What is trust in the energy transition?
In DNV’s opinion, the energy transition to clean fuels will be significantly accelerated when our society develops trust in safe production and consumption methods, and sustainability aspects.
Trust in the energy transition refers to the confidence and belief that various stakeholders, such as the public, businesses, governments, and other organizations, have in the processes, technologies, policies, and outcomes associated with shifting from fossil-based energy systems to renewable and sustainable energy sources.
Trust in the energy transition encompasses several dimensions:
- Public trust: the confidence of citizens in the safety, reliability, and fairness of new energy technologies and policies. This includes trust in the accuracy of information provided, the environmental and health impacts of new technologies, and the equitable distribution of benefits and costs. Effective risk communication by an independent body has added a lot of value to DNV’s partners. We actively engage in public dialogue to ensure stakeholders make informed decisions.
Watch our webinar with Global CCS institute on CO2 pipelines in the US
- Policy and regulatory trust: the belief that governments and regulatory bodies are making informed, transparent, and fair decisions. This involves trust in the effectiveness of policies, adherence to regulations, and consistent application of laws and standards. As an independent and credible body in the energy industry with decades of experience, DNV has been building trust through validation and certification.
DNV-SE-0657 service specification for the re-qualification of pipeline systems for transport of hydrogen and carbon dioxide.
DNV-RP-F104 – design and operation of carbon dioxide pipelines
DNV-RP-J203 - geological storage of carbon dioxide.
- Business and investor trust: confidence that businesses and investors have in the stability and profitability of renewable energy markets. This includes trust in the long-term viability of investments, the reliability of technology, and the stability of policies supporting the energy transition. Customers have turned to DNV for high quality and technically sound bankability studies to enable financing decisions.
- Technological trust: confidence in the performance, reliability, and safety of new energy technologies. This includes trust in the research and development process, the effectiveness of technological innovations, and the management of potential risks. Standardizing our approach to design and materials selection requires a partner like DNV who has 18 laboratories and technology centers to build the standards and codes to assure safe and reliable performance.
DNV laboratories and technology centers
DNV joint industry projects
- Community and social trust: the belief is that the energy transition will bring social benefits and address community concerns. This involves trust in the inclusion of diverse voices in decision-making processes and the fair distribution of benefits and burdens across different social groups. DNV has invested in environmental justice and biodiversity capabilities to increase trust from local communities.
DNV – Equity in Energy
Biodiversity risk management and advisory
Trust is critical for the successful implementation of the energy transition. It affects public acceptance, policy support, investment decisions, and the overall pace and direction of the transition. Building and maintaining trust requires transparency, effective communication, stakeholder engagement, and the consistent demonstration of benefits and reliability. We have one shot to get the energy transition completed in an efficient and thoughtful way and our Energy Transition Outlook shows the progress we are making but the work is yet to be done.