More renewable energy infrastructure projects likely for 2024
Market Insight 11 January 2024 11 January 2024
UK & Europe
Climate change risk
Investment in renewable energy will see more construction, but wider economic woes may mean increasing claims volume.
There will be a notable uptick in infrastructure spending on renewable energy projects in 2024 as governments around the world seek to stimulate investment in the drive to achieve net-zero and against the backdrop of the continuing conflict in Ukraine.
There will be a particular focus on renewable projects in Africa, the APAC region, Europe and the United Kingdom, and a greater emphasis on solar, wind and hydroelectric projects is expected in 2024.
Indeed, we anticipate that about half of the transactional work our teams are involved with going forward will be related to the building and engineering required in the construction of renewable energy plants.
In Australia, 2024 will also see construction continue, and new infrastructure projects get off the ground, including in preparation for the Brisbane Olympics in 2032. Large investments have been made in the development of locations in the Brisbane Zone, including the Brisbane Live precinct that will house an arena and a new railway station.
Against the backdrop of greater investment in certain projects in 2024, there will be a global focus on building safety as regulators around the world examine legislation in the wake of new requirements introduced in the United Kingdom following the Grenfell Tower fire tragedy in 2017.
And as economic conditions worsen in some regions, we expect to see a greater number of construction-related insurance disputes and claims, as is typical in economic downturns.