Leveraging ‘system value’ to accelerate the clean energy transition
The electricity sector has proven to be resilient and is playing a critical role in the response to COVID-19 pandemics and recovery efforts.
Image source: Hitachi ABB
Switzerland, Zurich: The electricity sector has proven to be resilient and is playing a critical role in the response to COVID-19 pandemics and recovery efforts.
In April 2020, the World Economic Forum (WEF) announced the creation of exclusive CEO communities called Industry Action Groups to focus on response and recovery efforts. Claudio Facchin, CEO, Hitachi ABB Power Grids was on the select CEO panel for the Energy sector.
The select CEO “Board” came together for four virtual, formal meetings through to September, to deliberate on proposals prepared by their Senior Deputy working group in conjunction with WEF and Accenture. Harmeet Bawa, global Head of Government and Institutional Relations, supported Facchin and represented Hitachi ABB Power Grids on this forum.
One of the main outcomes of the project was to develop a framework that quantifies and qualifies the “system value” of solutions that drive a sustainable economic and energy system recovery. The framework aims to shift political and commercial focus beyond cost to include value.
“As the world addresses COVID-19 and prepares for the ‘new norm’, we need to push for an accelerated energy transition. The ‘system value’ approach developed with WEF, encompassing social, economic and environmental values can facilitate this journey”, says Claudio Facchin.
The System Value framework was tested and refined through analyses of recovery solutions in 6 markets and reviewed with over 50 stakeholders, including the CEOs and their senior deputies.
“The overall objective of this project was to develop a common industry approach and response to the current crisis and drive the acceleration of the clean energy transition”, says Harmeet Bawa.
Source: Hitachi ABB