immediate focu

94、s is overwhelmingly on innovation.Investing in new technologies(74%)and raising capital to fund those investments(74%)are the top priorities in the near term,along with research and development(62%),and working with government bodies and agencies(62%).Natural resources businesses understand they wil

95、l either need to divest existing assets over the longer term or adapt them to integrate clean energy 81%are planning major modifications costing$250 million or more to assets over the next five and 10 years.The longer time frame reflects the difficulty and cost of making changes to large established

96、 facilities.For example,adding carbon capture to one existing power plant can cost c.$1 billion.Faced with these complexities,companies are also planning to acquire additional capabilities through mergers and acquisitions,and joint ventures and partnerships in the longer term.16/Global Clean Energy

97、Survey 2025FOCUS:Renewable technologies Keeping pace with change:making smart clean energy investments could be the difference between success and failureNatural resources companies are facing a steep technology curve as the pace of the energy transition accelerates.“Companies are entering a new rea

98、lity in which they may need to consider the merits of repowering some of their technologies and operations every five years or so,”says Steven Munday,Global Renewable Energy Leader,Natural Resources,Willis.“This scale of change is likely to become normal,but it can pose financial,organizational and

99、infrastructure challenges,especially to companies that are taking their first steps into renewables.”“Some may suffer from analysis paralysis,wondering which technology to choose and if they should wait for it to become more mature.But most renewable technologies are becoming more modular,adaptable,

100、reliable and efficient.Its hoped that this will mean that with good operations and maintenance,companies can take advantage of potential evolutionary efficiencies in technology whilst reducing inherent risks of technology obsolescence.They will be able to switch modules out and replace them with pla

101、nned upgrades aligned to the benefits of harnessing newer improved technology solutions.”“For example,wind turbines are becoming larger and more powerful.6-7MW offshore wind turbines were becoming standard just a few years ago,but where sites and connections permit,turbines can now exceed 20MW.Poten

102、tial refinancing and repowering has the potential to deliver efficiencies and savings to help the energy transition.We have seen battery energy storage system(BESS)deployment scale limited by site,location and supply chain;however,we expect to see a rapid increase in this technology,specifically in

103、hybrid-and integrated-technologies installation”.Insurance markets are starting to develop solutions that can unlock access to more affordable capital for investment.For example,performance insurance acts as a backstop against newer and innovative technologies not reaching the expected production le

104、vels,while parametric solutions can help overcome weather-related intermittency risk and shifting climate risk exposures.Creative insurance solutions can also be found to manage the supply chain and geopolitical risks that threaten the clean energy transition(see Which risks could derail clean initi

105、atives?,page 17).Risk engineering and analytics can help reduce project risk,identify and mitigate exposures,model loss scenarios and increase overall resilience,ultimately helping senior leaders make informed decisions about putting their capital where it matters to protect and grow the business.90

106、%of global electricity generation is expected to come from renewables by 2050.8 But fossil fuels will still account for up to 48%of total energy consumption.9 8 IEA Net Zero by 2050 A Roadmap for the Global Energy Sector 9 DNV 2023 Energy Transition Outlook Global Clean Energy Survey 2025/17Geopolit

107、ics and supply chain disruption emerged as the biggest risks to clean energy strategies,reflecting pressures on globalized networks and the need for clear and consistent energy policies in a more volatile and fragmented world.Supply chain and geopolitical risks top the rankingsMore than three-quarte

108、rs of respondents(79%)named supply chain disruption and geopolitical issues(78%)among their top five risks.“Clean energy supply networks are still widely distributed across the world,despite the drive to nearshore or onshore supplies for Which risks could derail clean energy initiatives?Disruption c

109、an hit from several angles in an increasingly volatile worldcritical infrastructure,”says Ana Maria Gomez,Latin America Leader,Natural Resources,Willis.“Renewable technologies are also highly dependent on rare earth minerals,produced in countries from China to Latin America.This is a substantial eco

110、nomic opportunity for the Latin America region,but globally,any threat to trade to and from these countries could have a significant impact,delaying projects and increasing costs.”Likewise,with changes of government more likely in elections around the world,theres less certainty around subsidy mecha

