The report below gives a good overview of the Spring 2023 M&A activity in the Energy Industry Sector. The global energy market is estimated to reach $151.4 billion by 2030, growing at a CAGR of 8.4%, during the period 2021-30, as per a report published by Global Newswire. The concerns over climate change and pollution have increased the demand for sustainable energy. The global energy sector was responsible for 40.0% of methane emissions in 2022, as per a recent report published by International Energy Agency (IEA). With emission levels reaching new records, the IEA emphasized the urgency for oil and gas companies to reduce their methane leaks in late 2022. The IEA also stated that nearly 80.0% of potential emissions reductions from the oil and gas industry can be achieved with no net costs, and an investment of $100.0 billion by 2030 could achieve significant emission reductions. While solar energy usage is increasing, high initial costs and lack of resources in emerging economies may limit renewable energy market expansion. Investing in renewable energy has proven to be beneficial for many companies despite the high costs associated with it. Gold Fields is one such example as it has invested in a solar power plant near its South Deep mine in Johannesburg. This plant is expected to provide 24.0% of the mine's electricity and help reduce the company's carbon footprint while also saving money on power, as per the report published by Reuters.
Posted by Roy Graham.