Following a year of climate-related disasters, news from the COP27 climate summit in Egypt is already starting to hit the headlines. We caught up with Head of Sustainable Energy, Darren Edwards, who told us why he feels there has never been a more appropriate time to step back, look at what you own and consider green energy options.
Despite ongoing global challenges driving volatility in international energy markets, COP27 is bringing climate change back into focus. We continue to see an increasing number of our clients identifying the challenges arising from climate change, writing measures into their business plans to address them whilst seeking out new opportunities. Many of our clients have already started to action these plans and we are involved in various ways to support the delivery. Click here to see one of case studies.
As we see oil and gas prices surge, coupled with the under-investment in alternative solutions pressures are now starting to show. Russia’s conflict with Ukraine and Ofgem’s decision to increase the energy price cap have only added to these. The former triggered UK power prices to reach an all-time high, while the latter has exacerbated the cost-of-living crisis, adding to the energy bills of an estimated 22 million customers.
The direction of travel is clear – societies, and now most governments, across the world are accepting of the scientific evidence that burning fossil fuels is damaging the planet and changing the climate for the worse. We are on the cusp of this being irreversible and the sense of urgency is shared across the globe.
One key outcome from the conference again that is particularly relevant to us is the aspiration to limit temperature rise from preindustrial levels to 1.5 degrees Celsius - down from 2 degrees - through reducing funding of fossil fuels, protecting forests, phasing out coal, phasing out fossil fuel cars and providing financial assistance to poorer countries.
This is already resulting in energy companies moving to new ‘greener technologies’, including investment in the transition to hydrogen, offshore wind, EV charging networks, and electricity companies being driven to invest heavily in upgrading the power networks to cope with the move away from fossil fuels. In the case of water, the industry is looking at collective solutions to provide water to all, with movement and storage solutions across the country, which is reminiscent of the Victorian/Edwardian golden age of engineering, on which we have so heavily relied over the years.
We are already working on large numbers of these projects across the industry, including several major electricity connectors from offshore wind farms for National Grid. We are winning substantial new project instructions regularly which creates opportunities for our people - and those wishing to join us - to play a key role in the major changes required to meet the net zero target.
As we continue to phase out fossil fuels and rely more on renewable technologies this will only put further emphasis on the growing importance of reactive power, grid balancing and inertia schemes, which help manage intermittency and ensure security of supply.
Against a backdrop of musical chairs in Westminster and uncertainty over new PM Rishi Sunak’s stance on some forms of renewable energy, COP27 reminds us that climate change is firmly back into focus and the environment has once again quite rightly taken centre stage. The summit will undoubtedly bring new policy announcements, which will create both challenges and opportunities for us in the medium and long term.
With an estimated $1 trillion a year of climate finance required by the end of the decade, it’s never been a more exciting time for us, and we are one of those at the forefront of making change possible.
Click here to find out more about our Delivering Net Zero service. If you’re interested in joining the team, you can view our current vacancies here or get in touch with our talent acquisition team by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
