MELBOURNE, March 17, 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.
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:
Matthew Frost, Head of Natural Resources, Pacific at 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.
“In 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 production of rare earth materials for clean energy and efficiencies of generating their own power from renewables. In Australia, some companies are building solar and other renewable plants to supply their energy, particularly in stabilising operation efficiencies and costs in areas where grids are unreliable.”
“Australia has always been at the forefront of renewable energy technological implementation and has also experienced challenges that arise from the fast pace of innovation. Having an adaptive and innovative risk mindset is key to ensuring projects get the best results in their risk transfer. Technology doesn’t stay still, so risk understanding must evolve with it,” added John Rae, Pacific Renewable Energy Leader, at Willis.
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