Some of the biggest companies in the world have pledged to move toward cleaner energy. They say they want to see support from the US government as they move forward on their promises.
President Joe Biden has set forth the most ambitious climate-change agenda in the nation’s history, and investment in clean-tech has been booming.
But transitioning to renewable energy takes time. Though the US government and large corporations alike agree that clean energy is a key priority, making the transition would require overhauling infrastructure, some of which has been around for decades.
In the meantime, oil giants like Shell have announced new targets to reduce the ‘intensity’ of emissions over the next three decades, while corporations like Facebook are buying solar and wind power. Smaller startups have in the meantime made progress on breakthrough technologies like batteries that last for days — a key component to transitioning into cleaner energy.
Insider’s Benji Jones gathered four top executives in the energy industry for a live roundtable earlier this month to talk about how Big Oil can make good on its promises, how to generate returns for shareholders while pivoting to cleaner energy, and which breakthrough technologies are needed to reach net-zero emissions by 2050.
Panelists also discussed what they would want to see from the Biden administration to help the US move toward clean energy.
The panelists were: Urvi Parekh, Facebook’s head of renewable energy; Mateo Jaramillo, Form Energy’s cofounder and CEO; Shell’s EVP for renewables and energy solutions, Elisabeth Brinton; and Francois Austin, partner at Oliver Wyman in the UK and head of the group’s energy practice.
When asked about what she would like to see from Biden, Shell’s Brinton told Insider that she wants the new administration to “continue to lean in with a commitment and a pace.”
Biden could do this, for example, by supporting investment tax credits and providing support to offshore wind to get projects up and running, Brinton said.
Bringing together different environmental agencies is also key to drawing a clear path forward and accelerating clean energy, she added.
Oliver Wyman’s Austin agreed.
“I think it’s about aligning the regulatory authorities,” Austin said, adding that everybody is on the same page about the issue.
“I think the government wants to do it. The administration wants to do it. The consumers want it. Corporates want to do it,” Austin said.
Form Energy’s Jaramillo said that he’d like to see the administration following through on the commitments laid out in its infrastructure plan, which is expected to include spending on clean energy deployment. Form Energy is aiming to build cheaper-long duration batteries.
Facebook’s Parekh said that she would like to see long-term commitments to next-generation decarbonization from the Biden administration.
“I would love to see some high voltage transmission efforts and also continuing the progress on storage,” she said.