Industry task forces
Energy Transition Task Force
At the invitation of His Royal Highness The Prince of Wales, leaders from a number of the largest and most influential energy companies have come together to form an Energy Transition Task Force (ETTF) as part of the SMI, to drive progress as a group and accelerate the transition to a resilient, prosperous, low carbon, and sustainable energy future – guided by the relevant aims of the UN SDGs and the Terra Carta.
The ETTF, chaired by bp’s CEO Bernard Looney, has committed to supporting the energy transition by mobilizing capital toward decarbonising and green activities: reducing the carbon intensity of traditional energy and scaling the development of renewable generation, and by supporting customers with innovative products and services that encourage and enable sustainable choices.
Latest news from the Energy Transition Task force
Putting Customers at the Heart of the Energy Transition
Energy companies, large businesses and the finance sector have an opportunity, both individually and by working together, to make the transition attractive, easy and affordable for all customers from energy intensive businesses to domestic customers currently living on and off grid.
The Energy Transition Task Force's recent report highlights the importance of putting customers at the heart of the energy transition.
The report highlights the significant impact that large businesses can have through their energy purchasing, through the support they provide to their supply chain to decarbonise and through their wider influence. It looks at how energy companies can make it easier for customers to do things that benefit the whole energy system. It also touches on how the finance sector has a role to play in providing funding at different scales and with different risk profiles to meet the needs of customers large and small across the globe.
Accompanying this report, the annex contains additional resources, tools, and information about how large businesses and energy companies specifically can put customers at the heart of the energy transition.
Accelerating the Pace of Renewable Energy Deployment
Within the SMI’s Energy Transition Taskforce, a Pace work stream was initiated to identify ways in which the pace of deployment of renewable and low-carbon energy projects could be accelerated. The focus of the work stream was on how to scale up the deployment of three main renewable energy sources: offshore wind, onshore wind, and solar.
It identified three cornerstones needed for an effective renewable energy strategy in mind: Regulatory Best Practices, Enabling Grid (transmission and interconnection), and Enabling Environment. The acceleration of pace needed requires a step change in these three areas and it needs to be properly thought through, resourced upfront, and executed in a just manner.
In their latest report, "How to accelerate the pace of renewable energy deployment," Pace identified key guiding principles that countries can apply across their projects, geographies, environments, political regimes, and economic markets to help accelerate renewable deployment.
The principles were framed to be applicable in as many situations as possible so that they can be used in a wide variety of projects and locations, with the understanding that every country faces different challenges. These guiding principles can help governments, private and public sector organisations, and other stakeholders identify ways to avoid unnecessary delays, reduce risk, and accelerate the pace of deployment. We are not yet out of time to meet our net-zero targets, but to do so the global community must deploy clean affordable renewable energy at greater speed and scale across all parts of the world.
We hope that this report helps highlight some of the guiding principles required to help the global energy sector increase the pace of this transition.
Energy Customer Transition Video
The Energy Customer Transition working group aims to build positive momentum towards a customer-centric (and just) energy transition that helps people and businesses across the globe benefit from more affordable, green energy and play a part in achieving net zero.
The focus is expansive, looking globally from customers who have limited or no access to electricity, to well-served households connected to a grid, to businesses of all sizes from large industrial and commercial energy users to small and medium enterprises.
The task force will be highlighting the actions that energy companies, investors and large corporations in particular can take to bring about a customer centric transition. The video below is the first step in building interest and momentum towards this goal.
Letter of Intent
In coordination with other SMI Task Forces, the ETTF is focusing its attention on delivering action across three specific areas: Decarbonising and Greening, Pace, and Customers. Significant work is already underway in many of these areas. The ETTF will align with existing initiatives to deliver tangible progress following on from the 26th UN Climate Change Conference of Parties (COP26) in November 2021, which marks a significant milestone in global efforts to combat the impacts of climate change.
HRH The Prince of Wales
The energy industry is exceptionally well-placed to understand the actions needed to transition the world to a low carbon future, and has the capabilities to deliver that action. This is why I am so pleased that a large number of the world’s leading energy companies have joined together to drive progress as a group and accelerate the transition of the industry to a resilient, low carbon, and sustainable future.
Latest news from the Energy Transition Taskforce
The Energy Transition Task Force is championed by Bernard Looney, CEO of bp. Its members are drawn from across the global energy industry, including:
Mohamed Jameel Al Ramahi
Bernard Looney, bp CEO and task force champion
This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action and collaboration from everyone. Energy companies will be crucial in helping to ensure a successful transition – by decarbonising our own businesses, and providing the engineering, science and commercial skills needed to help our customers do the same