Italian multinational energy company Enel has become the world's first utility (and the only Italian firm) to join the United Nation's Global Investors for Sustainable Development Alliance.
The utility's CEO Francesco Starace has joined 29 other highly influential corporate leaders registered with the alliance.
The development follows Antonio Guterres the Secretary-General of the UN calling for the formation of the alliance to boost financing in sustainable development over the next two years.
The alliance will come up with ways to improve government and private sector participation in increasing long-term investment measures to accelerate progress towards achieving sustainable development goals.
The Alliance is co-chaired by Oliver Bäte, CEO of Allianz and Leila Fourie the CEO of the Johannesburg Stock Exchange.
The Alliance’s work will be coordinated by the UN’s Department of Economic and Social Affairs to:
- Deliver solutions to unlock long-term finance and investment in sustainable development both at company and system-wide levels.
- Mobilise additional resources for countries and sectors most in need.
- Find ways to increase the positive impact of business activities.
- Align business practices with the 2030 Agenda for Sustainable Development.
Renewable energy, sustainability funding and the energy transition are hot topics disrupting the energy industry and are set for discussion at this year's European Utility Week and POWERGEN Europe conference which takes place from the 12th to the 14th of November in Paris. Click here to register to attend or more information about the event.
The Enel CEO, said: “We are working to further strengthen cooperation with other global businesses and unlock funding to achieve SDGs, as sustainability is a major driver for long-term value creation. In Enel, we have fully integrated sustainability into our business model and operations, boosting the company’s profitability.
"Looking ahead, the GISD Alliance will provide the perfect forum to accelerate the private sector’s commitment towards sustainable business models and enable sustainable finance to kick-start a social, economic and environmental improvement across the globe.”
Measures implemented by Enel to accelerate the energy transition include:
- The establishment of Enel Green Power, the utility's renewable energy subsidiary which has become the world's largest private clean energy player in just 11 years after inception.
- The utility's issuance of the world’s first general-purpose SDG linked Bond Programme in the United States.
- The utility's first SDG linked Bond in Europe.
- The company's participation in the United Nations Global Compact
- The firm's commitment to adhere to a 70% reduction in its direct greenhouse gas emissions per kWh by 2030, from a 2017 base-year.
- To fully decarbonise its operations by 2050.