Sustainability LIVE: Net Zero – The Carbon Trust Keynote

Richard Rugg, Managing Director of Programmes and Innovation at The Carbon Trust, delivered a compelling keynote at Sustainability LIVE: Net Zero, urging a faster, more inclusive and globally coordinated shift towards clean energy. 

Richard offered a systems-based perspective on achieving net zero and unveiled the Carbon Trust’s ambitious new initiative – the Energy Transition Greenprint.

The urgency of a just global transition

Opening with a clear statement – “climate change is happening now” – Richard painted a picture of global urgency. 

The energy system, he argued, is undergoing revolution. By 2050, renewables are expected to supply 90% of electricity, but he asked: “How do we get there quicker, cheaper and more inclusively?”

The Carbon Trust, with more than 20 years of experience and 400 climate experts, has spent decades helping governments and corporations develop net zero strategies. 

Richard noted the shift in thinking: “The transition isn’t just about energy production – it’s about every link in the system working together.”

To support this, the Trust champions blended finance, international partnerships and systems thinking. From reducing corporate supply chain emissions to advising multilateral institutions, 

Richard highlighted successes, including driving down the cost of offshore wind by 70% in the UK, supported by longstanding collaboration with the Crown Estate.

The Carbon Trust is also working with the African Development Bank and British International Investment to help scale renewables across Africa – supporting access, jobs and local development. 

Meanwhile, its ‘Coal Asset Transition Accelerator’ is working in 10 countries to help phase out coal plants responsibly and inclusively, ensuring communities dependent on coal are not left behind.

Barriers to change and the need for systems thinking

Richard candidly described the ‘energy paradox’ – the world must urgently retire fossil fuels, yet economic pressures and social realities delay action, particularly in emerging markets. 

“There’s a global consensus on where we need to go,” he said, “but not yet on how to get there.”

Electricity demand has outpaced overall energy demand since 2010, driven by cooling, appliances and light industry. 

Richard called for a “diverse and resilient energy system” that balances renewable investment with energy efficiency, storage and regional planning.

UK leadership, he said, remains vital: “£200bn in clean power could create affordable, secure, non-volatile energy and jobs – while ensuring a 95% clean grid by 2030.” 

But current global investment ratios still stand at 1:1 between fossil fuels and renewables. 

“We need to flip that to 4:1 in favour of clean energy by the end of the decade,” he added.

Digital tools, he noted, could help balance variable energy demand and generation, but warned about the heavy energy use of AI systems, calling for an integrated approach across infrastructure, energy and data.

Geopolitical risk was not ignored. Referencing the re-election of President Donald Trump and global uncertainty, Richard said politics may change, but financial and market signals remain strong. 

“Clean energy is still the rational economic choice,” he said.

Introducing the Energy Transition Greenprint

To address the systemic gap in localised, people-centric energy plans, the Carbon Trust is developing the ‘Energy Transition Greenprint’. The initiative will create actionable, bottom-up frameworks for governments to decarbonise power systems.

“Too many national plans are not urgent, not people-centric and not holistic,” he said. 

Greenprint will assess a country’s energy mix, infrastructure, and social context to create bespoke plans grounded in real data and implementation pathways. It will also evaluate the policy, regulatory and operational frameworks needed to succeed.

Crucially, it aims to flip the narrative. 

“It’s not just about cost. It’s about people and prosperity,” Richard said. The greenprint will help nations translate net zero goals into economic development, investment and energy access.

Already in discussion with governments, banks and philanthropic backers, the Carbon Trust is now looking for partners. 

Richard issued a call to action: “We’re looking for funders, collaborators, on-the-ground insights and feedback from you.”

Everyone has a role

During the Q&A, moderator Tim Curtis asked how UK businesses – often lacking a global remit – could engage meaningfully in this transition. 

Richard’s response was unequivocal: “This is a tightly bound ecosystem. Every organisation here has a role.”

He pushed back on the idea that the UK’s 1% contribution to global emissions means it should step back. 

“The UK is a global hub for sustainable innovation and finance. There’s value in first-mover advantage and in exporting that expertise,” he said.

Richard closed by encouraging attendees to connect with him or his colleague Isabelle, underscoring the need for collaboration across all sectors.

“We’re in this together,” he concluded. 

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