In the second half of this critical decade for climate action, we must see an exponential increase in investments and deployment of the existing portfolio of energy efficiency and clean energy solutions if we are to keep 1.5° C alive.

Bolstered by the energy transition goals that emerged from the Global Stock Take at COP 28, the private sector is energized to work with the public sector to help countries meet these 2030 goals – from doubling the rate of energy efficiency, to tripling capacity of renewable energy, to tackling methane emissions, to setting a new global goal for energy storage and more.

This discussion brought together industry leaders and public sector partners to discuss what is needed to make the next round of nationally-determined contributions (NDCs) 1.5° C-aligned and to achieve these near-term 2030 targets, including policy frameworks, financing models, workforce development, and community engagement strategies.

Presenters included:

• Kristen Delano, Government and Public Relations Lead, Koloma
• Rhian Kelly, Chief Sustainability Officer, National Grid
• Ilmari Lastikka, Global Head, Policy and Regulatory Affairs, STX Commodities
• Yvonne McIntyre, Vice President, Federal Affairs, PG&E

Key takeaways:

Panelists stated that energy companies must have a long-term view of energy transition finance to ensure investment security. The energy transition presents an opportunity to create plenty of jobs and strengthen workforce development, and community engagement is key.

– Kristen Delano (Koloma): Energy companies must have a long-term view of energy transition finance. Venture capital funding has been helpful with lots of people willing to take on the risk, but it has gotten harder to attract funding recently.

– Ilmari Lastikka (STX Commodities): How do you get the money flowing for decarbonization and renewable energy? It’s about investment security. Many politicians only work on a four-year circuit, but the pay back period for energy investments can be 20+ years. To get these long term investment and policies, you need the public with you, especially in the EU.

– Yvonne McIntyre (PG&E): The customer is at the heart of everything that we do in our community – we want everyone to benefit from the energy transition. PG&E is investing largely in electric vehicles and tackling how to meet the load growth of electrification.

– Rhian Kelly (National Grid): We have an opportunity to create plenty of jobs and strengthen workforce development through the energy transition. For example, National Grid saw 1,000 new recruits come through their apprenticeship this year.