The Isle of Man is experiencing an energy trilemma of balancing energy security, affordability, and most importantly, lessening the impact on the environment. Currently, 95% of fossil fuels are imported from third-party suppliers. Most Manx emissions are related to oil and gas consumption in electricity generation, transport, and heating. We are fortunate to possess an abundance of our own valuable resources of wind, water, sun, and hills, offering significant opportunities, but we are yet to fully utilise the potential in these.
Shifting to renewable energy sources may seem like the perfect answer for residents to tackle the current energy crisis, with the possibility of lowering a household’s monthly bills while reducing the impact on the planet. However, there are financial barriers for most people. The monthly savings only come from up-front investments – be it better insulation, solar panels or air source heat pumps. The development of green finance provided by local banks and suppliers is helping to bridge that gap, spreading the cost of renewable investments over many years. That said, you still need to have the right credit risk to access this.
With the wealth disparity in our society set to grow due to inflation and rising energy bills, a challenge not unique to our island, it is important to remember that all of society needs to be on the journey if the Paris Agreement on climate change is to be achieved.
At KPMG in the Crown Dependencies (KPMG), we feel passionately that everyone has a collective responsibility to influence this situation. As part of our IMPACT plan, KPMG’s strategic response to ESG, and to have a positive impact on the communities around us, we are supporting the Energy & Sustainability Centre (ESC) Isle of Man, a non-profit educational institute that promotes a fair and realistic energy transition through research, training, and advice.
Both KPMG and ESC believe clean, secure, and green energy should be accessible and affordable for everyone. ESC works closely with the private and public sectors to educate and advise on the practicalities of reducing carbon emissions of greenhouse gases. Furthermore, the centre seeks to inform the public and businesses on climate-related issues through workshops, events, and, through their website, a digital knowledge hub consisting of educational animated video films and climate change resources.
Committing to the ESC’s vision on climate change is at the centre of KPMG’s IMPACT plan to help non-governmental organisations achieve their goals within our prosperity pillar. We are actively embedding ESG (Environmental, Social, and Governance) values into our business framework and offering our financial help, skills, and time to provide the highest and best use of our people in the community. We strongly believe that supporting local capabilities will encourage a brighter, greener, and happier future for our island’s people.
Ralph Peake, Head of ESC, observes, “If we can effectively harness, store, utilise and possibly even export local renewable power, it offers the prospect of stable energy prices and warmer homes, as well as a significant economic benefit while taking a responsible approach to emissions. However, careful consideration must be made for the most vulnerable consumers when we begin to replace fossil fuels with sustainable energy sources.”
In line with KPMG’s public commitment to become a net-zero carbon organisation by 2030, the firm is one of the founding partners to help the Energy & Sustainability Centre get up and running financially. The centre’s vision for a green transition and affordable energy aligns with our local IMPACT plans, covering the firm’s commitments to create a positive change across four important pillars: Planet, People, Prosperity, and Governance