BCG-Episode 3

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The Great Power Transformation: with Citi, Eavor, Ørsted, and SSAB

Inside the race to decarbonize power and electrify entire industries

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Mads Nipper, CEO, Ørsted: In essentially 10 years, we’ve gone to being more than 90% renewable in full generation of energy. The vision of our company is a world that runs entirely on green energy. So we only wish all of our competitors, our colleagues in the business, to make a fast transformation. Val Smith, Chief Sustainability Officer, Citi: The transition to net zero is a monumental lift. It’s the lift, not just of our era, but generations before it, generations to come, and it is going to require a different way of banking. Robert Winsloe, EVP, Business Development, Eavor: The economics of what we’re doing with Eavor-Loop™ are really possible only because of what has happened in oil and gas. So as we transition, from oil and gas or fossil-based fuels to geothermal and other renewable energies, the oil companies are very quickly becoming energy companies. Tina Zuzek, Managing Director & Partner, Boston Consulting Group: There is value in being the person in the market now, especially if you’re a consumer-facing company, to say, “This is the green option.” Many people want to buy a greener option, they want to feel like they’re doing something good for the environment.

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Thomas Hörnfeldt, Vice President, Sustainability & Public Affairs, SSAB: We are already today one of the world’s most CO efficient iron ore–based steel producers. But sometimes being the best just isn’t good enough. We still have a significant environmental impact and that is something that we want to change. We’re not talking about reducing CO emissions here, we’re talking about getting down to zero. Daniel Mölk, Asset Manager, Germany, Eavor: We mine geothermal heat without the need of water being present in the subsurface. Below our feet, there is always temperature. It can vary, based on how thick the crust is and the temperature gradient, but the heat is always there. So, our knowhow is how to build a very deep radiator that picks up heat in a closed system from the subsurface without the use of additional power.

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