Photo by Ben Thouard

To achieve the Paris Agreement target of net zero by 2050, the world needs to shift to green infrastructure – now. In part 1 of our two-part series on making that change, Claire Asher shows how the public and private sectors can speed the move from fossil fuels to green energy

Giving up our addiction to fossil fuels will be the biggest energy transition the modern world has seen. It will require rapid changes to our energy systems and huge investments from both the public and private sectors, and it will be essential to ensure a liveable climate for generations to come.

Roberto Schaeffer

The first steps in this transition are already underway. By redesigning systems, such as heating and transportation, to use electricity rather than liquid or gas fuel, we gain the flexibility to generate that energy from a variety of sources. “Everything that can be electrified will have to be electrified,” says Roberto Schaeffer, Professor of Energy Economics at the Energy Planning Program of the Federal University of Rio de Janeiro in Brazil. Our future energy portfolio will likely include a mixture of wind, solar, hydroelectric, geothermal, biofuels and nuclear energy, tailored regionally to match local availability, as well as social and political priorities.

“Our total energy use will decline significantly as we electrify transportation and heating,” says Anthony Patt, Full Professor of Climate Policy at the Institute of Environmental Decisions (ETH) in Zurich. Nevertheless, global electricity demand will likely rise as we transition, to replace existing coal- and gas-fired power plants and to replace fossil fuels used in transportation and heating. “We’re going to need a lot of new power, a lot of investment into wind and solar,” he says.

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In the short term, growing energy demands will be eased by improving efficiency. “There’s capital needed in the near term to help reduce energy wastage,” says Alice Miles, Head of Infrastructure Specialists at DWS Group asset managers. “It sounds a lot less glamorous, but there needs to be investment to upgrade to more efficient air conditioning, ventilation and refrigeration systems, better insulation and better boilers.”

Balancing Supply and Demand

Compared with fossil fuels, renewable energy sources such as wind, solar and hydroelectric provide a less consistent output that varies daily and seasonally, so matching energy supply with demand will be challenging. The most obvious solution is to store energy for later use, but installing batteries to store electricity is not cost-effective. “If you’re thinking about storing power from one season to the next, it becomes almost prohibitively expensive,” says Patt.

Anthony Patt

Scaling up battery storage will also place pressure on global supply chains. Current battery technology relies on specific minerals, such as lithium and cobalt, which are produced in only a few countries, including China, Bolivia and the Democratic Republic of the Congo. Although renewables promise increased energy independence, Schaeffer warns that, “with the energy transition, we may become even more dependent on a few countries because of the need for these materials.”

An alternative to large-scale energy storage is large-scale energy grids. “We need a grid that is bigger than our weather systems to balance out the regional differences in production,” says Patt. Weather systems alter wind speeds for days at a time, at the scale of hundreds of kilometres, so this will mean “moving from a national model of electricity planning to a more European model, and with a lot of grid interconnections,” he explains. With the right continental-scale planning and grid infrastructure in place, “you could install enough wind and solar in the right places, so that we wouldn’t have to store electricity,” adds Patt. However, this may be politically challenging.

Building a Diverse Energy Portfolio

“The number of sectors where it is cost-effective to electrify has only been increasing,” says Patt. But there are exceptions, such as the steel and chemicals industries, aviation and shipping. Alternative fuels will be needed to reach net zero in these sectors.

Biofuels, such as bioethanol or biodiesel, are one such alternative. “Biofuels can be engineered to produce exactly the kind of molecule we need for a plane or a ship, meaning that you don’t need to adapt,” Schaeffer suggests. “Similarly, some oil refineries can be adapted to also co-process biomass.” This has the further advantage of mitigating the inevitable obsolescence of existing infrastructure. However, the role of biofuels will likely be limited by competition with food crops for available fertile land and fresh water.

Synthetic fuels, produced directly from water and carbon dioxide using solar energy, could be used as an alternative to fossil fuels for sectors such as long-haul air travel and shipping. But these technologies are not yet fully mature.

A third option is hydrogen, although currently most hydrogen is produced from fossil fuels. “Really, the only sustainable option is so-called green hydrogen, which uses renewable power to split water into hydrogen and oxygen,” says Patt. This method could be used in chemicals industries that require extremely high temperatures, or as a replacement for coal in the steel industry. Elsewhere, Patt believes hydrogen’s role will be limited. “It’s going to be much more efficient to just use electricity,” he explains.

