Is the energy transition transforming how you do business?

We had the opportunity to lead an insightful panel session and workshop at GLOBE Forum in Vancouver earlier this month on Energy Reimagined, focusing on how to navigate the energy transition. Our esteemed panel of leaders from ATCO, Suncor, OPTrust and Energy Transition Quebec led a discussion that helped unpack both the risks and opportunities presented by the transition. With a packed room of representatives from across North America from the Energy, Public, Financial, Consumer Products and Mining sectors, we had the opportunity to discuss what the transition means, that there are no “bad guys”, that incentives are key and that the pace of change is increasing. The following are my top three takeaways from the event:

The energy transition will impact all sectors – not just the energy sector. It’s already underway and the biggest opportunity we have to navigate the transition successfully is to make sure energy companies are incentivized through the transition. Collaboration between the policymakers, entrepreneurs, the private sector and consumers will be critical to balance the impact to Canada’s economy and to navigate the transition over the short and long-term. Reimagining the new energy future cannot occur without full collaboration.

 Innovation will create opportunities. It isn’t just about technological innovation. Recognizing that innovation comes in different forms – including financial innovation – is critical, along with the ability to be agile. This is the time to take risks, fail fast and continue driving forward in order to best navigate the transition that is already underway.

Financing the transition is happening. Investors are paying attention and actively making decisions on how they will allocate capital in the short, medium and long-term. As disruptive forces continue to drive aggressive change, Investors are focused on managing their risk. Engagement with investors will be critical to capitalize on opportunities and mitigate the financial risk of the transition.

Keep an eye out for more details from our discussion shared in the coming month. And, for more insight into Energy Reimagined, visit ey.com/energyreimagined

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