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The Energy Transition Award was developed to recognize the leadership of power companies in the transition to a low-carbon, sustainable economy. The year 2020 will be the third in which it is awarded as part of the S&P Global Platts Global Energy Awards, now in their 22nd year. The Energy Transition Award recognizes companies at the forefront of the global transformation of the energy system. These power utilities are leading the way in reporting and reducing greenhouse gas (GHG) impacts, publishing robust targets to improve performance, aligning with global energy transition commitments and demonstrating leadership in innovative ways.
The global power industry is the largest contributor to GHG emissions worldwide, and is responsible for approximately one-quarter of global emissions according to the Intergovernmental Panel on Climate Change (IPCC). The IPCC has also stated that “virtually full” decarbonisation of the power sector by around 2050 is necessary to meet the Paris Agreement’s target of capping global temperature rise at 1.5°C, as well as to meet the less ambitious 2°C target.
Covid-19 Hits the Power Sector
The year 2020 and the Covid-19 pandemic have presented a whirlwind of challenges for all industries, and power sector has not been spared from the tumult. But there are green shoots of opportunity for those focused on the transition to low-carbon energy. As of the end of June 2020, the International Energy Agency (IEA) reported that Organisation for Economic Co-operation and Development (OECD) member nations’ renewable electricity production was up by 7.7% compared to the same period in 2019. Wind generation had increased by a remarkable 13.6% and solar by 18.8% compared to the first half of 2019, while conventional thermal production had fallen by 9.5%.
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The 2020 Energy Transition Award