111、nisms and energy policies.In some countries,such as the U.S.,were seeing potential for a radical change of course,although its currently unclear what the impact will be for clean energy plans in the region.Supply chain disruptionGeopolitical riskWeather-related intermittency riskPhysical climate ris

112、kLegal/liability riskConstruction risk(e.g.project timeline overruns)Cyber threatsQ.What are the greatest risks to your organization achieving your clean energy strategy?79%77%79%76%86%46%52%36%50%42%39%48%43%31%22%44%54%47%33%34%78%76%87%72%81%61%61%67%57%59%50%54%50%50%40%Total(450)Oil,Gas and Che

113、micals(180)Renewables(90)Power(90)Mining and Metals(90)0%20%40%60%80%100%0%20%40%60%80%100%Figure 8 Major risks to achieving clean energy strategy18/Global Clean Energy Survey 2025Weather-related intermittency is a top riskThese external forces add pressure to inherent operational concerns,such as w

114、eather-related intermittency,ranked as a top risk by 61%overall and 67%in the renewables sector.Lack of wind,sun or rainfall can undermine the financial model of wind,solar and hydropower generation,exposing companies to financial losses.Physical climate risks were named by half(50%)of respondents:l

115、ike other industries,natural resources operations and supply chains are impacted by the increasing frequency and severity of extreme weather events.Global insured losses exceeded$140 billion,marking the fifth consecutive year above$100 billion.10 Meanwhile,the protection gap remained substantial,wit

116、h total economic damages exceeding$350 billion,highlighting the inadequacy in resilience to climate-related risks.10 As global temperatures rise,its also possible that demand for energy to generate heat could fall,posing another challenge to current business models.10 WTW Natural Catastrophe Review

117、2024Uncertainty and volatility are barriers to clean energy adoptionEconomic and political uncertainties seem to be feeding into the challenges companies say could prevent them from adopting clean energy technologies.While access to capital ranks very low among the challenges to adoption,and banks a

118、re under pressure to lend to clean energy projects(provided they can meet their lending criteria),a majority(58%)of companies still cited volatility in financial markets as a top barrier.Similarly,despite relatively stable prices for most types of clean energy,uncertain return on investment was cite

119、d by 56%.“While insurance market conditions will have a bearing,factors such as political upheaval and the potential for changes in subsidy regimes,uncertainty about the future price for clean energy,and a fear that some of the technologies being developed wont perform as well as expected all have m

120、ore weighting when it comes to your risk profile.Insurance will be there when youre ready,but getting there looks different for each organization”Marie Reiter.Figure 9 Key challenges in adopting clean energy technologies0%10%20%30%40%50%60%70%80%Volatility in financial marketsUncertain return on inv

121、estmentAvailability and cost of insuranceCost of new technologiesUncertainty on which technologies to invest inCurrent/emerging regulationCost overrunsChanges in government policy(e.g.removal of available subsidies)58%48%64%67%61%56%54%57%64%49%39%38%42%40%37%37%38%38%31%39%28%28%24%28%32%31%33%30%2

122、9%28%32%33%33%32%27%33%36%26%31%34%Q.What are the greatest challenges to adopting clean energy technologies that your organization faces?Total(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)0%10%20%30%40%50%60%70%80%Global Clean Energy Survey 2025/19In previous decades,cha

123、nge has primarily been driven by market forces.But in the last few years,the dynamic has shifted with politics having a much greater influence.“Were in a new era,where politics is now more of a prime mover,especially in critical areas such as energy policy,”says David Cosserat,Global Advisory Leader

124、,Natural Resources,Willis.“As our survey shows,this is leading to greater geopolitical risk and uncertainty.Forward-thinking natural resources companies are carrying out scenario-based mapping to analyze the potential impact of policy decisions and regulation change,as well as their physical,climate

125、 and operational risks.”As traditional power,mining,and oil and gas companies diversify into clean energy,analytics can also help them assess the impact of a wide range of external risk factors on clean energy investments.For example,for capital-intensive renewables,if the cost of money goes up,what

