We see environmental risks for the power industry as well above average, bearing in mind the sector accounts for 40% of global carbon dioxide (CO2) emissions, and even though it has been at the forefront of the energy transition as renewable generation has grown significantly over the past decade. We expect power generation and integrated utilities will need to continue decarbonizing their generation mix to mitigate the likelihood of stricter regulations and rising emissions costs, even more so under a two-degree-Celsius scenario.