Deloitte Publishes Resources Study Analyzing Impact of COVID-19 on Energy; Marlene Motyka, Jim Thomson Quoted

Deloitte has released its 2020 Resources Study, "Energy Management: Paused by Pandemic, but Poised to Prevail," noting advanced efforts to manage energy use, reduce carbon emissions and address climate change amid the pandemic, the company announced Wednesday.

"COVID-19… seems to have acted as a clean energy accelerator, which the current recession will likely not deter. We’ve seen a shift in energy attitudes, preferences and pressure gradually trend toward greater climate consciousness, but these past several months of isolation seem to have strengthened and propelled that momentum further,” said Marlene Motyka, principal, U.S and global renewable energy leader, Deloitte Transactions and Business Analytics.

Deloitte has concluded that the increased focus on sustainable energy will likely continue and accelerate in the longer term. The study is based on survey data collected from 1,531 residential consumers and 602 business decision-makers. 

The company’s study has suggested that clean energy efforts and climate action will accelerate despite the economic downturn, noting that nearly 6 in 10 businesses surveyed feel increased pressure to disclose climate risks and 9 in 10 have reviewed or changed their disclosure procedures.

51 percent of respondents reported that they will be working to procure more electricity from renewables, while 53 percent of residential consumers surveyed said it's extremely or very important that part of their electricity supply will be provided through renewable energy.

In addition, nearly 60 percent of businesses surveyed have experienced increased pressure from stakeholders to develop plans to address climate risk. 90 percent of respondents have reviewed or changed their climate-risk disclosure procedures and developed plans to address climate-related risks.

75 percent of those surveyed said recent global climate change reports have caused them to focus more on energy management and close to 90 percent of respondents currently view energy procurement as an opportunity to reduce risk, improve resilience and create new value.

"The preference for cleaner energy sources will likely continue, and given their increasing affordability, usage may continue to grow even during a recession. Sustained strong consumer sentiment and increasing pressure on businesses, coupled with accelerating capital markets' reward for ESG-minded companies, are positively reinforcing the energy management value proposition for many businesses long term,” added Jim Thomson, vice chairman, U.S. power, utilities and renewables leader, Deloitte Consulting. 

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