Utilities have a critical role to play in delivering the UK’s ambition to achieve net zero emissions by 2050. They must make ready the supporting infrastructure for a low carbon society and work hard to drive carbon out of their own operations and asset bases as well as the services they provide.
Research tells us that energy and water businesses have rapidly mobilised to embrace their responsibilities for enabling decarbonisation with widespread commitments to achieving carbon neutrality by 2050 or sooner.
Delivering on these commitments will be challenging and require sustained focus. But while utilities continue to work on this agenda, what lessons have they learned from the net zero carbon experience which might help them with efforts to adjust for wider changes in their operating environment in the future?
In a unique industry survey, run by Utility Week in association with global technology consultancy TCS, industry leaders were asked to share their views on the biggest drivers of change in their businesses today and the extent to which they felt the net zero carbon experience has provided them with lessons in how to execute rapid and ambitious transformation initiatives.
The resulting research report reveals a high level of belief in the scope for lessons to be learned. Key insights include:
- 90% of utilities have committed to achieving net zero emissions by 2050 or sooner
- 79% are “somewhat” confident about making these commitments a reality
- Beyond climate change factors such as extreme weather and threatened natural resources, the biggest driver for business transformation is rising complexity – identified as a significant driver by 65%
- 65% of leaders see potential for lessons from the net zero carbon experience to help them respond faster and more ambitiously to other major drivers of business change – for example by providing best practice examples of how to collaborate effectively with multiple stakeholders
- Advanced data analytics is the technology field leaders most commonly place their faith in to help their business become fit for the future
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