Race to Net Zero

By: NRG Energy and Smart Energy Decisions
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  • Summary

  • A six-episode series by NRG and Smart Energy Decisions featuring conversations with energy experts and businesses who have committed to net-zero carbon emissions. Throughout the series, host John Failla will interview industry experts and share actionable energy measures your business can implement and carbon reduction success stories to help you on your race to net zero. If you’re interested in taking a deeper dive into the topics discussed and learn more about where your peers are on their journeys, download the 2022 State of Decarbonization report at nrg.com/zero.
    2022
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Episodes
  • A Team You Can Count On, Ep #6

    A Team You Can Count On, Ep #6
    Dec 22 2022
    The Race to Net-Zero podcast is a six-episode series featuring conversations with energy industry experts and businesses committed to net-zero carbon emissions. In this season’s final episode, host John Failla introduces Scott Hart, Head of Sales for NRG Business. They discuss the state of net-zero, the future of the journey, and the importance of collaboration for net-zero success.   In today’s episode, we cover: What is driving the change in the industry? [03:34]The difference between data and alignment [06:56]Sectors making the biggest moves toward net-zero [10:49]Eastern Europe’s impact on the U.S. energy market [17:56]Collaboration for net-zero [21:46]NRG’s customer philosophy [25:06]   Sustainability is a business imperative The last few years have seen a significant acceleration in the emissions reduction space. NRG used to solicit and market its capabilities, but now organizations are seeking them out. NRG is heavily invested in managing emissions, setting goals, and finding solutions. The key drivers for companies are customers and stakeholders demanding that companies step up to mitigate their environmental impact. Employees also expect companies to be aware and take action toward emission reduction. People see real risk and opportunity. Now a company’s reputation can be at risk if it doesn’t have quantifiable, scientifically based objectives and demonstrate action toward reducing emissions. Companies no longer see emission reduction as an incremental cost or burden. They’re using it as an opportunity to differentiate themselves from the competition.   Increased complexity Organizations need insight and guidance to manage complex transactions, lower their carbon emissions, and deal with a more complicated and dynamic grid. It’s possible to combine these into one strategy with comprehensive data and organizational and stakeholder alignment.  Historically, NRG communicates with the sustainability group as well as the operational and finance departments within a company to ensure a unified approach. Over the past few years, NRG has demonstrated how to integrate emissions and business objectives. Together with an organization, they develop strategies that start with a comprehensive Scope 1, 2, and 3 analysis and present emissions reducing options. If a company has data and alignment, it can begin to implement plans.   Energy transition The world is in a massive transition akin to the industrial era of the twentieth century. Although manufacturing and processing of electricity haven’t changed significantly, the energy industry is introducing renewables to the grid and taking on the complex task of integrating them along with aging fossil fuel resources. The industrials are going through a transition as they face emission reductions challenges, whether voluntary or regulatory. Western economies have absorbed the vast majority of electricity, and emerging economies are creating further demand. The general transition from fossil fuels to electricity, specifically in electric vehicles, is driving demand and complicating how enough electricity is produced and delivered. While the situation is complex, the one sure thing is the exponentially increasing demand for electricity. The energy industry will have to find new ways to meet those needs.   Resources & people mentioned State of Decarbonization Study Connect with Scott Hart On LinkedIn Connect with NRG Energy https://www.nrg.com/Follow them on FacebookFollow them on TwitterFollow them on LinkedIn Connect With Smart Energy Decisions www.smartenergydecisions.comFollow them on FacebookFollow them on TwitterFollow them on LinkedIn
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    30 mins
  • Choosing action: NRG's journey to net zero, Ep #5

