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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:28 - 24 May 2023 -
A fork in the road to net zero
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ON NET ZERO
Will the US energy transition be orderly?
Humayun TaiThe United States is at an inflection point that could determine whether it meets its commitment to reach net-zero greenhouse-gas emissions by 2050. Fulfilling that ambition would mean achieving a more orderly energy transition in which emissions reductions rapidly put the country on a path closer to a 1.5°C global-warming scenario while balancing affordability, reliability, resilience, and security. This transformation would require new policies, market mechanisms, business models, and technologies to be developed and deployed at scale. There is considerable debate about whether it will be possible to do so by the target date.
An orderly transition would follow a natural sequencing. You would start with the decarbonization of the power sector because you need clean power to support the other sectors. Then you would take on transportation—electric vehicles (EVs) or long-haul transport—because much of the technology behind EVs is already becoming economically viable, and consumers increasingly want these vehicles.
After that, however, you get into the tougher segments, including the fossil fuels needed to heat buildings—typically natural gas in many parts of the United States. Those emissions are hard to abate because alternatives are further from economic viability. Another tougher segment is the production of cement, steel, and aluminum—energy-intensive industries that typically rely on fossil fuels to produce electricity.
Some business owners, typically in thin-margin, commoditized sectors, would have to be persuaded to make changes. Many owners may be unwilling to switch to different, more expensive technology, even if it’s carbon abating.
Then you get into sectors such as agriculture. From a technology perspective, you would push renewable-energy sources, such as wind or solar. But for that to work at scale, you would need to ensure that there are enough stable backup power resources—typically gas-fired plants—to support the variability of renewables. You would need to expand the power transmission network to accommodate more green energy. And, of course, coordinating county, city, and statewide rules for all 50 states, in addition to federal mandates, is difficult.
What’s more, all of this would have to be achieved while attending to the societal effects. You need to reduce carbon emissions in an affordable way while also paying attention to economic justice. This means that as lower-income consumers gain access to the new technologies, you are managing short-term supply chain fluctuations and maintaining energy security.“This decade will be critical: the technologies needed to decarbonize require immediate investment so that they can have a cumulative effect—and can be depreciated.”
Ideally, that’s what an orderly energy transition would look like. But some near-term challenges—including the war in Ukraine, high fuel costs, oil and gas supply chain disruptions, and elevated inflation—seem poised to lead the United States toward a more disorderly energy transition in which the country either fails to meet emissions goals or delays action and then rushes to catch up at considerably greater cost.
This has sparked what I see as a healthy debate about whether the country will achieve net-zero emissions by 2050. The general view is that making it happen would be very difficult. This decade will be critical: the technologies needed to decarbonize the power, energy, and other sectors require immediate investment so that they can have a cumulative effect—and can be depreciated—over the next 20 or 30 years.
On the flip side, some people say that it’s myopic to view the transition only in terms of the challenges, citing the power of innovation, as well as declining costs. Indeed, technology innovation could help. The clean-tech industry, for example, is making improvements in the quality and efficiency of new technologies faster than forecasted. Policy resources, such as the US Department of Energy’s “Energy Earthshots,” are helping to make these learning curves even faster.
Optimists also point out that consumers are increasingly willing to pay a green premium and that carbon offsets, carbon compliance, and voluntary markets are developing. They argue that people often underestimate society’s ability to innovate quickly. And with the 2022 Inflation Reduction Act and other recent measures, the United States seems to be indicating that climate technology will be a pillar of the economy. All of this is evidence that the country could make huge progress toward its 2050 goals.
But even if you believe that unlocking innovation will indeed spur progress over the next 15 years, the United States could still be looking at a somewhat disorderly transition.
What I find encouraging is that people are less likely than they were until only quite recently to say that the transition shouldn’t happen or that a push for a 2050 deadline is a waste of resources. There has been a change in mindset, particularly in the United States. Everybody I talk to and work with, such as clients and colleagues, believes in the need to head toward a net-zero world.
So the debate is really about how fast to move. Are people willing to pay a high cost for a rapid energy transition, or are they prepared to endure extended supply chain disruptions that increase the price of solar panels, battery cells, and control technologies for carbon management? Some people would rather wait another ten years because they think the transition will be too expensive in certain areas. The discussion almost always results in the same conclusion: the United States must get to net zero, even if it doesn’t get there by 2050.ABOUT THE AUTHOR
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A study examined how well products labeled to highlight sustainability perform with customers. The results finally put data behind how much consumers value companies’ ESG efforts and claims.
