As more North American utilities pursue clean energy goals, shifting their asset portfolios away from carbon-intensive fuel sources and toward renewable generation, the number of coal-fired power plant retirements continues to rise. As utilities develop their long-term asset strategies, they must not only consider the financial implications of retiring coal plants, but the human element as well.
Electric transmission has once again taken center stage, as the energy industry grapples with how best to meet the clean energy goals of states, cities, utilities, and private corporations. New high-voltage transmission will be critical to integrating large-scale renewable resources, balancing the grid over greater distances, and accommodating the additional load anticipated due to electrification. Some estimates suggest that transmission capacity may need to double or triple to facilitate the clean energy transition.
Prior to determining carbon-reduction targets and a strategy to reduce emissions, companies must first fully understand the sources of emissions associated with their operations. But where to start? This @ScottMadden article shares key considerations and steps. As investors and consumers alike increase their focus on sustainability, establishing carbon reduction or net-zero goals has become table stakes among industry leaders. According to a recent report from Data-Driven EnviroLab and the NewClimate Institute, the number of businesses that established net-zero goals increased threefold from 500 at the end of 2019 to more than 1,500 during the first nine months of 2020. Many of these net-zero pledges target full decarbonization by 2050, a date quickly becoming the benchmark for company climate pledges.
Twelve months ago, at the time of our first Corporate Responsibility Report, we had just started understanding how to function in a COVID-19 world. Today, we are still operating in a very different world and in a very different way than we did before the pandemic, but we are starting to see some light at the end of the tunnel. As we move deeper into 2021 and look back at our performance in 2020, we are working to understand the ways in which our work and how we deliver it have changed, but we are making sure we remain true to our principles and values as a firm. Our core beliefs remain intact. Publishing this update to our Corporate Responsibility Report is an important step for ScottMadden to solidify our commitment to lead on Environmental, Social, and Governance (ESG) issues.
George Penton joined ScottMadden as a director in 2014. With nearly 20 years of prior experience in finance, accounting, and accounting technology, he brings incredible knowledge and expertise to the firm’s corporate & shared services practice. These experiences include shared services design, implementation, and management, post-merger integration, and technology implementation. George holds a B.A. in accounting from Barry University and an M.B.A. from Nova Southeastern University.
Companies in competitive markets face a multitude of challenges related to their critical talent. Chief among these challenges is high turnover rates for in-demand and skilled employees. If left unaddressed, this kind of employee turnover can lead to deteriorating service quality, a disengaged workforce, and poor financial performance.
The Commonwealth of Massachusetts (Commonwealth) committed to a target of net-zero emissions by 2050, which was codified in legislation in March 2021. In addition, the Massachusetts Executive Office of Energy and Environmental Affairs (MA EEA) published its 2050 Decarbonization Roadmap (the Roadmap) along with six supporting technical reports. Together, these planning tools outline various pathways (below) that include what the MA EEA describes as cost-effective and equitable strategies to ensure the state meets the greenhouse gas emissions (GHG) reduction goals of 85% reduction by 2050 and net-zero emissions.
Security leaders often struggle to communicate how well they are performing. Similarly, to justify new investments, budget increases, or ongoing costs, security teams find it difficult to articulate the value of security investments. It is not enough to claim we prevented something bad from happening.
To coincide with the release of the latest Energy Industry Update, ScottMadden joined forces with Energy Central to present an interactive webinar, “ScottMadden’s Energy Industry Update: Saved by Zero?” During this session, ScottMadden’s energy experts share their views and field questions related to the advancement of fleet electrification and why electric utilities should start preparing now, Massachusetts’ recently released decarbonization roadmap, and the role transmission can play during the transition to net-zero.
A major integrated electric utility embarked on a strategic planning exercise to take a fresh look at operational benchmark metrics and industry peers. The leadership team retained ScottMadden as an independent advisor to conduct the analysis to ensure it would be fair, objective, and defensible to its board of directors and regulators.
Sussex Economic Advisors is now part of ScottMadden. We invite you to learn more about our expanded firm. Please use the Contact Us form to request additional information.