    Choosing action: NRG's journey to net zero, Ep #5
    Nov 8 2022
    The Race to Net-Zero podcast is a six-episode series featuring conversations with energy experts and businesses who have committed to net-zero carbon emissions. In this episode, host John Failla introduces Jeanne-Mey Sun, Vice President of Sustainability at NRG Energy. They discuss the depth of NRG’s work in sustainability, as evidenced by NRG’s comprehensive 2021 sustainability report published this summer.   In today’s episode, we cover:   NRG’s sustainability foundation [03:34]Challenges and lessons [08:29]SBTi and customers [13:06]Advisory services [20:34]Working with suppliers [23:09]   Becoming a sustainability leader   NRG approaches sustainability in an all-encompassing way, which spans its entire value chain and accounts for the interests of its stakeholder ecosystem. To demonstrate the comprehensiveness of this approach, NRG developed five pillars: sustainable business, sustainable customers, sustainable operations, sustainable workplace, and sustainable suppliers. This sustainability framework and strategy cover every part of the business.   For years, NRG has had a strong desire to be a leader in sustainability, particularly on climate. The company wants to be part of the solution to climate change both because it’s the right thing to do and because it makes good business sense. NRG strives to be a leader in the energy sector for the good of local communities and the planet.   Strategies and goals   When a company is trying to develop new strategies and set ambitious goals, the biggest challenge is getting internal alignment, particularly from groups that will play a role in implementing the strategy and meeting the goals. NRG learned that it needs to be expansive in identifying its internal stakeholders and working with them from the beginning. Communication is essential to explain what the company is doing and why. Change will take time, and a phased approach is needed.   NRG’s current goal is to reduce 50% of CO2 equivalent emissions by 2025 and achieve net-zero by 2050. While this goal is ambitious, the company has successfully reduced its carbon dioxide equivalent emissions by 44% since its 2014 baseline and NRG was one of the first companies to have its targets validated by the Science-Based Target initiative.   Sustainable finance   In late 2020, NRG became the first North American company to issue sustainability-linked bonds, which tie attractive financing to the borrower’s realization of particular sustainability goals. The bonds aligned NRG’s financing, sustainability, and overall corporate strategy and helped fund NRG’s acquisition of Direct Energy in early 2021. That acquisition doubled its regular customer base to about six million and became a larger platform to provide more sustainable products and services to customers. The economies of scale afforded by this larger customer platform allows NRG to continue innovating affordable sustainability solutions that drive customer adoption.   NRG is focused on reducing the carbon intensity of the energy it provides its customers. In electricity, NRG offers a range of renewable electricity plans to both home and business customers. Renewable Select enables customers to secure solar, wind, or other types of renewable power. By supporting new local renewable projects, businesses can secure a fixed price for their power purchases and become leaders in spearheading sustainability initiatives in their region.   Resources & people mentioned   2021 SUSTAINABILITY REPORT | NRG EnergySustainability Trends | NRG EnergyALLY Energy™ Announces 2021 GRIT Awards and Best Energy Workplace Winners   Connect with Jeanne-Mey Sun   On LinkedIn   Connect with NRG Energy https://www.nrg.com/Follow them on FacebookFollow them on TwitterFollow them on LinkedIn Connect With Smart Energy Decisions www.smartenergydecisions.comFollow them on FacebookFollow them on TwitterFollow them on LinkedIn  
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    32 mins
  • It’s not a sprint, it’s a marathon: Challenges to net-zero, Ep #4

    It’s not a sprint, it’s a marathon: Challenges to net-zero, Ep #4
    Oct 26 2022
    The Race to Net Zero podcast is a six-episode series featuring conversations with energy experts and businesses who have committed to net-zero carbon emissions. In this episode, host John Failla introduces Kevin Arritt, Director of Renewable Strategy and Advisory for NRG, and Greg Kandankulam, Director of Sustainability Advisory for NRG. They discuss their perspectives concerning current hurdles on the path to net-zero and what tools are available for large energy customers to build a customized approach.   In today’s episode, we cover:   How to start on the road to net-zero [02:57]Analysis paralysis in renewable energy markets [06:33]Addressing building-related emissions [11:36]The current state of the solar market [14:56]The Inflation Reduction Act [18:21]Engaging supply chain partners [25:28]   How to begin   The road to net-zero starts with having goals and a solid plan. The right way to reach net-zero isn’t universal; every business has unique factors to contend with when creating their plan. Sustainability planning has become even more difficult now that the science-based target initiative has included Scope 3 emissions into commitment submissions. Some companies are struggling with consumption and bill pay because they’re working through the data and making rate estimations versus actuals.   Internal struggles can be a hurdle to creating a net-zero plan. NRG works with many organizations with ambitious goals that want to make changes but may spend years trying to develop the perfect renewable energy strategy. By the time their plan has been carefully crafted, markets have changed, and they may find it’s out of sync.   Variability in the market   The availability and prices of renewable energy opportunities are based on what is currently happening in the market. Public policies, risk, and interconnection can vary significantly throughout the year causing different economics and opportunities for procuring renewable energy. Smaller, local projects have a set amount of availability or may run into interconnection issues. Those programs can offer low risk ways to help meet goals, but opportunities may be missed because of analysis paralysis.   The market has had a couple of years of unprecedented volatility due to supply chain issues, tariff uncertainty, tax credits falling off, and interconnection issues. While this has been happening, the insatiable need to meet sustainability goals has also been pushing the market forward. Large organizations must think through many of these issues to analyze and understand what’s happening, but analysis needs to be combined with being opportunistic.   Tackling Scope 3 emissions   Addressing Scope 3 emissions requires supply chain engagement. At the outset, removing as much ambiguity as possible will help set expectations for vendors. Long-term, vendors need to have a replicable, accurate process for measuring emissions so organizations can have impact-accurate reports. Improving that process will help on an individual vendor level and lead to a greater percentage of suppliers acting accordingly.   NRG has been working internally in this space and has received CDP grades for its supply chain engagement. Early in this process, engagement was slow, but the SEC rules and public net-zero commitments have led to more vendors becoming involved. Vendors understand that the market is shifting to net-zero and don’t want to be left behind due to lack of compliance. The relationship between the buyer and the vendor has become complicated and will require planning and establishing best practices that don’t currently exist. The best approach is for buyers and vendors to meet halfway to share the responsibilities of tackling emissions together.   Resources & people mentioned   Local Law 97 - Sustainable Buildings The Inflation Reduction ActCDP   Connect with Kevin Arritt On LinkedIn Connect with Greg Kandankulam On LinkedIn Connect with NRG Energy https://www.nrg.com/Follow them on FacebookFollow them on TwitterFollow them on LinkedIn Connect With Smart Energy Decisions www.smartenergydecisions.comFollow them on FacebookFollow them on TwitterFollow them on LinkedIn
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    36 mins
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