Repurposing for the just transition: energy companies need to future-proof their structure and strategy

In order to achieve a just transition to a low-carbon economy, there is a need for large-scale and far-reaching organizational reform. In particular, this needs to happen with multi-national and state-owned energy companies. These firms play a key role in societies worldwide today, however, they are ignoring or neglecting their role in the energy transition and the wider movement towards achieving a low-carbon economy in a 'just' way. These companies are transitioning far too slowly and the rhetoric they advance is now outdated given the current market and societal dynamics. Early indications are that Governments and the public remain willing to assist in financing the transitioning of these companies. However, this support will have a time limit. This short brief focuses on the need for these companies to 'repurpose' themselves, to obtain requisite data for their decision-making and begin future-proofing their strategies which includes themselves individually also.

Automated summary

In order to achieve a just transition to a low-carbon economy, multinational and state-owned energy companies need to undergo large-scale and far-reaching organizational reform. These companies are not fulfilling their role in the energy transition and are transitioning too slowly. Governments and the public are willing to assist in financing their transition, but this support will have a time limit. It is crucial for these companies to repurpose themselves and future-proof their strategies.