Majority of energy firms affected by extreme weather

Around 94% of energy companies are already affected by extreme weather events. That’s according to a survey by the Global Electricity Initiative (GEI) led by the World Energy Council. It surveyed […]

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By Jacqueline Echevarria

Around 94% of energy companies are already affected by extreme weather events.

That’s according to a survey by the Global Electricity Initiative (GEI) led by the World Energy Council.

It surveyed CEOs of businesses that account for 80% of worldwide installed generation capacity.

Energy access and security of supply rank among the highest priorities for their businesses, it revealed.

Around 89% of them said a global agreement on greenhouse gas (GHG) emissions is vital to their businesses’ sustainable success and 72% have already introduced measures to limit emissions.

Almost two thirds of utility CEOs added a carbon emissions price should be set globally by the market, with 40% suggesting they need a price of more than $100 (£65) per tonne of CO2 emissions.

Philippe Joubert, Executive Chair of the GEI said: “Utilities consider the introduction of a meaningful agreement on GHG emissions reduction a priority. For them the real price of CO2 is a fundamental to trigger a shift in utilities’ business models. What will be decided at COP21 in Paris will thus be fundamental to the future direction utilities choose.”

A report from EY stated, majority of big businesses are “increasingly focused” on reducing carbon emissions.