Schneider Electric Highlights Role of Private Sector in Emissions Reduction at World Economic Forum

Schneider Electric Highlights Role of Private Sector in Emissions Reduction at World Economic Forum

(IN BRIEF) Schneider Electric executives are participating in the World Economic Forum, highlighting the need for more immediate action to combat climate change. They stress that existing technologies should be widely deployed to address environmental concerns, as energy consumption accounts for 80% of carbon emissions. Schneider Electric also highlights the significance of private sector involvement in emissions reduction, with over 4,200 global companies committing to sustainability targets. The company emphasizes the power of energy efficiency and reports that investing in digital building and power management solutions can substantially reduce operational carbon emissions with a short payback period. Additionally, Schneider Electric addresses the challenge of tackling indirect emissions in companies’ value chains, calling for comprehensive efforts to enhance energy efficiency and cleaner energy procurement throughout the entire supply chain.

(PRESS RELEASE) RUEIL-MALMAISON, 15-Jan-2024 — /EuropaWire/ — Schneider Electric (EPA: SU), a global leader in energy management, digital transformation and automation active in more than 100 countries, announces that its top executives are actively participating in the World Economic Forum‘s annual meeting in Davos, where discussions on climate change, environmental sustainability, and energy resilience are at the forefront of global concerns. The company, renowned for its digital transformation of energy management and automation, is advocating for a more immediate and comprehensive deployment of existing technologies to address the pressing issue of climate change effectively.

The urgency to act is compounded by the acceleration of climate change, geopolitical tensions, volatile energy prices, and growing stakeholder pressure. These factors have collectively elevated environmental sustainability and energy resilience to top priorities in both corporate and policy agendas worldwide, setting the stage for discussions at the World Economic Forum’s gathering.

Peter Herweck, the CEO of Schneider Electric, emphasizes the central role of the energy transition in decarbonization efforts. “With energy accounting for 80% of carbon emissions, the energy transition is central to decarbonization. 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. There’s no time to wait for tomorrow’s solutions when much more can be achieved with what we have today.”

Crucially, Schneider Electric underscores the vital role of the private sector, with companies worldwide increasingly committing to sustainability and decarbonization goals. The Science Based Targets initiative (SBTi) has validated emissions-reduction targets for more than 4,200 global companies as of January 2024. Energy efficiency emerges as a key driver in these efforts.

Schneider Electric has also partnered with the International Energy Agency to convene government and business leaders for significant conferences on energy efficiency. A recent report from the World Economic Forum highlights that addressing energy consumption through energy savings, efficiency improvements, and value cooperation partnerships could result in up to $2 trillion in savings for the global economy, potentially averting the need for 3,000 additional power stations if action is taken before 2030.

Moreover, Schneider Electric’s research emphasizes the remarkable potential of installing digital building and power management solutions in existing structures to significantly reduce operational carbon emissions. The payback period for such investments can be less than three years, underscoring the vast opportunities in enhancing energy efficiency within buildings.

Another pivotal focus for Schneider Electric is the challenge of tackling “Scope 3” emissions, which stem from a company’s upstream and downstream value chains and account for over 70% of its carbon emissions, according to the UN Global Compact. Global disruptions in supply chains in recent years have brought this issue to the forefront, prompting regulatory pressure and increased demand from investors for supply chain decarbonization information.

In conclusion, Schneider Electric’s participation in the World Economic Forum underscores the urgent need for immediate action in addressing climate change and energy efficiency. The company emphasizes the role of existing technologies in reducing emissions, the power of energy efficiency, and the significance of addressing Scope 3 emissions. Schneider Electric encourages businesses to take a comprehensive approach to decarbonization, involving their entire value chain and striving for greater energy efficiency through electrification and digital technologies, along with cleaner energy procurement. Olivier Blum, Executive Vice-President of Energy Management at Schneider Electric, emphasizes that such efforts are integral to the solution.

Related resources:

• Commentary, Peter Herweck: Climate change won’t wait for AI – and we must not either
• Commentary, Jean-Pascal Tricoire: Less is more: time to wake up the power of energy efficiency
• Commentary, Gwenaelle Avice Huet, Unleashing Climate Action for Profitable Business Growth
• Commentary, Olivier Blum: Toward net-zero value chains: How to minimize your Scope 3 emissions

Global PR Central Team
global.pr@se.com

SOURCE: Schneider Electric