Climate Change Threat to Energy Infrastructure

Energy infrastructure was designed to withstand climate and weather conditions experienced over past centuries, but the coming decades will bring more extremes, meaning that current infrastructure will be operating outside its tolerance levels more frequently. For example, sea-level rise poses risks to coastal fossil-fuel extraction and processing infrastructure, such as oil and natural-gas platforms and refineries; increasingly frequent and severe storms can damage energy transmission lines, such as overhead electricity pylons; extreme heatwaves and drought could impact the water-based cooling systems used by coal and nuclear power plants.

Existing infrastructure may need to be adapted to cope with these extremes, and new infrastructure will need to be designed to withstand the new normal. “We have to build infrastructure that’s going to be capable of dealing with a new world,” Schaeffer explains.

There is, however, an irony in some cases. “Renewables seem to be much more vulnerable to climate change,” Schaeffer says. This is because they rely on natural processes that may be disrupted as the climate changes, such as rainfall and air currents that drive hydroelectric and wind turbines. “It is paradoxical that fossil fuels are more reliable in the face of climate change,” he adds. Changing weather patterns may reduce hydropower output, by making dry spells drier and overloading the system during the wet season. However, computer simulations by Patt and colleagues suggest that the impact of climate change on total energy output from wind and solar will be small.

Photo by Ben Thouard

Creating the Right Regulatory Environment

“From a technical point of view, the energy problem is solvable,” says Schaeffer. Renewable electricity is now the cheapest source of power in most regions, and estimates suggest that it could satisfy 65 per cent of the world’s energy needs by 2030. However, new infrastructure means large and long-term investments.

“The critical thing is to create a regulatory environment in which anybody investing in renewable-energy production knows they’ll make money,” says Patt. An example would be government incentive schemes, such as feed-in tariffs, which guarantee a fixed price per unit of renewable energy. “These remove the issue of market volatility, which has been a major impediment to new investment in the power system,” says Patt. “Solar and wind are cheap enough now that these policies don’t have to be expensive, but they are important to remove market volatility and guarantee a positive return on investment.”

Read more: Markus Müller on the links between the ocean and the economy

Recent global crises have underscored the need for a global energy transition. “There has really been a shift in mindset,” says Miles. “There were a couple of things that drove that change and crystallised the focus. The war in Ukraine was one, both in terms of the huge increase in the cost of energy, but also energy security, particularly in Europe; COVID-19 was the other.”

With increases in oil and gas prices, disruptions to global supply chains, concerns about energy security and the impacts of climate change becoming increasingly visible, more businesses and investors understand that the energy transition is not only needed, but presents a valuable opportunity. “In the EU alone, it’s estimated that the green transition will cost €350bn, of which €250bn will need to come from non-government sources,” explains Miles. “Investors increasingly recognise the opportunity to support the energy transition while generating an attractive return.”

How to scale up to net zero

To achieve the Paris Agreement target of reaching net-zero carbon emissions by 2050, green-energy solutions not only need to happen, but need to scale up fast. This urgency presents opportunities for investors hoping to support the energy transition and see a positive return on their investment. “I think private capital will play a huge role in taking businesses with proven business models and proven technology, but which need scale, to the next level of growth,” says Alice Miles, Head of Infrastructure Specialists at DWS Group. “Without scale, a lot of these initiatives are just a drop in the ocean.”

Alice Miles

The infrastructure for generating renewable energy, such as wind and solar, tends to have high initial investment costs, but relatively low operating and maintenance costs. Once operational, renewables projects can sometimes provide investors with stable revenue that is relatively sheltered from price volatilities. For example, power purchase agreements (PPAs) between electricity generators and consumers such as utility companies, set a fixed price per unit of electricity over a multi-year time frame, offering stability and de-risking revenues for the generators. However, in other scenarios, investors may be exposed to energy price volatility without recourse to protect themselves.

