INNOVATION AND WORKFORCE DEVELOPMENT
New technology undoubtedly has a fundamental role to play in energy transition. From developing ever more efficient ways to harvest low carbon power, to better management of electricity supply and demand as well as driving innovations in the storage and distribution of renewable energy.
It is clear that this tech-driven sentiment needs to come from the top down with 63% of UK respondents citing an ability to innovate and embrace new technologies as the most critical leadership quality for guiding a successful transition from traditional to low-carbon energy.
We also see this mindset translating into research and development (R&D) spend with firms not afraid to put their money where their mouth is. Half (50%) of suppliers and investors expect increased R&D spend to be one of their companies’ main approaches to growing their energy technology portfolio, while 58% expect to see a focus on investing in skills with R&D.
More broadly on skills, based on the need for the UK to close the AI gap with other markets outlined above, it is not surprising to see digital and AI top the list of the most in-demand skill set for the next five years.
Ability to innovate and embrace new technologies is the most critical leadership quality
Expect increase R&D spend
Increased focus on investing in skills with R&D
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