Schneider Electric calls for urgent action on climate Change at WEF in Davos
Updated 1/17/2024 1:15:00 PM
Arab Finance: Schneider Electric has issued a stark warning about the urgent need for far-reaching deployment of existing technologies to prevent climate change from spiraling out of control as the World Economic Forum (WEF) kicks off in Davos, Switzerland, according to a press release.
The 2024 WEF runs from January 15th to 19th and is attended by several senior Schneider Electric executives.
The backdrop of this year’s meetings is a world grappling with accelerating climate change, geopolitical tensions, fluctuating energy prices, and increasing pressure from stakeholders to address these risks.
These issues have propelled environmental sustainability and energy resilience to the top of the corporate and policy agenda.
“With energy accounting for 80% of carbon emissions, the energy transition is central to decarbonization,” Peter Herweck, CEO of Schneider Electric, said.
“The potential of AI is currently capturing everyone's attention. But let’s not forget that existing technologies – both renewable energy generation and digital and electrification tools that lower energy demand by rendering sites and operations far more energy efficient – can sharply reduce emissions now,” Herweck added.
Schneider Electric highlighted the critical role of tackling indirect emissions generated by companies' "Scope 3" emissions activities.
These emissions, which come from their upstream and downstream value chains, account for the largest part of a company's carbon emissions, making up more than 70%, according to the UN Global Compact.
"Businesses that are serious about decarbonization need to look beyond their own operations and address their entire value chain. And they need to realize that encouraging and helping their suppliers, customers, and other business partners to strive for greater energy efficiency – through electrification and digital technologies – and cleaner energy procurement, is a huge part of the answer,” Olivier Blum, Executive Vice President of Energy Management at Schneider Electric, said.
Related News
