Late last year, we concluded the global editorial of our World Energy Markets Observatory by saying that: achieving the climate change and sustainability goals outlined in the Paris Agreement would require a radical change in lifestyle and industry operations. Today’s global health emergency has inadvertently led to such a change, effectively decreasing energy consumption through travel restrictions, reductions in industrial production and social distancing measures. The result? A significant drop in greenhouse gas (GHG) emissions—albeit not one worthy of celebration given its steep cost in terms of mortality, human suffering, economic hardship and social strain.
While the environmental outcomes related to the pandemic may appear positive at first glance, the actions driving them are by no means a practical way to achieve sustained, responsible and economically viable change.
In this white paper, we explore the present energy and utilities landscape, how the current health emergency will affect energy transition efforts and what organizations can do to effectively address risks and opportunities within this new normal.
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