According to the study, 82 percent of energy and utilities executives are set to increase their energy transition spending over the next year
BENGALURU, India, March 14, 2023 /PRNewswire/ -- Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today unveiled the findings of the Energy Transition study conducted in collaboration with HFS Research, a leading global analyst firm. The study found that 73 percent of global companies see energy transition among the top 3 organizational priorities and 79 percent of the largest firms (which are valued at over $50bn) expect an increase in energy transition spending over the next 12 to 24 months. Overall, operational performance and efficiency, environmental impact of the business, and brand value are drivers that are making energy transition a priority for organizations.
Infosys and HFS Research surveyed 313 energy transition leaders across geographies and industries for an in-depth perspective on how they are aligning their companies with the global sustainability agenda that is underpinned by the 17 United Nations Sustainable Developmental Goals.
The key findings of the study are as follows:
- 94 percent of energy and utilities executives are set to increase their IT spending over the next year; 82 percent expect an increase in spending on energy transition
- 56 percent of organizations see themselves as road mapping or reinventing their business model for energy transition, while the remaining 44% are either waiting for other organizations to lead or for regulations to force them
- 79 percent of the largest ($50bn+) firms expect a significant increase in the importance of the energy transition over the next 12 to 24 months
As part of its long-standing Environmental, Social and Governance commitments, Infosys turned carbon neutral in 2020. This includes leveraging renewables, orchestrating energy efficiencies, and driving unique fully funded, community-based carbon offset projects. Along with creating a partner ecosystem to develop and deploy digitally-enabled solutions for energy transition, Infosys will also leverage Infosys Cobalt, a suite of solutions to help clients accelerate their net zero journey on the cloud.
Josh Matthews, Chief Sustainability Officer and Practice Leader, HFS Research, said, "The energy transition is moving forward, and the biggest firms want to play the systems-changing role we need. But there is so much left to do—both in triggering that systems change and in implementing business models, technologies, and processes. Collaboration will be essential—internally and throughout ecosystems—but needs to find a new level. Senior industry leadership must ultimately drive the energy transition by cascading roadmaps through their organizations. The climate and sustainability emergency means that the energy transition holds a massive opportunity and responsibility for the bravest people and companies."
Infosys and bp have collaborated to create 'Energy-as-a-Service' offering enabled by digital innovation. It is an integrated solution for holistic energy management that can enable energy savings, cost reduction, decarbonization and supply reliability across your business all enabled by an intelligent digital platform.
Sashi Mukundan, President, bp India and Senior Vice President, bp Group, said, "bp and Infosys have brought together their complementary capabilities, products, and services to create an integrated Energy-as-a-Service offering. This strategic collaboration builds on our energy transition goals where we can deliver secure, affordable, lower carbon energy the world increasingly needs, managed by AI/ML based digital platform to drive energy efficiency. With this engagement, we will aim to support our customers in achieving their sustainability goals faster."
Ashiss Kumar Dash, EVP & Global Head - Services, Utilities, Resources and Energy, Infosys, said, "Our collaboration with HFS has resulted in a very informative and eye-opening study which sensitizes the industry to the need for energy transition. In the post-pandemic world, we have witnessed that accelerated digital transformation and adoption of digital platforms are taking precedence among businesses in pursuit of sustainability and net zero emissions. Our dedicated Energy Transition practice is helping companies across energy, utilities and other sectors conceptualize and deploy practical solutions to decarbonize their energy footprint."
To read the full report, click here.
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
"Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India and the US, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law."
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