The World Economic Forum has urged companies to scale up their investment in energy efficiency to ensure long-term competitiveness. Building on the enthusiasm from the UNFCCC COP28 meeting, delegates focused their discussions on increasing energy efficiency and reducing energy consumption, as well as safeguarding and restoring nature.
To maximise value across economic, social, and environmental dimensions, the WEF has urged industry to form Industrial Clusters and take a coordinated and comprehensive strategy to optimizing emission solutions and developing an integrated energy system. Industrial clusters are geographic areas where co-located companies, provide opportunities for scale, sharing of risk/resources, aggregation and optimization of demand.
Industrial clusters frequently have little impact due to a lack of coordination and a shared goal among co-located enterprises and governments.
More than 100 CEOs and Senior Executives from the Alliance of CEO Climate Leaders sent an open letter to world leaders ahead of COP28. The Alliance of CEO Climate Leaders, which represents $4 trillion in sales and 12 million employees, advocated for revolutionary policies and initiatives to achieve net zero. The CEOs cited complex and time-consuming regulatory and administrative processes that slow the development of renewable energy projects and impede the adoption of green and enabling solutions, as well as a lack of appropriate grid infrastructure, with power networks unprepared to adequately integrate an increasing share of renewable energy.
