WEF22 discussion - How to implement sustainable solutions amidst hurdles along the way Absa | Corporate and Investment Banking > Insights and Events > WEF22 discussion – How to implement sustainable solutions amidst hurdles along the way SHARE 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. For more coverage of key conversations during #WEF22, please keep an eye on our LinkedIn and Twitter pages. Disclaimer: The views and opinions expressed in this article are not the views of Absa. https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles RISK MANAGEMENT Corporate Treasury through Crisis Why banks and corporate treasurers are forging new relationships based on co-creation and true business partnership Read more RISK MANAGEMENT Keeping your Digital FX Safe The global marketplace is a world of opportunity – and risk. How do our systems keep your cross-border transactions safe? Read more Videos Managing FX liquidity in frontier markets Frontier markets are a subset of emerging markets that are considered to be riskier than developed markets – and from a foreign exchange (forex, or FX) perspective, they’re characterised by volatile currencies. But there’s tremendous value to be found here.
