Before the launch of Davos this week, Abu Dhabi National Energy Company PJSC (TAQA) and Bloomberg Media shared their new global study focused on the future of the utilities sector.
The study found that over half of respondents identified integrating renewable energy into grids as the most significant hurdle to achieving net-zero goals.
Further, 93 per cent of insiders advocated for higher levels of change, believing a period of significant change for utilities companies is both “necessary and imminent.”
Also identified as a key finding of the study, was the shift towards customer-centric models, with respondents noting a “decisive move towards customer empowerment.”
“Building strong customer relationships is seen as both an extremely effective and the single most feasible net zero enabler,” the report said.
Only 44 per cent of sector professionals expressed confidence in meeting the 2030 carbon reduction targets, but there were varying levels globally.
While the KSA & the UAE showed higher optimism in reaching 2030 goals, India and Germany were more bullish in achieving 2050 goals.
The report also revealed that the slow adoption of innovative technologies in the utilities sector can be pegged on a lack of awareness and insufficient collaboration with the tech and innovation community.
For the full report, click here.