Stakeholders are increasingly requesting that companies analyze the potential risks to company investments and operations of policy efforts to manage climate change and greenhouse gas (GHG) emissions (such as limiting global warming to 2° Celsius [C]). Similarly, companies are receiving requests to set GHG emissions reduction targets. Analyses related to both types of requests are technically challenging for companies to undertake and for stakeholders and the public to evaluate.
EPRI has embarked on this study to develop a public technical resource that can serve as a scientific foundation for informed dialogue and decision-making on company climate policy scenario analysis and emissions goals. A sound scientific understanding is a requisite first step for companies and stakeholders, as well as for developing methodologies and defensible decisions. In this study, we analyze and characterize current scientific understanding, identifying technical issues confronting companies and others, and developing observations from the scientific literature relevant to company planning. Based on these observations, we derive insights for company analysis, evaluate proposed methodologies, and provide steps for implementing our insights. Most of our insights are relevant to companies and stakeholders of any kind, but some are more relevant to electric power companies.
This study is part of a broader EPRI project to inform dialogue and decisions on company climate scenarios and GHG targets with analyses and a collaborative forum for understanding perspectives, issues, technical needs, and for communicating insights. This study represents the first of two phases designed to take stock of current knowledge. The results from this study can be used as a foundation from which new analyses can be undertaken to further inform company approaches, address scientific gaps, and continue the development of the scientific grounding necessary for informed decisions.
Authors Steven Rose and Morgan Scott