Accelerating the Road to Net Zero

Why removing friction from the energy market is vital on the road to net zero

The Energy Industry’s Challenge:

The UK energy market is about to face its greatest challenge yet.

The British government has set out an ambitious plan to reach net zero carbon emissions by 2050. That means reducing its overall emissions by 78% between 1990 and 2035.

It includes measures like:

• – Rolling out smart meters to all homes and businesses
• – Electrification of vehicles across multiple industries
• – New regulations for the oil and gas industry.

This might sound like a huge task, but perhaps rather than seeing it as a set of challenges, businesses in the energy market should see it as a huge opportunity.

The Opportunity to Innovate

Alongside the many changes is an increase in funding:

• – £26 billion of green capital investment, supporting the creation of 440,000 new jobs.
• – The UK Net Zero Strategy hopes that this funding will be boosted by £90 billion of private investment between now and 2032.

That’s a huge boost for our sector. To make the most of it we need to take stock of our industry as it currently is.

Leading Innovation in Energy

There is currently too much friction between the different systems that run the energy sector. There are so many moving parts, all of them with their own conflicting interests. This leads to further complications and tension between energy supply chain companies.

If we were to remove these complications, the energy industry could focus on decarbonising faster, looking for new opportunities to grow and build a more sustainable future for customers and the environment.

Our focus at Correla is on providing the tools and software necessary to connect the moving parts, reduce friction and make the complex simple.

Collaboration is Key for Advancing Energy

McKinsey puts the potential value of the UK’s green revolution at £1 trillion by 2030, adding this to the creation of 440,000 new jobs and this marks a huge opportunity for businesses and individuals. However, it’s important to remember that this shouldn’t be seen as the creation of a new, competing industry but a necessary evolution of the existing energy industry.

By collaborating with one another and investing in the right technology that makes it easier for us to do so, we can take a wider view of what needs to be done to execute the UK’s Net Zero Strategy and help us get closer to the low emissions future the planet needs.

As we speed closer to net zero, we’re set to see an increase in laws and regulations which will force the industry to adapt and reward those businesses who are taking steps to decarbonise quickly. Correla’s Waypoint system assists with these goals, accelerating the transition of smart asset roll out regulations for every home and business.

With time running out to decarbonise, it’s vital that we invest in the right tools to help evolve our industry and push it in the right direction, and at Correla, we’re dedicated to doing just that.

Speak to a member of the team today to learn how we can bring your entire energy supply chain together

Want to learn more about Waypoint?

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