Plugged In - Issue 2

More than half of the world's population live in urban areas with demographic numbers expected to rise to nearly two-thirds by 2050. 

Cities tend to be more densely populated and remain important asset and investment portfolios, makeing them ideal platforms for the experimentation and demonstration of decarbonisation projects built on efficient and flexible utility networks. The ability to shape cities into sustinable communities can pave the way for future net zero pathways for the rest of the world. 

Climate change and energy security pose significant risks to global development and require actionable, immediate solutions to ensure the future of all. 

Meeting global emission targets will require macro and microeconomic transformation, led by fundamental business model changes within both public and corporate organisations. Understanding and planning for the likely implications of decarbonisation will be crucial in meeting increasing pressure from consumers, employees, investors, lenders and governments

Increased digitalisation in the energy sector requires providers to adopt a more resilient cyber posture in the face of rising cyber risks across the world. 

This creates opportunities for the sector to make significant improvements in the cyber sphere by adopting new frameworks in cyber security to deter malicious actors and to ensure continued provision of services despite ongoing threats. This includes shifting the focus from controlling systems to monitoring existing and emerging threats, protecting operational technology, managing regulatory requirements and reducing utility vulnerabilities. 

The passing of the Inflation Reduction Act in the United States marks a significant step in the country's journey towards tackling climate change. It covers how the country produces energy and other measures, such as encouraging decarbonisation through carbon capture and promoting the use of electric vehicles. It also includes new mechanisms that allow tax credits to be sold to unrelated third parties or settled through direct payments from the government.