Energy, Utilities & resources

Helping you grow in a changing energy and resources world. Advising and delivering strategy, assurance, tax and consulting services for a sustainable future.

Helping you navigate the future of energy

The shifting landscape of climate change and the pressing demand for sustainability present formidable challenges for energy, utilities, and natural resources companies in Belgium. However, amidst these challenges lie exciting prospects, ranging from advancements in alternative fuels like hydrogen to the emergence of innovative energy systems.

To not only survive but flourish in this dynamic environment and align with the changing expectations of consumers, investors, and regulators, you must take the lead. Charting a course towards a future vastly distinct from the present involves a paradigm shift—reimagining business models, reshaping markets, integrating sustainable technologies, and introducing novel products and services in innovative ways. All this needs to be accomplished while upholding trust in the reliability of the current energy system.

PwC's global network of problem solvers comprehends the distinctive challenges faced by your industry in Belgium. We stand prepared to assist you in navigating the complexities of the energy transition and seizing the fresh opportunities that come with transformative change.

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Taking the lead on sustainability

In the unfolding years, Belgium's energy, utilities, and resources sectors will be shaped by distinctive trends reflective of the country's dynamic landscape. Beyond the overarching influence of climate change, these trends encompass the depletion of resources, significant transformations in the global energy composition, mounting pressure to attain net-zero objectives, and the convergence of business models across various industries.

As the urgency and severity of climate change escalate, businesses operating within Belgium's unique energy landscape must take proactive measures to mitigate the impending impacts. Additionally, society must address the imminent depletion of critical resources, including rare earth metals.

The energy, utilities, and resources sectors in Belgium play a pivotal role in finding solutions to these challenges and steering the world toward a more sustainable trajectory. Addressing climate change necessitates a comprehensive transformation in the utilization of energy sources for various purposes such as transportation, heating, cooling, computing, and industrial processes. Simultaneously, providing essential products and services calls for innovative approaches to resource utilization, exploring novel avenues for creating value, and transitioning from a linear economy to a circular one. PwC's professionals possess the knowledge and expertise needed to support and advance these initiatives within the context of Belgium's energy landscape.

In Belgium's energy landscape, the imperative is for individuals to have confidence in the ongoing provision of essential services by energy, utilities, and resources companies. Whether it's electricity, water, or the diverse range of resource-based technologies, products, and services that form the backbone of global reliance, it is crucial that these services remain accessible, dependable, and sustainable.

Simultaneously, as the nation embarks on a transition toward greener and more sustainable energy sources and natural resources, society and the economy must adapt to novel lifestyles and work patterns. This adaptation entails the gradual phasing out of vehicles, power plants, and other technologies reliant on fossil fuels or non-renewable resources. Achieving this transition demands substantial innovation and investment across various industries in the short to medium term.

With significant advancements in the affordability and efficiency of renewable energy technologies, the prospect of attaining a net-zero emissions future is within reach, particularly within the context of Belgium's evolving energy landscape. While numerous countries worldwide are adopting net-zero targets, the global window of opportunity is rapidly narrowing, partly due to the extensive timeframe needed to construct the infrastructure for a more sustainable future. Taking decisive action at this juncture is imperative.

Effectively reducing carbon emissions to zero demands proactive leadership from companies operating in Belgium's energy, utilities, and resources sectors. Policymakers, research institutions, investors, transnational organizations, and other stakeholders also play pivotal roles. The transition to net-zero services and technologies requires substantial political will, investment, and collaborative effort on a global scale. PwC stands ready to assist companies in navigating this transformative journey within the specific context of Belgium's energy landscape.

Key trends in the energy transition

Sector convergence

In Belgium's energy landscape, PwC observes several promising trends that inspire optimism. As the global shift towards green energy and renewable resources gains momentum, business models across diverse industries are converging. Traditional fossil fuel enterprises are redirecting their investments towards wind and solar power production, transforming into integrated energy companies to champion sustainability initiatives. Alternative fuels like hydrogen are poised to play a more prominent role. The automotive industry is evolving into a vital component of the electricity grid, leveraging electric vehicles as an expanding source of energy storage. Additionally, various battery technologies will increasingly contribute to the resilience of our energy networks. Information technology companies are assuming a critical role in sustainability efforts, employing data, analytics, and automation to enhance efficiencies across resource supply chains. While these trends present both risks and opportunities for businesses in various sectors, our professionals stand ready to assist you in navigating them to achieve your goals within the specific context of Belgium's energy landscape.

The green recovery

Amidst global economic recovery efforts, energy companies in Belgium hold a pivotal role in spearheading a green economic resurgence. While economic stimulus programs worldwide offer support for renewable energy and sustainability, they often present dual incentives for fossil fuels and conventional practices. Simultaneously, mounting pressure from investors, consumers, and regulators demands emission reductions and aligning with evolving expectations around environmental, social, and corporate governance (ESG) practices. These conflicting demands pose risks for energy, utilities, and resources companies but also present opportunities for innovative business models and markets in Belgium's energy landscape.

Electricity and CO2

Sustainable investment funds are witnessing substantial growth, channeling billions to reduce the costs of alternative energy technologies and decarbonize power generation and industrial processes in Belgium. As renewables gain prominence, the energy mix becomes both greener and more intricate, posing challenges in balancing supply and demand. Industries heavily reliant on carbon-based inputs must explore alternative feedstocks or adopt methods to recycle carbon. Processes generating CO2 byproducts necessitate integrating carbon capture, recycling, and storage technologies in Belgium's evolving energy scenario.

New business clusters

Over the coming decades, Belgium's energy sector, among other industries, will undergo transformative changes unseen since the Industrial Revolution. Convergence of industries and the emergence of new energy systems will create opportunities for novel business clusters. Funding for such clusters is poised to surge, with investors seeking innovative ventures focusing on sustainability. Belgium's business landscape can anticipate an increase in public-private collaborations exploring alternatives to traditional market approaches, working towards sustainable energy solutions.

Emerging business models

Navigating the shift to a new energy and industry landscape in Belgium requires collaboration between companies and the public sector. A willingness to innovate and bold action in developing long-term visions and policies is imperative. Governments and industries must explore various tools—from tax credits and subsidies to public-private investment partnerships and unique incentives—to drive change. Embracing advanced digital technologies, adopting new working models, fostering cross-industry collaboration, and more, are essential for building resilience and sustainability.

Transformation journeys

Realigning businesses in Belgium for sustainable ESG goals is a gradual, dynamic process requiring years of commitment. Commencing this journey promptly positions organizations to manage risks and seize emerging opportunities. Delaying action on sustainability and net-zero goals in Belgium may lead to near-term risks as expectations for responsible business practices rise. Establishing a successful ESG roadmap involves setting clear targets and goals, implementing strategies through transformed business processes, capital investments, innovation programs, and other incentive mechanisms. PwC offers global expertise and experience to assist companies on this transformative journey within the context of Belgium's unique energy landscape.

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Contact us

Pascal Tops

Pascal Tops

Partner Risk, Compliance & Cybersecurity, PwC Belgium

Tel: +32 473 91 03 68

Philip Lenders

Philip Lenders

Director, PwC Belgium

Tel: +32 493 24 73 89

Katrien Sterckx

Katrien Sterckx

Manager, PwC Belgium

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