“There’s a virtuous relationship here, because there are investors with capital to deploy who want to see a good return, and then there are companies with proven technologies that need to scale,” says Miles. “Both of those parties can win – and we can all win – by finding the right way to route capital to the companies that can make an enormous contribution to the energy transition story.”

This article was first published in the Deustche Bank Supplement in the Spring/Summer 2023 issue of LUX

Lexus Design Awards 2023 was presented in the Tortona district during Milan Design Week

Against the backdrop of the vibrant and bustling Milan Design Week, Lexus presented the four winners of their coveted annual Design Award, now in its 11th iteration. Trudy Ross visited Milan’s Superstudio Più to find out more

I was an awe-struck first-timer at Salone del Mobile this year, the world’s most prestigious and well-attended design fair. The city was brimming with life, with throngs of fashionably dressed professionals walking over clean, sunbaked streets, the city’s many restaurants and cafes full of old industry friends reuniting and the chatter of business meetings over fine wine. On every corner you were met with an eye-catching new installation, ready to become the venue for yet another glamorous party by the evening.

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The Lexus Design Awards, presented in the Tortona district, was the perfect introduction to Salone, embodying the fair’s guiding principles of creativity, beauty, innovation, sustainability, and a focus on the potential of young designers. The competition was launched in 2013 by Lexus to give a platform to the next generation of designers. Displayed in the bright and airy Superstudio Più, the winning designs were accompanied by architect and artist Suchi Reddy’s immersive 3D collage, Shaped by Air, inspired by the Lexus Electrified Sport.

Reddy told LUX, “It all started from a drawing. I started finding these shapes that were very beautiful – I thought that if Matisse had designed a car, this would be the car…because we were inside, I had the opportunity to really play with reflection, and create this idea of a forest; you can see how the light dapples, creating shadows and unexpected things. There’s a richness to walking in a forest because you never know what shapes to expect – everything fits but it’s always different.”

Suchi Reddy with her installation, ‘Shaped by Air’

Her installation of glass and movement was the perfect intermingling of beauty, technology, and nature to reflect the winning designs, which used technology to look to the future and to create elegance, but also prioritised purpose, practicality and the natural world. While there is usually only one winner, this year the award was expanded to comprise four winners, all of whom were given an opportunity to work with Lexus’ handpicked mentors, four leading figures from the design world: Marjan van Aubel, Joe Doucet, Yuri Suzuki, and Sumayya Vally. A public vote was then held to determine the People’s Choice winner, the design which most impressed and resonated with viewers.

Swedish designer Pavels Hedström was announced as the Your Choice winner for his innovative design, Fog-X, a high-impact hiking jacket that transforms into a tent/shelter – but its real ingenuity is not shapeshifting. The device can catch fog, even in the most arid areas of the desert, and transform it into up to 10 litres a day of drinking water. Hedström told LUX that he has always been interested in solving the big global challenges. When it came to drinking water, he was inspired by plants and animal species which can survive in the Atacama desert. He found that one of the ways they do this is by catching fog, saying his design is “basically the same principle”.

Read more: Photo London’s Fariba Farshad on Fotografìa Maroma

While the jacket itself might not currently be affordable for many of the people living in desert communities with a lack of water, he championed the Fog-X app made alongside the jacket, which anyone can use to determine and track the areas with the most potential for moisture generation. He added, “privileged people like us take for granted that we have water on the tap. We need to rethink how we get these resources, because our relationship to nature is pretty imbalanced. If we use the jacket, I hope it will also change our mindsets and our appreciation of nature.”

Pavels Hedström, the Your Choice winner for his innovative design, Fog-X

The other designers included Temporary Office, a duo made up of Vincent Lai and Douglas Lee, who unveiled 3D topographic puzzle Touch the Valley. Designed with the visually impaired in mind, the puzzle allows people to play and learn through touch rather than sight, with each piece carefully contoured and sculpted to engage tactual sensation. When assembled, the pieces can become a model of a major mountain range or famous landmark. Beyond a tool for the visually impaired, the product can be enjoyed by all and double as an elegant coffee table piece with an interesting story to tell. Perfect for the explorer traveller who doesn’t just want to go to Yosemite, but wants to hold it in his hands.

