Energy Transition Among Top 3 Priorities For 73% Companies: Research

Latest research study conducted by Infosys-HFS Research has found that 73 per cent of global companies see energy transition among the top three organisational priorities and 79 per cent of the largest firms (which are valued at over USD 50 billion) expect an increase in energy transition spending over the next 12 to 24 months.

Overall, operational performance and efficiency, environmental impact of the business, and brand value are drivers that are making energy transition a priority for organisations. 

The study also found that 94 per cent of energy and utilities executives are set to increase their IT spending over the next year; 82 per cent expect an increase in spending on energy transition. 

In a statement, Josh Matthews, Chief Sustainability Officer and Practice Leader, HFS Research, said, “The energy transition is moving forward, and the biggest firms want to play the systems-changing role we need. But there is so much left to do—both in triggering that systems change and in implementing business models, technologies, and processes.”

Moreover, the study found 56 per cent of organisations see themselves as road mapping or reinventing their business model for energy transition, while the remaining 44 per cent are either waiting for other organisations to lead or for regulations to force them.

“Collaboration will be essential—internally and throughout ecosystems—but needs to find a new level. Senior industry leadership must ultimately drive the energy transition by cascading roadmaps through their organisations. The climate and sustainability emergency means that the energy transition holds a massive opportunity and responsibility for the bravest people and companies,” Matthews added.