126、 level of production time do you need to break even?And can that be achieved if there are long-term shifts in weather patterns?The answers to questions like these may bring different solutions,such as parametrics,captives or alternative risk finance,into play to mitigate the impact.“Risk analytics c

127、an help you identify,quantify,and prioritize major risks,and connect risk management decisions to corporate financial performance,”says Kevin Little,Director,Strategic Risk Consulting,Willis.“Looking at all of your risks across different scenarios can help prioritize mitigation efforts to get the be

128、st results from your risk management spend.”FOCUS:Risk analyticsRethinking risk assessments in an era of politically-driven change20/Global Clean Energy Survey 2025How can risk management keep up with innovation?Technology is running ahead of risk management strategiesManaging the risks associated w

129、ith clean energy is a moving target.Technologies continue to evolve at pace,bringing new risks,and requiring new controls and standards.The pace of innovation and change may be a factor holding companies back in implementing risk mitigation and management strategies.While three-quarters of pure-play

130、 renewables businesses(75%)are at the implementation phase of risk mitigation,with 49%fully implemented,this figure drops away for the other natural resources sectors.Managing the risk of the unknown“Renewables companies have been at the forefront of developing clean technologies and have quickly le

131、arned lessons they can apply to their next project,”says Michael Buckle,Regional Industry Leader,Great Britain,Natural Resources,Willis.“For others,this is a new and uncharted landscape.In some areas,the technology seems to be running ahead of their ability to assess the risks involved.”“These resul

132、ts may align with our finding that many businesses are still exploring their strategy and still testing which technologies will work best for them(see Whats driving decision-making?,page 6).So its perhaps not surprising that they have yet to implement all the risk management measures that will be re

133、quired.”Cost and supply of insurance are barriersCost and availability of insurance feature high among the list of challenges to clean energy adoption,ranked by 39%of respondents.Although the markets have been keen to provide cover for clean technology risks,policies can be expensive and only respon

134、d to damage triggers,whereas much of the risk in new technologies lies in factors such as design and performance failure.“Insurance provision can be quite siloed,with some insurers only willing to cover sectors,risks and technology they are comfortable with or understand,without reference to distinc

135、t underwriting functions for these risks within their wider businesses,”says Will Fremlin-Key,Global Head of Mining and Metals,Natural Resources,Willis.“This doesnt reflect business realities in the industry as natural resources businesses are increasingly diversifying across new technologies and bu

136、siness areas.”Global Clean Energy Survey 2025/21Figure 10 Greatest obstacles to transferring clean energy risk to the insurance marketBlanket or excessive exclusionsLimited duration/inflexibility of insuranceLack of suitable insurance productsHigh deductibles/waiting periodRisk engineering requireme

137、ntsToo expensiveInternal risk tolerance/risk appetiteExisting program will not accept clean energy exposuresLack of capacity53%53%52%58%49%48%48%51%49%44%47%44%51%44%51%46%47%43%48%48%46%50%39%37%57%39%38%49%38%34%35%42%29%31%32%31%34%27%20%41%28%29%33%21%24%Q.What are the greatest obstacles to tran

138、sferring emerging clean energy risks to the insurance market?Total(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)0%10%20%30%40%50%60%0%10%20%30%40%50%60%22/Global Clean Energy Survey 20250%10%20%30%40%50%We are not currently implementing risk mitigation/management strateg

139、iesWe are currently developing focused proposals to implement risk mitigation/management strategies(including ranking by severity)We have developed focused proposals and are ready to implement our risk mitigation/management strategiesWe have begun to implement our risk mitigation/management strategi

140、esWe are implementing risk mitigation/management strategies and have monitoring and control processes in placeQ.What stage is your organization at in implementing risk mitigation/management strategies associated with your clean energy plan?0%No strategy42%Exploring26%Implementing32%Fully implemented

141、18%19%18%26%11%23%28%8%21%32%26%21%26%28%34%32%32%49%26%22%Total(450)Oil,Gas and Chemicals(180)Renewables(90)Power(90)Mining and Metals(90)Figure 11 Organizations progress in mitigating risks with their clean energy planNew insurance solutions are neededIts clear from the results that many businesse

