T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y Energy Spotlight FIGURE 6: CEOS ARE ADOPTING RENEWABLE ENERGY AT VARYING RATES, WITH ENERGY AND AUTOMOTIVE INDUSTRIES LEADING THE WAY The Acceleration of a Decarbonized Future In particular, the energy sector is experiencing in a very long timeframe, not an inversion of Companies who chose investing in renewable energy sources to reduce dependency on fossil pronounced impacts due to geopolitical the trend toward renewables.” fuels as a change they are making in response to global challenges instability. With energy at the heart of the global economy, CEOs are re-evaluating their Despite current geopolitical conflict, dependence on fossil fuels, especially from a the private sector remains confident in a single source. Russia in particular, accounting renewable future. As Anna Borg, President for 14% of the world’s total oil supply, is driving and CEO of Vattenfall, notes, “Everything 13 increased uncertainty in energy markets.originates from the strategy of enabling fossil Johnson Controls’ Chairman and CEO, free living within one generation. And that’s George Oliver, notes, “Energy security is not a sustainability strategy, it’s a business national security. You can tie the current strategy that is sustainable.” Energy sector energy scarcity directly to geopolitical CEOs in particular are doubling down on instability happening right now.”decarbonization, accelerating the clean energy To bridge short term energy needs, European transition. 71% of CEOs in the energy industry countries including Germany, the Netherlands, are investing in renewable energy sources to France, and Austria are temporarily bringing reduce their dependency on fossil fuels, and coal plants back online to survive the winter. 93% feel that renewable energy will have Though these mitigating actions appear to a moderate to high impact in transforming backtrack on climate goals, the effects will be their industry’s ability to contend with global minimal from a climate perspective, amounting challenges. It is an unprecedented moment to a net increase in emissions of less than 1% in which global challenges are coalescing to globally.14 Francesco Starace, Chief Executive create momentum. In the words of Ignacio Officer and General Manager of Enel Group, Galán, Executive Chairman of Iberdrola: remarks, “This move towards survival, of “For the first time, competition, clean energy, bringing coal plants online to keep the lights and security are intersecting, and renewables on, should be understood for what it is – a blip are now the solution to this trilemma.” 13. IEA (2022) Energy Fact Sheet: Why does Russian oil and gas matter? 14. IEA (2022) Defying expectations, CO2 emissions 40from global fossil fuel combustion are set to grow in 2022 by only a fraction of last year’s big increase. 41