Vincent Lai and Douglas Lee, founders of Temporary Office

Jiaming Lui from China designed the Print Clay Humidifier, a 3D-printed humidifier made with recycled ceramic waste. This household appliance requires zero electricity or energy and is made from materials left over from industrial processes. Indeed, the product itself can be recycled at the end of its life after any damage or breakages to reform as it was initially. Lui looked to natural resources to replace the plastic, energy-using devices many of us have in our homes and created a stylish, effective and sustainable alternative.

Jiaming Lui with his print clay humidifier design

Finally, and perhaps the most directly relevant to many of our own lives was Kyeongho Park and Yejin Heo’s Zero Bag, a new alternative to plastic packaging for food and clothes, made from seaweed. It looks like plastic, but rather than being an amalgamation of artificial chemicals, it actually fights them. The packaging dissolves in water and contains either a detergent for clothes, or a baking soda film which removes chemicals and pesticides from food. Kyeongho and Yejin, both currently students majoring in industrial design at Hanyang University’s ERICA campus, expressed hope for their idea to expand across regions and become adopted by major retailers.

Kyeongho Park and Yejin Heo with their Zero Bag design

The theme for this year’s competition was ‘Design for a Better Tomorrow’. If these young designers are any indication of what tomorrow might look like, it seems the future will make space for both technology and for nature, cultivating the beauty of both.

Find out more: discoverlexus.com/lexus-design-award-2023

3Sun Gigafactory opened in 2011

Eliano Russo is Head of Enel Green Power’s 3Sun Gigafactory in Catania. Here he speaks to Samantha Welsh about the way the factory works, its benefits on the local community and the clean energy transition

Eliano Russo

LUX: What is a photovoltaic cell and how does it work?
Eliano Russo: Solar cells are the heart of solar power generation systems. A photovoltaic cell is a device that can convert the energy of solar radiation into electricity through the photovoltaic (PV) effect. This effect is possible since photovoltaic cells are usually made of semiconductor materials (the most diffused is silicon), which have weakly bonded electrons. When the light of the sun hits the PV cell, the electrons of the semiconductor receive energy from the light’s photons and are then able to move. The movement of these electrons through the metallic contacts of the cell produces an electric current. PV cells are assembled into photovoltaic panels that find applications in several fields.

LUX: What are the peculiarities and advantages of the technology 3Sun offers?
ER: 3Sun offers cutting-edge technologies in solar cell and PV module (or panel) manufacturing. Our solar cells are based on bifacial silicon heterojunction (HJT) technology, which offers several advantages over the most widespread technologies on the market. Moreover, our PV modules are manufactured in Europe with sustainable materials derived from a regulated supply chain.

3Sun Gigafactory combines research and innovation to produce new-generation photovoltaic modules that support the Enel Group in guaranteeing clean and renewable energy

Continuous innovation in pursuit of the highest level of cell efficiency is a fundamental value as we strive to maximise the effective transformation of the sunlight that hits our panels into energy. HJT technology is characterised by high performing photovoltaic modules with low degradation and in early 2020 our HJT cell achieved a world record efficiency level of 24.63%.

The double-sided structure of the solar cell allows solar radiation to be captured via direct light on the upper surface, as well as reflected or diffused light on the lower side. “Bifaciality” also guarantees extra power output even with cloudy conditions where the amount of diffused light is quite high. The solar cell is also very resilient to thermomechanical stresses thanks to the temperature during the manufacturing process that does not exceed 200°C, which also allows for thinner solar cells to be manufactured, , thus reducing the use of silicon and cutting costs.

LUX: What are the benefits for the solar supply chain and the European energy sector in general?
ER: For Europe, the photovoltaic sector represents one of the main enabling technologies to accelerate a sustainable and competitive energy transition. To reach its decarbonisation goals, in Europe we need to achieve 600 GW of installed solar capacity by 2030, which requires building and installing an additional 440 GW. On the other hand, in order to increase the continent’s energy independence and reduce risks related to external geopolitical factors, it is important not to become overly dependent on supplies from other geographies.

Italy’s HJT Photovoltaic Panel

Today, a large part of the photovoltaic industry supply chain is still concentrated in the Asian market, especially in China, where there is also less emphasis on environmental, energy and labor standards compared to those in Europe. Therefore, the creation of a European photovoltaic industry that can guarantee our energy security and independence while upholding those standards represents a strategic priority. In order to achieve this, we must invest to reshore the solar PV supply chain in Europe as we did in Catania, Sicily with the construction of what will be the largest solar gigafactory on the continent.