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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 02:45 - 24 May 2023 -
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Is wireless charging the future for electric vehicles? These corporate leaders think so.
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
• Charging up. According to McKinsey research, America could require 1.2 million public EV chargers and 28 million private chargers—charging stations in homes, workplaces, and other private settings—by 2030. That translates to almost 20 times more chargers than the country currently has. To date, most EV drivers plug in to wired charging stations. But the future of charging could reside in wireless and automated charging solutions, which could make EV ownership more convenient, cost effective, and appealing for drivers and fleet operators.
• Wireless while you wait. Wireless and conductive automated charging, which juices a vehicle’s battery through its underbody, have promising applications for both businesses and consumers. Imagine taxis wirelessly charging up in line at a taxi stand or trucks seamlessly recharging while being loaded and unloaded. In an interview with McKinsey partners Shivika Sahdev and Florian Nägele, a corporate leader in the space shared that the availability of wireless charging could increase consumers’ interest in purchasing an EV by 68%. Learn more about the business implications of innovative charging technologies.
— Edited by Andrew Simon, senior editor, Seattle
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:34 - 24 May 2023 -
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by "Adobe" <demand@info.adobe.com> - 10:04 - 23 May 2023 -
How do you build resilience? Start with improving organizational health.
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Organizations with healthy, resilient behaviors are better able to withstand major disruptions—and they’re more profitable, say senior partners Dana Maor, Michael Park, Patrick Simon, and coauthor.
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by "McKinsey Quarterly Five Fifty" <publishing@email.mckinsey.com> - 04:53 - 23 May 2023 -
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What should CEOs know about generative AI?
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
• Create value. Many C-suite executives want to move ahead thoughtfully, intentionally, and quickly on generative AI. The technology can perform several functions, including classifying, editing, summarizing, answering questions, and drafting new content. These actions could create value by changing how activities get done across business functions and workflows, McKinsey senior partner Lareina Yee and coauthors share. For instance, a production assistant might use generative AI to create a highlight reel based on hours of event footage.
— Edited by Belinda Yu, editor, Atlanta
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:33 - 23 May 2023 -
Shape-shifters: A leader’s guide to organizational change
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Organizations have been evolving continually since the first modern corporations arose centuries ago. In the past few years, however, they have been hit by more shocks than in the previous decades, forcing them to adapt and build resilience at a pace that few are prepared for. New technologies, major workplace transformations, vastly different employer–employee relationships, and an uncertain global environment are among the many pressing challenges that leaders need to confront—fast. To help you develop strategies for action, here’s a quick look at what’s happening in organizations right now.
Keep an eye on ten organizational shifts that pose both challenges and opportunities, suggest McKinsey senior partners Dana Maor and Patrick Simon and colleagues in our The State of Organizations 2023 report. For example, the right institutional capabilities are essential to achieve a competitive advantage, but only 5 percent of respondents to our global survey of more than 2,500 business leaders say that their companies have the capabilities they need. Just 25 percent of respondents believe that their leaders are engaged, passionate, and inspiring—attributes urgently needed to succeed amid volatility. But some organizations have forged promising new paths for themselves. Their strategies include a “bold vision,” “comprehensive investment in employees’ well-being,” and “measuring what you want to reinforce,” according to their leaders.
That’s the number of leadership shifts it may take to lead organizations in uncertain times. McKinsey senior partners Aaron De Smet and Arne Gast and their colleagues point to five fundamental changes for leaders to consider making to their mindsets and working styles. These involve “moving ‘beyond’ the current norm ‘to’ an evolved ambition that’s needed to lead thriving organizations in this new, disruptive era,” they say. For example, leaders may need to go beyond delivering profit to achieving impact: this involves moving from effecting incremental improvements to boldly pursuing a future that maximizes value for all stakeholders.
That’s from a participant at one of the many McKinsey Leadership Forums that we have conducted since 2006. Rising CEOs face a different world today than they did back then. A notable change that we’ve seen among leaders in recent years is a shift from a “command and control” mindset to one of supporting and enabling—which means focusing their energies on the tasks that only a CEO can do. “I try to control what I do and where I spend my time,” one CEO told us. “I don’t do a very good job of it. . . . But I do try to be deliberate about where I think I can have the most impact.”
