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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
CEOs lengthen net zero timescales to balance commerciality and sustainability
4/12/2024
News
CEOs across key European countries are shifting timescales and investment around net zero goals, as companies continue to grapple with balancing profitability and sustainability in a volatile energy market, new research has found.
A survey of 400 CEOs in charge of companies with turnover above €200mn from the UK, Germany, France and Italy, has revealed that almost all respondents (95%) have changed their net zero timescales in light of energy supply and pricing issues. As other pressures face leaders, only 12% of respondents claimed that speed of decarbonisation was their top priority, with most claiming reducing energy costs and delivering commercial advantage were among the top priorities.
The research – presented in Aggreko’s Rebalancing the Energy Transition report – has also revealed that intention to invest in energy transitions is still present, with 80% expecting to increase investment in the next 12 months. However, as balancing cost and commercial viability with environmental, social and governance (ESG) goals continues to pose a challenge, most investment increases will only be marginal.
Robert Wells, Aggreko’s Europe President, comments: ‘It is not surprising that our research has uncovered leaders across Europe are looking for change when it comes to their energy supply chain. In a tough economic landscape, grid instability and connection delays, price uncertainty and looming ESG targets are impacting many businesses’ energy transitions.’