LUX: What is the potential impact for local communities?
ER: One of the most important positive impacts for the local community as a result of the factory’s expansion is the employment opportunities for Sicily, increasing local direct and indirect employment. In 2022, 50 university graduates were employed, while the selection process for an additional 100 is currently underway, as well as the selection for hiring 550 secondary school graduates. With the new hires, who will fill technical and operational positions in areas such as production, maintenance, auxiliary services, product quality and plant operation, 3Sun’s team, which already includes more than 200 people, will reach about 900 people in total. In addition, 3Sun will also generate a total of 1,000 indirect jobs, including current ones, by 2024. . These numbers mean a lot in terms of employment for a territory like Sicily, especially for young people. In some cases this means young people who have had the opportunity to return home after years of working abroad, excited to be able to contribute to the realization of a project as important as this one.

Bifacial solar panel production at the 3SUN Factory

LUX: How essential is political collaboration to clean energy transition?
ER: It simply cannot be done without it. Our current climate policies are the direct consequence of a political commitment that we took together as Europeans and, more widely, as countries committed under the Paris Agreement. The challenge of climate change is global, it affects everyone, and the response can only be global. A strong, collective, political commitment is needed to tackle a problem of this magnitude. But the political commitment must also be matched in the private sector along with the actions of each and every one of us as individuals.

LUX: What is the role for regional partnerships in tech innovation?
ER: We will be the largest European PV factory, basing our manufacturing on the most advanced technology processes, materials, and design. We carried out a robust research and development phase in collaboration with the most important research institutes and development companies in Italy, Europe and the US. In fact, 3Sun has triggered the most advanced research consortium in Europe with renowned partners such as CEA-INES in Chambery (France), Italian Institutes such as IIT, CNR, ENEA, as well as European and Italian universities. The strict collaboration with the research centers is also witnessed by the presence of very advanced research labs within the industrial complex of 3Sun and in the nearby Enel Innovation Hub and Lab, which hosts research institutions and start-ups. The concentration of research institutes and industries in a few kilometers also encourages important exchanges and generates a very fruitful environment for the development of innovative ideas not only in the PV field. Beyond research collaborations we also work with a wide range of subcontractors in the supply chain of strategic and innovative materials as well as of advanced industrial support and maintenance processes.

The first HJT cells were produced in February 2019 and mass production began in August 2019

LUX: Please share the aims of Project TANGO
ER: TANGO is the acronym for iTaliAN pv Giga factOry, the name of the project through which we are creating an industrial-scale production facility for the manufacturing of innovative, sustainable and high-performance PV modules at Enel Green Power’s 3Sun solar panel factory in Catania. In April 2022, under the framework of the European Commission’s (EC) first Innovation Fund call for large-scale projects, EGP and the EU signed a grant agreement that contributed to the development of TANGO, a facility that will have a production capacity of 3 GW per year by mid-2024. Of our total investment of around 600 million euros, the EC has contributed up to 118 million euros and around 70 million euros came from the Italian National Resilience and Recovery Plan.

LUX: How is the 3Sun Gigafactory in Catania innovating to leading the transition to green energy?
ER: Our production capacity of 3 GW, which we will reach in 2024, will make us the largest production facility in the photovoltaic industry in Europe. However, our contribution to the energy transition is not only quantitative but also qualitative. The values that guide us are innovation and sustainability, two pillars that enable us to create a high quality product made in Europe.

3Sun Gigafactory represents a model that could be used all over the globe

LUX: Can you accelerate performance to be sure of meeting targets?
ER: We won’t ever stop innovating. The architecture of the 3Sun HJT solar cell is highly compatible with the so-called Tandem structure in which a perovskite top cell is coupled with a silicon bottom cell, the top cell utilises the blue component of the solar spectrum and transmits the red component to the silicon solar cells. The 3Sun tandem structure, that we call “Tango Technology”, allows the solar cell to reach higher efficiencies, well above the theoretical limits of silicon solar cells. 3Sun is developing innovative technology with the aim of increasing solar cell efficiency, achieving more than 30%.

