Navigating renewable risk

As we continue into 2023 the renewable energy industry moves forward at pace, as the world wrestles with supply chain issues, rising inflation, and climate change. With the cost of and access to energy at the heart of social and geo-political pressures globally, the renewable energy industry’s ability to meet soaring demand globally is even more under the spotlight, with some huge changes. In the United States the Inflation Reduction Act (IRA) has given some certainty to investors, with companies such as NextEra1 and Hanwha QCells2 making long-term construction and manufacturing pledges. The Act’s local content provision has sparked a global competition in incentive programs, with the European Union recently announcing its own Green Deal Industrial Plan. This competition for investment will shape the industry going forward and we wait with interest to see how other governments react to these policies.