142、s feel insurance markets need to do more to support their clean energy transition.Around half of respondents cited obstacles to transferring their clean energy risks,including excessive or blanket exclusions(53%),limited duration of insurance(48%),and lack of suitable products(47%).“Companies are lo

143、oking for more certainty of cover over the whole lifecycle of clean energy projects,from construction risks,through to operational risks,and to eventual post-closure risks,which may be up to 20 years.”says Marie Reiter.“They may also be looking to their insurance broker for support with complex cont

144、ractual negotiations and cover for some of the commercial risks such as defects in technology design.Insurers are aware of these issues and have developed innovative products such as performance insurance,but available capacity for these products is still some way from the level that the industry wo

145、uld like to see.”High-risk engineering requirements were cited as an obstacle by 46%of respondents(57%in renewables).There may be a perception that insurers impose stricter requirements for clean energy because markets are not yet familiar with the type of risks involved.But meeting those requiremen

146、ts can be a significant benefit,helping organizations build resilience and prevent losses,while improving the quality of the risk and potentially reducing the cost of insurance(see Focus:Risk Engineering,page 23).Global Clean Energy Survey 2025/23Some insurers find it difficult to price project risk

147、 because clean energy projects typically incorporate features from multiple industry sectors.With insurers currently divided into product categories with either a downstream,upstream,power or renewables focus,it is easy to see how clean energy projects can be misunderstood and mispriced.For example,

148、a downstream underwriter may not have the historical knowledge of risks and operating practices of upstream elements of a project.This leads to underwriters being unable to effectively make a business case to underwrite a specific risk or may impose stringent policy or risk engineering requirements,

149、that significantly raise the bar on the information natural resources companies need to supply during placement negotiations.For example,they may view a clean energy project as novel or prototypical when in fact elements of the project are well-tested technologies either used in other industry secto

150、rs or used in their traditional sector but employed in a new way.Insurers concerns can be overcome by sophisticated risk engineering which can help demystify the technology selection and its implementation,giving insurers more confidence on actual rather than perceived exposures.FOCUS:Risk engineeri

151、ng Building resilience into clean energy projects from the get-go“Engaging risk engineering early in the project definition stage,preferably before the final investment decision has been taken,can be key.Not only can this reduce the barriers to insurance,it can also enable a project to run smoothly

152、through planning,construction and commission stages by proactively controlling risks before they materialize and disrupt future operations and revenue”,explains Alan McShane,Global Head of Risk Engineering,Natural Resources,Willis.Risk engineers can help project sponsors select technology thats best

153、 aligned to their organizations clean energy goals and make sure its built and installed safely,while also acting as a bridge to underwriters,providing the data insurers need in order to feel comfortable with the risk.Engineering surveys,risk assessments,loss scenario modeling,and guidance on indust

154、ry good practices on practical and technical adaptations can all reduce exposures,demonstrate a projects proactive approach to risk and enable effective communication on risk matters,providing a more effective platform for insurance placement negotiations.Engaging with risk engineers early can help

155、businesses save money in the long run by increasing both project and future operational resilience,prevent losses,reducing the cost of insurance,and enabling projects to move through all its phases in a confident and secure way.Perceived clean energy project risk profileRisk engineering engagement w

156、ill help clarify project risk profileActual clean energy project risk profileNew technology that needs better understandingKnown technology employed in a different setting/configurationKnown technology employed in a normal settingNew clean technology project viewed as prototypicalRisk engineering is

157、 an enabler for clean energyOur survey shows that every natural resources company is on a path to a clean energy future.How they navigate that path will be different for every business.The choice of which technologies to invest in,for what purpose,and how far and how fast to go is down to decision-m

158、akers in every sector boardroom.Depending on those decisions,the bumps and turns on that journey will also be unique.Although the risks highlighted in our survey are similar,from geopolitical uncertainty and supply chain disruption to project delays,how they play out across the sector,region and com

159、pany size will vary widely,requiring different approaches and mitigation strategies.To navigate these challenges and make the most of future opportunities,it all starts with reassessing the critical issues specific to your business.Review where you need to focus.What are your short-and long-term goa

