Willis publishes results from their 2025 Global Clean Energy Survey

SINGAPORE, March 12, 2025 — Average spend across the natural resources industry on clean energy technologies is expected to increase by over a third in the next financial year, according to the latest global Clean Energy Survey released by Willis, a WTW business (NASDAQ: WTW).

Against the backdrop of increased fossil fuel investment in the short and medium term, natural resources businesses have ambitious long-term investment plans in clean energy technology. The risk outlook is more complex and interconnected than ever before as companies balance conflicting priorities.

Head of Renewables for Asia at Willis, Sam Liu said, “Interconnectors, or cross-border electricity transmission links, are becoming increasingly important as energy transition accelerates in Asia. Notable cross-border initiatives are The ASEAN Power Grid (APG) and The East Asia Super Grid (China – South Korea – Japan). These interconnections in the long term allow countries to import and export power across borders, increasing the utilisation of clean energy; improve energy security, grid stability and mitigate the impacts of curtailment by exporting excess power.

“However, several hurdles such as regulatory harmonisation, large scale capital investment to develop the transmission infrastructure, such as subsea cables, and geo-political risks remain, complicating the overall development. Nevertheless, risk and insurance analytics, and bespoke risk financing solutions can play a pivotal role in mitigating these challenges, improving the bankability of the projects.”

The survey received 450 responses from senior decision makers in leading energy and natural resources companies in Europe, North America, Asia-Pacific and Latin America, providing insights into the industry’s next moves in facing its evolving challenges.

Key findings include:

• 100% of natural resources companies surveyed have a clean energy strategy, but with different levels of maturity. 71% of renewables companies are at the implementing or fully implemented stage, compared to 36% for oil and gas, 63% for power and 43% for mining and metals.
• 63% view clean energy as a growth opportunity: The result is similar across all sectors, indicating a widespread commitment to the energy transition. This includes oil and gas businesses, with many companies investing in clean energy alongside the recent uptick in fossil fuel activity.
• Investment will increase by over a third in 2025: Across the industry, companies are ramping up spend on new energy sources. Investments on clean energy technologies and infrastructure will increase by 34% on average in the next financial year.
• Technology priorities are shifting: 51% rated solar as a top priority in the near and medium term. In the medium to long term, 61% prioritise 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 risks: 79% named supply chain disruption and 78% geopolitical issues 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 insurance: 53% said blanket exclusions were an obstacle to transferring their risks, followed by limited duration or inflexibility of insurance (48%), and lack of suitable products (47%), indicating a need for markets to develop new and better solutions for clean energy risks.

Rupert Mackenzie, Global Head of Natural Resources, Willis, said: “Navigating the clean energy transition is challenging for natural resources companies, who must balance competing regulatory, financial and operational pressures. From supply chain issues to technical and performance failures, to difficulties getting affordable project financing and right-sizing insurance cover.

“Maintaining stable energy supplies and healthy revenue flows are commercial priorities, but the need to participate in the clean energy transition is unavoidable. We are committed to understanding the opportunities and obstacles that natural resources companies encounter on their decarbonisation journey, as we strive to empower these organisations with the insight and support they need to make informed risk decisions today that will shape a sustainable energy future.”

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