Sustainability is the new normal

Companies can no longer afford not to integrate sustainable development goals into their business strategies. It makes sense for the planet, for the environment, for the communities where they operate — and for the bottom line. “With dangerous climate change already threatening livelihoods, economies and societies, business as usual is changing – and climate action is at the forefront,” according to the Science Based Targets initiative (SBTi). One of the ways businesses are taking action is to set science-based emission reduction targets for their operations: today, over 1,000 companies around the world with a combined market capitalization of over $15.4 trillion USD — including one-fifth of the Global Fortune 500 list — are working with the SBTi to reduce their emissions. “These companies, and those planning to join SBTi in the future, represent our greatest hope of keeping the world on track to contain global warming at a maximum of 1.5°C above pre-industrial levels, and of closing the gap created by weak national commitments,” said Massimiliano Francone, Head of Global Commercial Origination at Enel Green Power. Another private sector initiative is RE100, whose corporate members are committed to 100% renewable electricity and have operations all over the world. “Companies in the commercial and industrial sector account for about half of global end-of-use of electricity. We're switching this demand to renewable electricity,” says RE100. The added value of sustainability Investors and consumers are increasingly aware of the environment, and many are prepared to reward companies that can prove they are taking climate action — and to shy away from those that don’t. “What we are witnessing now is a sort of domino effect for the supply chain,” said Francone. “Setting environmental goals to decrease a company’s carbon footprint is going to be an essential step to keep doing business and survive in this new market.” For example BlackRock, the world’s largest asset manager, has disclosed that in the past year it voted against directors at 49 businesses for failing to take climate action. It also put another 191 companies on watch, and announced it is divesting from thermal coal. Reducing emissions not only makes companies more attractive for today’s climate-conscious investors and consumers, it also boosts competitive advantage, increases resilience in the face of regulatory pressures and rising carbon prices — and saves money. “There are huge opportunities in getting ahead of the game through a challenging carbon reduction strategy that will exponentially raise a company's brand reputation and increase investor confidence,” said Francone. “At the same time, reducing emissions makes companies more efficient and cuts their operating costs.” But sustainability is not only about environment. It also means social and community development through Creating Shared Value (CSV) initiatives, because meeting social needs can create business opportunities and competitive advantages. Thanks to its unique expertise in this field, CSV knowledge, diverse project portfolio and connections with primary stakeholders, Enel Green Power has deployed more than 800 sustainability and CSV projects in around 30 countries, both directly and through partnerships. The company is now offering potential Power Purchase Agreement (PPA) partners the opportunity to co-develop a CSV project according to their Sustainable Development Goal targets or sustainability needs. Partners can choose between co-participating in an EGP CSV project that is already in place, or co-developing a new CSV project in a community of interest. Certifying and sharing commitment At Enel Green Power, we deliver much more than renewable energy — we also offer products and services to help companies achieve their sustainable development goals. “Through our wide range of products and services and our worldwide experience in renewable energy, we can engage in valuable long-term partnerships with our customers on their path to sustainability,” said Francone. “Thanks to our wide renewable energy portfolio, we are able to pinpoint the right mix of solar, wind, hydro, geothermal and storage to structure tailored long-term Power Purchase Agreement (PPA) contracts to suit the needs of our customers — from small and medium businesses to large corporations.” Enel Green Power is also betting on green hydrogen to speed up the energy transition. By adding an electrolyzer that uses renewable energy to separate water into hydrogen and oxygen, we are able to provide industrial off-takers with green hydrogen. This converts the entire production cycle into a sustainable process. Thanks to our worldwide presence, Enel Green Power can secure a variety of clean energy certificates for our partners, no matter where they are located. From International Renewable Energy Certificates (I-RECs) to Renewable Energy Certificates (RECs) in the United States and Canada to Large-scale Generation Certificates (LGCs) in Australia — we can make it happen for our partners. In countries where national or international standards are not yet in place, Enel Green Power proudly offers partners its own Green Label, which is backed up by independent third-party certification.

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Sustainability is the new normal

Sustainability is the new normal