160、ls?Which risks both established and emerging pose the biggest threats?Which solutions and capabilities can help you make decisions with confidence?Where might you need more support?Natural resources is at a tipping point.The path to net zero will take twists and turns,some of which have already impa

161、cted the pace of transformation.But the destination remains unchanged.At Willis,were helping our clients navigate conflicting and competing priorities in a transforming industry,with a clean energy risk strategy that gets the balance right.A smarter approach to a transforming industry Making strides

162、 in the clean energy transitionContact a local advisor to supercharge your clean energy risk management,and move forward with confidence in the clean energy transition:Rupert MackenzieGlobal Head of Natural Resources,Willis Rupert.MCEEMA Ahmed Abdel GawadRegional Industry Leader,Natural Resources,Wi

163、llis Ahmed.AbdelGLatin America Ana Maria GomezRegional Industry Leader,Natural Resources,Willis AnaMaria.GPacific Matthew FrostRegional Industry Leader,Natural Resources,Willis Matthew.FGreat Britain Michael BuckleRegional Industry Leader,Natural Resources,Willis Michael.BAsia Pacific Nicki TilneyRe

164、gional Industry Leader,Natural Resources,Willis Nicki.TEurope Steven MundayGlobal Renewable Energy Leader,Willis Steven.MNorth America William HelanderRegional Industry Leader,Natural Resources,Willis William.H24/Global Clean Energy Survey 2025 Global Clean Energy Survey 2025/25Our survey was carrie

165、d out by our partner,Coleman Parkes Research,between November 2024 and January 2025,using a mixture of phone interviews and web-based survey forms.We received 450 responses from senior decision-makers in leading energy and natural resources companies based in Europe,North America,Asia Pacific and La

166、tin America.Survey sample and methodologyMethodologyOnline survey 450 total respondentsAudience profileRespondents within the natural resources industry,specifically focusing on oil,gas and chemicals;mining and metals,and power sectorsFieldwork datesNovember 2024 January 2025CountryNorth America100E

167、urope100APAC100Middle East75Latin America 75Summary of methodologyThe research was conducted by Coleman Parkes Research,a UK-based B2B market research company.The study employed a phone-to-web(P2W)methodology,where respondents were targeted via a company list,recruited by phone,and sent an online su

168、rvey.It included 15-20 structured questions with screeners to ensure relevant participation.The survey targeted 450 senior decision-makers across risk management(including CROs,Heads of Risk),sustainability and environmental teams(including Chief Sustainability Officers,Heads of Environmental Affair

169、s),and other corporate functions(including Chief Financial Officers,Chief Operating Officers,and their direct reports).Conducted over seven weeks,it included one week setup,five weeks in-field,and one week for insights.North AmericaAPACMiddle EastLatin AmericaEurope22%22%17%17%22%26/Global Clean Ene

170、rgy Survey 2025Regional/multi-countryRisk managementSustainability andenvironmental teamsOther corporatefunctions40%40%20%47%25%28%Single countryGlobalBetween$20 millionand$100 millionBetween$100 millionand$1 billionBetween$1 billion and$5 billionOver$5 billion20%16%24%40%Less than 1,000Between 1,00

171、0 and 5,000Between 5,000 and 10,000Over 10,00041%7%21%31%Less than 1,000Between 1,000 and 5,000Between 5,000 and 10,000Over 10,000Not sure35%32%5%7%21%9%7%7%6%5%4%3%2%Oil and gasWindSolarExtractive metalsMining exploration(includingmetallurgical coal)ChemicalsHydrogenHydropowerBattery energy storage

172、 systemsBiofuels/bioenergyNuclearCarbon capture30%10%10%8%7%7%6%6%5%4%3%3%2%Oil and gasExtractive metalsMining exploration(includingmetallurgical coal)ChemicalsWindHydrogenSolarBattery energy storage systemsBiofuels/bioenergyHydropowerNuclearCarbon captureOther hydrocarbons/fossil fuels(e.g.thermal

