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14 Nov 2023

World Benchmarking Alliance

2023 World Benchmarking Alliance Electric Utilities Benchmark shows limited and too slow corporate progress towards the energy transition

'2023 Electric Utilities Benchmark'

The World Benchmarking Alliance Climate and Energy Benchmark measured 68 of the world’s most influential electric utilities companies on their alignment to a low-carbon world.

Key findings:

  1. Wind and solar power advances signal the beginning of the transition from fossil fuel dominance
  2. Despite plans to transition, current commitments and investment are falling short of the ambition needed
  3. The rise of renewables may be hindered unless energy storage and demand response grows to match it
  4. The electric utilities sector shows that all fundamentals of a just transition are possible, yet companies still have more steps to take
  5. Companies need to bring their workers along to make it a just transition
COP28 is our opportunity to hold the electric utilities sector accountable for a faster energy transition. Companies around the world who make and distribute electricity must seize the unprecedented opportunity to make our systems better and cleaner, and to ensure their operations are fit for the future.
Vicky Sins, World Benchmarking Alliance Decarbonisation and Energy Transformation Lead