Just Energy Transition Workstream

Moving to Clean Energy in Ways that Decrease Inequality

Swift action is required to address climate change. Yet transitioning to clean energy risks growing inequality with a loss of jobs and investment in impacted communities. At the Council, we see the private sector as a powerful force that can uniquely achieve the energy transition in ways that lead to new opportunity, long-term growth, and broad social benefit. It will take the ideas and actions of business leaders along with private sector investment and government support to see the energy transition collectively benefit everyone.

That’s why the Council, along with members bp and BCG — and with the involvement of the UN Special Envoy for Climate Action and Finance, the International Trade Union Confederation, State Street, CalPERS, and Inclusive Capital Partners — is leading an initiative to develop a framework for action for companies to manage their Net Zero transition so that it is just for their workers, communities, and customers.

Workstream Objectives

A Guiding Framework

The Just Energy Transition workstream is building upon existing research and bringing together leading companies, investors, and non-profit entities to provide clarity for companies on actions they can take to promote and advance a just transition. 

This workstream is collaborating with partners such as the Sustainable Markets Initiative, Climate Action 100+, and the World Benchmarking Alliance to support companies outlining pragmatic actions and sharing evidence of their progress.

Commitments to Action

The workstream invites participating companies to make new commitments and take action for their own just energy transition, which will be shared at a Round Table at the sidelines of COP26 in Glasgow this November.

Through these public commitments, companies will put forth their best ideas for a Just Energy Transition and learn from the best practices of others. The Council will host a knowledge platform on its site that will serve as a learning laboratory for business leaders to share best practices and learnings to advance organizations’ actions and impact for a Just Energy Transition.

Phased Schedule

  • Set up a panel of industry, investor, academic,civil & social representation
  • Define a shared, company-focused framework for a Just Energy Transition
  • Establish an ongoing process for company knowledge sharing

Opening Round Table: July 8, 2021.

  • Work with non energy-intensive companies to test applicability to their sectors
  • Facilitate companies sharing their initiatives
  • Share company commitments at COP 26 (November 2021) and the Council’s annual Vatican meeting (December 2021)

guiding principles for a Just Energy Transition

  1. Sustainable future for all: Commitment to universal carbon neutral energy access for consumers
  2. Fair and decent work: Creation of more, decent jobs alongside adequate and sustainable social protection and right to bargain
  3. Worker rights and social dialogue: Respect of fundamental rights at work and promotion of two-way dialogue
  4. Community-specific approach: No ‘one size fits all’ solutions: Initiatives designed for the specific conditions and needs of communities
  5. Social consensus and due participation: Strong social consensus on the goals and pathways to sustainability and an enabling environment for all stakeholders to drive the transition
  6. Diversity and Inclusion: Programs take into account the strong gender, racial and socioeconomic dimensions of many environmental challenges and opportunities
  7. Collaboration and Transparency: Collaboration between businesses/sectors and evidence-based progress reporting to promote transparency

Workstream members

Governance Board

Rich
Lesser

CEO, Boston Consulting Group (BCG)

Bernard
Looney

CEO, bp

Marcie
Frost

CEO, California Public Employee Retirement System (CalPERS)

Lynn Forester de Rothschild

CEO, Inclusive Capital Partners

Ronald
O'Hanley

Chairman and CEO,
State Street

Mark
Carney

UN Special Envoy for Climate Action and Finance, COP26 Finance Advisor to the UK Prime Minister

Participating cEOs

Eric Francia

CEO, AC Energy

Mark Cutifani

CEO, Anglo American

Lorenzo Simonelli

Chairman and CEO, Baker Hughes

Rich Lesser

CEO, Boston Consulting Group (BCG)

Bernard Looney

CEO, bp

Claudio Descalzi

CEO, Eni

Sharan
Burrow

General Secretary, International Trade Union Confederation (ITUC)

Mukesh Ambani

Managing Director and CEO, Reliance Industries

Josu Jon Imaz

CEO, Repsol

Alistair Phillips Davies

CEO, SSE plc

Steering Committee

Jaime
Urquijo

AVP of International Business Development,
AC Energy

Dominic
Emery

Chief of Staff, bp

Stuart
Quickenden

Senior Partner and Managing Director,
Boston Consulting Group (BCG)

Anne
Simpson

Managing Investment Director, Board Governance & Sustainability, CalPERS and Chair, Climate Action 100+

Meredith
Sumpter

CEO, Council for Inclusive Capitalism

Nick
Robins

Professor in Practice of Sustainable Finance,
Grantham Research Institute

Alison
Tate

Director of Economic and Social Policy,
International Trade Union Confederation (ITUC)

Richard
Lacaille

Executive Vice President and Senior Investment Advisor, State Street

CASE STUDIES

WE HAVE 1 JET focused Commitments

Be part of the global movement and share with us your commitments to foster a more inclusive, sustainable and trusted economic system.

Organization Priority Areas Commitment SDGs
BP We aim to increase the proportion of investment we make into our non-oil and gas businesses, by up to eight-fold by 2025 and 10-fold by 2030 to around $5 billion per year.

JOIN THE COUNCIL

Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of inclusive capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.

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