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The energy industry was already focused on achieving climate change and sustainability goals but the global health emergency has shifted the landscape. The pandemic may have reduced emissions but not in a practical way that will achieve sustained, responsible, and economically viable change.
As the pandemic affects energy transition efforts for the foreseeable future, companies must balance risks and opportunities in the new market. From new ways of working to accelerated digitization to new consumption patterns, companies are facing fundamental upheavals on multiple fronts.
The energy industry is accustomed to working through crises. The cyclical nature of the business means there is agility and flexibility to react to changes but this kind of volatility is unprecedented. There is no single solution to revolutionize the industry, but new business models and innovations will bring positive change. From renewable energy to intelligent automation to battery storage technology, the energy industry is evolving to meet the new demands of the market.
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