Staying the course to net-zero

Hello, and welcome to another edition of Transform magazine. We hope this finds you safe and well, and that you are having a productive and successful year so far.

The war in Ukraine brings into sharp relief the overwhelming destruction and consequences of armed conflict, and the suffering it imposes on an innocent civilian population. Our hearts go out to our Ukrainian members, their families and everyone affected as this devastating humanitarian crisis unfolds.

The effects of the war will be seen around the world as international sanctions take hold; already we’re seeing dramatic increases in energy and food commodity prices, which will most impact the poorest in society. Much attention is being given to energy supply as oil and gas markets tighten and costs rocket – with some strongly advocating increases in fossil fuel production, including UK shale gas extraction, and setting aside our net-zero commitments under the headline cost.

Such an approach is deeply flawed and totally misguided; accelerating the transition to a net-zero future significantly enhances energy security and, as the costs of renewable deployment continue to fall, the case for accelerating the transition to a clean energy future becomes more compelling.

While much focus is on energy supply, insufficient attention is being given to energy demand. Cutting energy consumption is the quickest, cheapest and cleanest way to tackle energy security and cost issues in the short term, and everyone can play a part. Deep dives into energy and resource efficiency will be critical for many businesses if they are to survive the economic challenges that are likely; our interview with Dame Ellen MacArthur on page 14 highlights how circular economy principles and system change can reduce consumption and enhance sustainability. It’s a sharp contrast from the incredibly energy-intensive cryptocurrency mining explored by Jamie Gleave, Mary Maguire and Sean Condon on page 22.

I very much hope you enjoy the magazine. As always, if you have any comments, thoughts or ideas for articles, please do let us know.

“Accelerating the transition to a net-zero future significantly enhances energy security”

Martin Baxter, deputy CEO and director of policy and external affairs, iema