If You Thought 2024 Was A Year of Challenges, Hold on To Your Hat for 2025

C-MACC Weekly Sustainability and Energy Transition Report

If You Thought 2024 Was A Year of Challenges, Hold on To Your Hat for 2025

• 1^st Topic of the Week: We look back at some of our early 2024 predictions. They were mostly negative, and they have turned out to be mostly true.  While the temptation is to focus on the changing politics, which we do believe will impact 2025, most of the 2024 backtracking on projects and goals was driven by economics, which will endure.
• 2^nd Topic of the Week: Power shortages and data centers became the core theme in 2024, and power availability and affordability is one of the challenges for many of the e-fuels programs.  Data centers are taking the view that we think governments should take – cleaner power is better than no power, or unattainable green power.
• Otherwise: We look at farming-based emissions, falling battery prices, and ExxonMobil, the power company.

Exhibit 1: You would have made almost 50% this year by shorting the clean energy index relative to the S&P500

Source: Capital IQ