S&P Global Platts Announces Finalists for 'Leadership in Energy Transition Award'

Rhea-AI Summary

S&P Global Platts unveiled the finalists for the Leadership in Energy Transition Award, part of its annual Global Energy Awards, set for December 10. This award highlights companies focused on reducing greenhouse gas emissions. The announcement, made by CEO Richard Mattison, emphasized the need for the power sector to lead in emission reductions, as it generates about 25% of global emissions. The 2020 finalists include industry leaders like Dominion Energy and NextEra Energy. Previous winner Iberdrola was recognized for its low emissions and innovative financing.

Positive

• The Leadership in Energy Transition Award promotes recognition for companies committed to reducing greenhouse gas emissions.
• Finalists include notable companies such as NextEra Energy and Dominion Energy, reflecting strong industry participation in sustainability.
• Increasing nominations for the award indicate a growing focus on responsible energy practices.

Negative

• The press release highlights that the global power sector needs to significantly enhance emission reduction efforts, putting pressure on industry leaders.
• COVID-19's long-term implications on energy transition could hinder immediate progress in reducing emissions.

NEW YORK, Oct. 26, 2020 /PRNewswire/ -- S&P Global Platts has announced by video the finalists for "Leadership in Energy Transition", one of nearly two dozen awards of the 22nd annual S&P Global Platts Global Energy Awards to be presented December 10^th in a live-stream, virtual gala celebration. Emceeing what are often described as the "Oscars of Energy," will be Emmy and Tony awards winner, actor and comedian Jason Alexander (Cinema's Pretty Woman, Broadway's Fish in the Dark, Television's Seinfeld).

"Some ten finalists have been shortlisted for the Leadership in Energy Transition Award, now in its third year and which aims to recognize a power generating company that is at the forefront of efforts to transition away from high greenhouse-gas-emitting sources of energy," said Richard Mattison, chief executive officer of Trucost, part of S&P Global. 

It is Trucost, a leader in carbon and environmental risk analysis, which developed a data-led methodology to select the finalists and, ultimately, the winner, of this important environmental, social and governance (ESG) award (see details). This makes the Leadership in Energy Transition award distinct from the other 20 honors of the Global Energy Awards, which are determined by the votes of an independent panel of judges. 

The S&P Global Platts/Trucost award criteria encompass the following:

• taking steps to report and reduce greenhouse gas (GHG) impacts
• publishing robust targets to improve performance
• aligning with global energy transition commitments
• demonstrating true leadership in innovative ways

The COVID-19 pandemic is one of the most severe economic and energy shocks in modern history. On top of the massive disruptions to business, mobility, and everyday life, there will be longer-lasting implications for the energy transition away from fossil fuels.

As Mattison notes in the video, the global power sector is touted to be largest contributor to greenhouse gas emissions globally, responsible for approximately one-quarter of global emissions.

"As the largest emitter, the power industry has the opportunity to be at the forefront of efforts to reduce emissions and to limit climate change to between 1.5°C and 2°C of global warming, the goal of the Paris Agreement set in December 2015," emphasized Mattison. "That's why Trucost is proud to participate in the S&P Global Platts Global Energy Awards, that recognize exemplary achievement in not only energy transition, but also in innovation, efficiency, green infrastructure and leadership, all especially noteworthy in these challenging times of the Covid-19 pandemic." 

More than 10 times the emission reductions resulting from COVID-19 will be needed to meet the 2 degree target through 2050, according to joint analysis of S&P Global Platts and S&P Global Ratings. However, the pandemic's effects will cumulatively lower energy sector CO2 combustion emissions by 27.5 gigatons over 2020-2050—equivalent to almost one full-year of emissions.

"We're pleased to be partnering with Trucost, with its deep experience assessing risks relating not only to climate change, but natural resource constraints, and broader environmental, social, and governance factors, on this important ESG leadership Award," said Murray Fisher, producer of the Global Energy Awards program. "And in the history of the Award, we're pleased to see the continually increasing number of nominations and entries that are specifically focused on achievements in creating and consuming energy more responsibly – be it reduced emissions and sustainable energy or environmental and operational safety."

The 2020 finalists for the Leadership in Energy Transition Award are: 

• Contact Energy
• CPFL Energia
• Dominion Energy
• Enel
• Energias de Portugal
• Engie
• NextEra Energy
• Scottish & Southern Energy
• Sempra Energy
• Xcel Energy

Last year's winner of the Leadership in Energy Transition honors was Iberdrola of Spain, recognized for having one of the lowest emissions intensities of the diversified power industry, for its demonstrated innovation in green financing, and its science-based targets for short- and long-term greenhouse gas emissions reductions.

To view the full list of finalists across all categories of the Global Energy Awards program, visit:  https://www.spglobal.com/platts/global-energy-awards/finalists

Energy, financial and business executives are invited to attend the virtual S&P Global Platts Global Energy Awards; registration will open soon. Accredited media may attend as guests of S&P Global Platts with advance registration through the media contacts listed below.

Contacts
Kathleen Tanzy, +1-917-331-4607, Kathleen.tanzy@spglobal.com (Americas)

About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for companies, governments and individuals to make decisions with confidence. For more information, visit http://spglobal.com/platts.

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SOURCE S&P Global Platts

FAQ

What is the Leadership in Energy Transition Award from S&P Global Platts?

The Leadership in Energy Transition Award recognizes companies at the forefront of efforts to reduce greenhouse gas emissions in the energy sector.

When will the S&P Global Platts Global Energy Awards take place?

The S&P Global Platts Global Energy Awards will be held on December 10.

Who are the finalists for the Leadership in Energy Transition Award in 2020?

The 2020 finalists include Contact Energy, NextEra Energy, Dominion Energy, and several other major companies in the energy sector.

How does S&P Global Platts choose the finalists for their awards?

Finalists are selected based on a data-led methodology developed by Trucost, focusing on their efforts to report and reduce greenhouse gas impacts.

What was the previous winner of the Leadership in Energy Transition Award?

Last year's winner was Iberdrola, recognized for its low emissions and innovative approaches to green financing.