Speakers
- Lou Méchin - Reclaim Finance
- Brigitte Alarcon - Beyond Fossil Fuels
- Pierre-Alain Sebrecht - Reclaim Finance
In this webinar, we will highlight the key aspects of what is needed for a robust, coherent and comprehensive transition plan for the power sector, present the results of our analysis of the transition plans of five main European power utilities (Enel, ENGIE, EPH, Iberdrola and Statkraft), and outline our recommendations to financial actors in order to engage power utilities in adopting efficient and successful decarbonization pathways.
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The energy sector must transition away from fossil fuels to achieve a rapid decarbonization of our economy. Yet the main European power utilities still need to make considerable improvements to their climate strategies to ensure the power sector is carbon free by 2035 in Europe and OECD countries, and by 2040 in other countries.
The International Energy Agency’s ‘Net Zero Emission by 2050’ scenario implies a need to rapidly phase-out fossil fuel fired plants. Governments committed to triple renewable energy capacity at COP28. However, to deliver on these objectives, utilities in the power sector need to fill in the significant gaps in their transition plans. In this context, any investment/financing targets must be driven by support for sustainable energy sources. It is thus crucial to identify the main transformation levers and to engage with the utilities to meet high standards climate strategies.
Using a comprehensive framework, we have analyzed the transition plans of five of the main European power utilities in Europe (Enel, ENGIE, EPH, Iberdrola and Statkraft) to provide clear insights into the current trajectories and highlight the potential loopholes in their approaches. The analysis is useful for financial actors to help them discern which power utilities are genuinely advancing toward the crucial goal of limiting global warming to 1.5°C, and which are merely paying it lip service.
