Deloitte unveils industry scorecard to measure progress to a connected energy future
As the globe slowly inches toward a post-pandemic future, Deloitte Australia has turned its focus to measure how the energy sector will embrace its role in connecting, accelerating and enabling the future economy.
Deloitte’s inaugural Connected Future | Future Connected report has identified the three key accelerators of a connected future as consumers and community; climate and sustainability; and investment and green recovery.
The report’s authors, Deloitte financial advisory partner Sandra James and Deloitte consulting partner Michael Rath, said there was a once-in-a-lifetime opportunity to accelerate the energy transition through good choices around a green recovery – creating a stronger economy, more sustainable production systems, and meaningful collaboration on outcomes with citizens and communities.
The report says the green transition, sustainable recovery, and the emerging energy customer will drive change in the future energy ecosystem.
“Investing in the inevitable shift to a low-emission economy for Australia is about providing jobs in high-growth industries, investment in the upgrade and replacement of Australia’s infrastructure, technological progress and emissions efficiency in traditional economic sectors,” the report said.
It estimates a new growth recovery could grow Australia’s economy by $680 billion (present value terms) and increase GDP by 2.6 per cent in 2070 – adding more than 250,000 jobs to the Australian economy by 2070.
While oil and gas companies are making significant investments in digital technology, the EY Oil and Gas Digital Transformation and the Workforce Survey 2020 indicated that many do not have the workforce skills to realise the fullest return on those investments — or a plan to develop the adaptive and technical skills to do so.
More than 90 per cent of executives surveyed by EY acknowledged oil and gas companies must change the way they operated if they were to be competitive as they emerge from the downturn.
To navigate the uncertainty and disruption brought by changing market conditions and COVID-19, companies will need to secure competitive advantage through a well-skilled workforce capable of delivering digital transformation.
The report suggests that key questions that executives should be asking include:
To what extent is my business strategy reliant on digital technologies to get through the pandemic and make growth gains in the subsequent years?
Do we have an accurate assessment of how many workers need to be and can be reskilled or upskilled?
What are the current maturity, availability and access levels of critical skills within our organisation and local market?
Which tools, partnerships and other resources exist or are available to aid in this transformation, and which still need to be identified, forged or acquired?