University of Oxford professor Paulo Savaget doesn’t believe in the myth of the hero visionary. “The most successful leaders are not necessarily visionary,” he says in this McKinsey Author Talks interview. “They provide an environment where people can experiment, where they can test, where they can be flexible.” That includes nurturing unconventional approaches to problem solving, such as work-arounds—which, Savaget says, “are very powerful mechanisms for deviating from norms, from these rules that constrain us.” What Savaget calls “scrappy” organizations (“because they’re feisty, they’re resourceful, they operate in the margins of systems”) manage to beat obstacles by using inventive work-arounds: in one case, a healthcare organization piggybacked on a beverage maker’s distribution system to bring lifesaving medicines to remote areas. Work-arounds like this “allow you to deviate from a status quo that you consider undesirable and get things done effectively, in a very low-stakes way,” Savaget says.
‘The organization man’ of the 1950s—as described by journalist and historian William H. Whyte in his eponymous bestseller—was a business executive who conformed to a homogeneous corporate culture (even when it came to attire, which was typically a gray flannel suit). This executive would likely have been baffled by the imperatives for today’s leaders to implement strong diversity initiatives, satisfy a variety of employee preferences and expectations, and create happier workplaces. Organizations can help future leaders learn the skills it takes to achieve such goals, suggest McKinsey’s Tera Allas and Bill Schaninger. For example, training sessions on how to give and receive feedback could enable leaders to develop empathy for the people they lead.
Lead through organizational change.
— Edited by Rama Ramaswami, senior editor, New York
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:44 - 22 May 2023 -
Many of us spend too much time in meetings. Is a more efficient workday possible?
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
• Aim to collaborate. While interacting might be easier than ever, value-creating collaboration isn’t, McKinsey senior partner Aaron De Smet and coauthors share. When meetings aren’t run well, decision making becomes slower and the quality of decisions suffers. Roughly six out of ten executives say that at least half the time they spend making decisions is ineffective, one McKinsey survey found. What’s more, when leaders try to resolve inefficient decision making, they rarely see the real issue: poor design and execution of collaborative interactions.
— Edited by Belinda Yu, editor, Atlanta
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:09 - 22 May 2023 -
ลงทะเบียน! ร่วมงานเทคโนโลยีอุตสาหกรรม ชไนเดอร์ อิเล็คทริค
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Innovation Day:
Industrial Solutions, Samut Prakan 2023ชไนเดอร์ อิเล็คทริค ร่วมกับ กรมส่งเสริมอุตสาหกรรมและการนิคมอุตสาหกรรมแห่งประเทศไทย จัดงานเทคโนโลยีอุตสาหกรรม สำหรับกลุ่มโรงงาน เพิ่มประสิทธิภาพด้านการปฏิบัติการ ยกระดับโรงงาน ก้าวทันโลกดิจิทัล
ไฮไลท์สำคัญ- เร่งเครื่องยกระดับอุตสาหกรรมไทยไปสู่ยุค IIoT จากกรมส่งเสริมอุตสาหกรรมฯ
- กลยุทธ์การพัฒนาโครงสร้างพื้นฐานสำคัญในอุตสาหกรรม เพิ่มความปลอดภัย ความน่าเชื่อถือ ประสิทธิภาพ ความยั่งยืน
- ยกระดับภาคการผลิตในอุตสาหกรรม 4.0 ด้วยเทคโนโลยีอันสมัย
- การบริการด้านการจัดระบบไฟฟ้าเชิงรุก วิเคราะห์ คาดการณ์ ลดดาวน์ไทม์ ยุคดิจิทัล
วันและเวลาวันที่ 15 มิ.ย. 2566
เวลา 8:30-16:00 น.
สถานที่จัดกิจกรรมห้องธราดล แกรนด์ บอลรูม ชั้น 2 สนามกอล์ฟซัมมิทวินด์มิลล์ กอล์ฟคลับ จ.สมุทราปราการ
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by "Schneider Electric" <reply@se.com> - 09:00 - 21 May 2023 -
The week in charts
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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:27 - 20 May 2023 -
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 02:29 - 20 May 2023 -
Consumer spending on sustainable goods, the latest macroeconomic update, central banking, and more: The Daily Read weekender
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:45 - 19 May 2023