173、coal)Other hydrocarbons/fossil fuels(e.g.thermal coal)32%12%11%10%10%Regional/multi-countryRisk managementSustainability andenvironmental teamsOther corporatefunctions40%40%20%47%25%28%Single countryGlobalBetween$20 millionand$100 millionBetween$100 millionand$1 billionBetween$1 billion and$5 billio

174、nOver$5 billion20%16%24%40%Less than 1,000Between 1,000 and 5,000Between 5,000 and 10,000Over 10,00041%7%21%31%Less than 1,000Between 1,000 and 5,000Between 5,000 and 10,000Over 10,000Not sure35%32%5%7%21%9%7%7%6%5%4%3%2%Oil and gasWindSolarExtractive metalsMining exploration(includingmetallurgical

175、coal)ChemicalsHydrogenHydropowerBattery energy storage systemsBiofuels/bioenergyNuclearCarbon capture30%10%10%8%7%7%6%6%5%4%3%3%2%Oil and gasExtractive metalsMining exploration(includingmetallurgical coal)ChemicalsWindHydrogenSolarBattery energy storage systemsBiofuels/bioenergyHydropowerNuclearCarb

176、on captureOther hydrocarbons/fossil fuels(e.g.thermal coal)Other hydrocarbons/fossil fuels(e.g.thermal coal)32%12%11%10%10%Figure 12 Job titleFigure 13 Organizations geographic scopeFigure 14 Organizations annual turnover Figure 15 Organizations number of employeesFigure 16 Number of natural resourc

177、es contractorsRegional/multi-countryRisk managementSustainability andenvironmental teamsOther corporatefunctions40%40%20%47%25%28%Single countryGlobalBetween$20 millionand$100 millionBetween$100 millionand$1 billionBetween$1 billion and$5 billionOver$5 billion20%16%24%40%Less than 1,000Between 1,000

178、 and 5,000Between 5,000 and 10,000Over 10,00041%7%21%31%Less than 1,000Between 1,000 and 5,000Between 5,000 and 10,000Over 10,000Not sure35%32%5%7%21%Global Clean Energy Survey 2025/279%7%7%6%5%4%3%2%Oil and gasWindSolarExtractive metalsMining exploration(includingmetallurgical coal)ChemicalsHydroge

179、nHydropowerBattery energy storage systemsBiofuels/bioenergyNuclearCarbon capture30%10%10%8%7%7%6%6%5%4%3%3%2%Oil and gasExtractive metalsMining exploration(includingmetallurgical coal)ChemicalsWindHydrogenSolarBattery energy storage systemsBiofuels/bioenergyHydropowerNuclearCarbon captureOther hydro

180、carbons/fossil fuels(e.g.thermal coal)Other hydrocarbons/fossil fuels(e.g.thermal coal)32%12%11%10%10%Figure 17 Current sectors of operationFigure 18 Primary sector of operationDisclaimerWTW offers insurance-related services through its appropriately licensed and authorised companies in each country

181、 in which Willis Towers Watson operates.For further authorisation and regulatory details about our WTW legal entities,operating in your country,please refer to our WTW website.It is a regulatory requirement for us to consider our local licensing requirements.The information given in this publication

182、 is believed to be accurate at as 12 March 2025.This information may have subsequently changed or have been superseded and should not be relied upon to be accurate or suitable after this date.This publication offers a general overview of its subject matter.It does not necessarily address every aspec

183、t of its subject or every product available in the market and we disclaimer all liability to the fullest extent permitted by law.It is not intended to be,and should not be,used to replace specific advice relating to individual situations and we do not offer,and this should not be seen as,legal,accou

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185、owever we do not guarantee and are not responsible for the accuracy of such.The views expressed are not necessarily those of WTW.About WTWAt WTW(NASDAQ:WTW),we provide data-driven,insight-led solutions in the areas of people,risk and capital.Leveraging the global view and local expertise of our coll

186、eagues serving 140 countries and markets,we help you sharpen your strategy,enhance organizational resilience,motivate your workforce and maximize performance.Working shoulder to shoulder with you,we uncover opportunities for sustainable success and provide perspective that moves you.Learn more at 2025 Willis Towers Watson.All rights reserved.WTW-E100162 FPS8574013M