Realising Good Growth SDG7

Overview

SDG7 aims to provide access to affordable, reliable, sustainable and modern energy for all. Access to low-cost energy is vital for the well-being of the people as well as economic development and poverty alleviation.

Despite significant progress up to 2021 on improving access to electricity, increasing renewable energy use in the electricity sector and improving energy efficiency, the world is still falling short in providing affordable, reliable, sustainable and modern energy for all.

Due to global events, 2022 has seen substantial increases in fuel costs and threats to carbon-based fuel supplies for all energy users. The number of households experiencing fuel poverty is dramatically rising, reducing the money available for purchasing food and goods.

Business Opportunities & Benefits

• Efficient energy use can lead to significant cost savings for businesses.
• Investing in renewable energy sources can help businesses mitigate risks associated with energy price fluctuations and supply disruptions.
• Supporting SDG7 demonstrates a commitment to sustainability and corporate social responsibility.
• Investing in clean energy technologies can drive innovation and create new business opportunities.
• In some regions, access to clean energy is a prerequisite for doing business.
• Many employees prioritise working for companies that are committed to sustainability.

How can an organisation pursue SDG7?

There is much that can be done, by individuals and organisations, to reduce energy consumption and increase the use of sustainably-sourced energy.

• Commit to sourcing 100% of operational electricity needs from renewable sources.
• Reduce the internal demand for transport by prioritising telecommunications (e.g. Teams and Zoom), promote car-sharing and incentivise less energy-intensive modes such as train travel over auto and air travel.
• Invest in energy efficiency across business operations, such as insulation, air conditioning and heating units, and low-energy lighting.
• Invest in energy generation technologies, such as solar panels and wind turbines.
• Integrate renewable energy into employee benefits packages, subsidising the capital expenditures associated with residential solar or electric/hybrid vehicle investments.
• Purchase industry-leading low energy consumption equipment, such as PCs, cars, light bulbs, etc.
• Encourage employees and their families to access and use reliable and affordable energy sources by investing in local infrastructure to establish accessible energy services.

The business benefits are tangible in terms of reduced financial costs and impact on the environment.

Case Study: Battery Storage is Key to Renewables

Energy storage is going to be a vital part of the new power system architecture as it not only helps to balance out the variability in energy generation but could also enable the consumption of a higher proportion of self-generated renewable power by consumers and reduce the need to feed excess electricity back into the grid.

Battery energy storage systems atre at the forefront of energy storage systems and will boost reliability and the adoption of renewable energy.

Possibly the best-known system is the Tesla Megapack which is a large-scale rechargeable lithium-ion battery stationary energy storage product intended for use at battery storage power stations. Launched in 2019, the original Megapack could store up to 3.9 megawatt-hours (MWh) of electricity. Tesla has realised the potential of this market and is building a dedicated mega-factory to manufacture these systems. In addition, competitors are also ramping up their manufacturing capacities.

Sustainable Development Goal #7

Affordable & Clean Energy

Overview

Business Opportunities & Benefits

How can an organisation pursue SDG7?

Case Study: Battery Storage is Key to Renewables

More SDGs