The global energy ecosystem is in the midst of a transformation on a scale and at a pace perhaps unseen in history, buffeted by discontinuities in every direction. Deep trends in the global economy, including industrialization in emerging markets, changing demographics, rising nationalism, and technological and social innovations affecting cost and efficiency are confounding past assumptions about the supply, demand and consumption of energy – and the supply of fuels and feedstocks that drive it. Technology disruptions have unlocked vast new sources of energy (e.g. renewables, shale gas, tight oil) while changing the contours of demand for that energy (e.g. advanced materials, light-weighting, electric vehicles).
Geopolitical developments are changing production profiles across regions, sometimes at a rapid pace. Traditional arenas are being redrawn by government policy and international agreements, reflecting changing public priorities and increased public scrutiny. The energy system sits on the cusp of a profound expansion of technologies. Already, hydraulic fracturing and directional drilling have unlocked shale, and noteworthy advances in wind, solar, storage, geothermal, hydrogen and smart grid technologies are changing the power industry.
But this may only be the beginning: economic development requirements globally have increased demand for energy; increasing societal commitment to the environment has intensified demand for low-carbon energy; and technologies to meet that demand are becoming increasingly economical.
Moreover, new technologies contributing to improvements in energy efficiency are decoupling energy consumption from economic growth. An unprecedented diversity of energy technologies may be poised for a breakthrough.
Vareo is proud to be part of the global effort to back carbon reduction and embrace sustainable energy. The renewables sector is growing every year and is is driven by multi-nation carbon reduction commitments which are upheld by government incentives and acceleration schemes.
Vareo's sustainable energy business objectives are derived from the United Nation's Sustainable Development Goals (SDGs). These provide for a comprehensive criteria against which to benchmark our own achievements as we strive to conduct our day-to-day business activities in such a way so as to be beneficial to the environment, the communities in which we work, society and local economies.
Our sustainable energy business has chosen three SDGs on which to focus our own improvement initiatives. These are the goals we believe to be most applicable and those against which we can affect the most change for good. They are 7, 12 and 13.
By adopting such an approach, Vareo can do its part, albeit a very small part, to help with issues such as climate change and the transition to a target zero-carbon energy supply. The UN's SDGs help maintain focus on the fundamental pillars which drive all aspects of our business activities, project objectives and leadership. Our sustainability performance is monitored and measured in much the same way as other performance targets, utilizing detailed objectives, well defined metrics, KPIs and scorecards, in addition to progress reporting and internal audits.