Setting Energy Efficiency Targets To Meet Corporate Goals

Several countries including South Africa have relied heavily on fossil fuels as their primary energy sources to develop their economies at the expense of the environment. With the country aiming to reduce greenhouse gas emissions and achieve net zero emissions by 2050 an opportunity has been created for energy-intensive industries to phase out these energy sources and move to low-carbon renewable energy sources. Since energy generation is a major contributor to emissions, it has been found that the most effective way to implement decarbonization strategies is through target setting and tracking of energy usage. Most businesses, especially the intensive energy users and those publicly listed have thus been constantly tracking their emission levels through energy usage and efficiency to meet the 2030 targets and ultimately, the 2050 net zero emissions target. In this study, sustainability targets of the Top 100 listed companies by market capital on the Johannesburg Stock Exchange (JSE) in South Africa have been reviewed to find the correlation between energy efficiency targets and their corporate sustainability goals. Of the 100 evaluated companies, 76 have energy efficiency targets and are deemed to be on track to achieve their GHG emission reduction targets. This target-setting and reporting approach has further assisted some companies in innovating their business practices without any major impact on their business operations.