As US utilities chart their paths to becoming carbon-free by 2050, now is the time to adopt a proactive mindset -- and redouble efforts -- to make good on net-zero commitments. While the need to take action has become entrenched over the last decade, the incoming administration has signaled clear calls for even more momentous change. To seize this opportunity, utilities must make clear the case for change to all stakeholders, mitigate barriers to execution, and develop a coherent enterprise-wide plan.
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No matter how utilities view climate change, it is clear that their stakeholders are increasingly insisting that the energy and products they provide be cleaner and less carbon-intensive. The scale of the challenge is increasing exponentially.
We believe utilities can meet the challenge. Through realistic scenario modeling, fundamental changes to operating models, and a robust stakeholder engagement plan, utilities can achieve this net zero reality which many would have thought inconceivable in our lifetimes. Goodbye, theory. Hello, action.
Gavin S. Hamilton
Partner, Trust Segment Team Leader - Power & Utilities, PwC US
Energy, Utilities and Resources Consulting Leader, PwC US