WEF22 discussion - How to implement sustainable solutions amidst hurdles along the way

A report by ‘The Money Show’

A few months after world leaders pledged their commitment to reaching net-zero carbon emissions, a few hurdles formed along the way. With each country approaching the mission in their way, results of this global effort have differed across the world.

At the 2022 World Economic Forum, panel discussions were held on the topic of sustainable energy, carbon reduction and how corporations could implement this into their policies.

The various panels featured groups of leaders from within the climate change and renewable energy sectors, giving insight and context around their respective countries

The recent rise in oil prices due to sanctions against Russia also adds to the challenge of transitioning to greener energy, since many countries are very reliant on fossil fuel energy and cannot afford to switch energy sources just yet.

Although European countries have the necessary budget to move to alternative power sources, lower-income countries in Africa won’t necessarily have the budget to do so.

Johan Habeck, Vice Chancellor of Germany and Federal Minister for Economic Affairs and Climate Action echoes the notion that the energy transition is not financially viable for every country right now and suggests that a new solution needs to be found in order for the energy transition to progress without adding to Russia’s bank account.

There are alternative greener energy sources throughout Europe that are being used by major companies, according to the Catherine Macgregor, CEO of French energy company Engie. Macgregor also explains that her company prefers gas suppliers with lower carbon emissions.

“The Norwegians, for example, have the lowest amount of CO2 emitting methane from all [of our suppliers],” she says.

Macgregor is also engaging with energy providers from the USA with the concept of responsibly sourced gas, which allows those companies to make legitimate commitments to lowering methane emissions when producing and transporting gas.

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Disclaimer: The views and opinions expressed in this article are not the views of Absa.