Schneider Electric, a global leader in the digital transformation of energy management and automation, has emphasized the urgent need for a substantial increase in the deployment of existing technologies to curb the alarming trajectory of climate change, Invest-Gate reports.

The clarion call comes against the backdrop of accelerating climate change, geopolitical tensions, fluctuating energy prices, and stakeholder pressure to address these pressing risks.

Moreover, environmental sustainability and energy resilience have surged to the forefront of the corporate and policy agenda in response to these challenges.

These issues take center stage at the World Economic Forum’s annual meeting in Davos, Switzerland, from January 15-19, where senior executives from Schneider Electric actively participate.

Furthermore, Peter Herweck, CEO of Schneider Electric, stressed the pivotal role of the energy transition in decarbonization, highlighting that energy accounts for a staggering 80% of carbon emissions.

While the potential of artificial intelligence captures widespread attention, Herweck urged to recognize the immediate impact that existing technologies can have. This encompasses both renewable energy generation and digital and electrification tools that enhance energy efficiency, significantly reducing emissions without the delay associated with awaiting future solutions.

A recent report by the World Economic Forum, published on January 8, underscores the economic benefits of addressing energy consumption. The report suggests that actions focused on energy savings, efficiency improvements, and collaborative partnerships could unlock up to $2 tn in savings for the global economy. Additionally, implementing such measures before 2030 could avert the need to construct 3,000 power stations.

Notably, the report emphasizes the significance of tackling companies’ Scope 3 emissions activities, contributing to over 70% of a company’s carbon emissions. This includes upstream and downstream value chain emissions, as the UN Global Compact highlights. The dual emphasis on immediate action and the strategic targeting of emissions sources underscores the critical nature of the ongoing discussions at Davos.