LUX: Longer term, how do you see 3Sun Gigafactory model developing?
ER: 3Sun Gigafactory represents a model that could be replicated elsewhere in Italy, Europe and other parts of the world. As outlined previously, in order to accelerate the energy transition and ensure energy independence and security in Europe, it is necessary to build a European ecosystem of highly efficient solar PV module manufacturing.

Find out more: enelgreenpower.com/3SUN-factory

Sassan Behnam-Bakhtiar, Energy Within, 2023

The French-Iranian artist Sassan Behnam-Bakhtiar has a solo show opening in Phillips on Berkeley Square. His compelling paintings examine themes of loss, anger, nature, healing and positive and negative energy. Each of Behnam-Bakhtiar’s paintings in the series reflect the internal structure of trees which he connects with trauma-recovery and healing. The selling exhibition has been supported by his German gallerist Setareh and is curated by Kamiar Maleki, erstwhile director of Photo London among other hats.

Behnam-Bakhtiar comes from a notable Iranian family; his great uncle Shahpour led the country’s last attempt at creating a liberal, democratic regime before the Islamic revolution ushered in an era of Muslim extremism. Jasper Greig, emerging collector and philanthropic advisor, spoke to the artist in his home in Cap Ferrat, about the personal experiences that informed his increasingly sought-after art

Jasper Greig: I would like to ask about your early life and how you got into painting?

Sassan Behnam-Bakhtiar: I am a fourth generation artist; my father was and is an artist and was highly involved in the government before the 1979 Islamic Revolution in Iran, as one of the key figures in bringing and developing modern art to Iran back in the day. Family-wise I was always showing signs of creativity and was very tight with my Dad before my parents separated when I was 3 years old. I was very close with my Dad until the age of 5 when I was still around in Europe – I was born in Paris. My first memory of art was my father teaching me how to paint!

I always had this creativity within me. Unfortunately the support to pursue my passion was not present in any way as a child and young adult, after being separated from my father.

Sassan Behnam-Bakhtiar, The Secret of Life, 2023

JG: Was your father very supportive of you wanting to pursue art as a career?
SBB: He was, but unfortunately, my parents divorced when I was young! But it stayed in me. That was the seed. When you’re a child, your first 3 years are the most formative – my own son is three and a half now, so I have seen it with my own eyes.

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JG: You were born in France to an Iranian family, and then unusually moved to Iran. Did you feel your family’s reputation changed your experiences in Iran?
SBB: Being in school, I remember reading a chapter about Shahpour Bahktiar, the late Prime Minister, my great uncle, who was assassinated in Paris. They were showing videos of people chanting, literally swearing at our family. Everybody knew I was from that family so I was basically an outcast while I was in Iran. They wouldn’t accept me as an Iranian because I was born in France and I came from what they would call a ‘western family’. It was very tough at the beginning, until I integrated at about 12 or 13. I used to get bullied all the time. There are a lot of people over there who are like me so I found my group eventually, but for the first few years it was hell.

Simultaneously, I was always highly frustrated about the way Iran was being portrayed, even though I was not accepted by my own society.

Sassan Behnam-Bakhtiar, Powerful Beyond Measure, 2023

JG: Can you tell us about your journey into increasing your vibrations through meditation? You said you discovered that at a really low point in Iran.
SBB: I see it as a form of rebirth for me. I was at the lowest point in my life, and going through that transformation during those harsh times changed my life forever.

It was after taming my anger that I went back into my studio and I was looking for that signature style of work that you can see today. I will never forget – I did a body of work and it was the last painting from that body of work that was a two by four metre painting, a big one, where I actually found it. The whole body was exhibited at Saatchi Gallery in 2017. That was the first time I brought these paintings to the public because they were very intimate. Obviously, since then my style has developed and critics come and go – some say my work has the romantic qualities of a Monet, others say I am the perfect melting pot with my Persian background and Western techniques. Everyone has their own thing to say, but for me, my works are representations of energy at their core, no matter what subject I’m trying to depict.

JG: Your paintings involve the building up of layers, scraping those layers, relaying and spreading them back over each other. Does each painting start from a meditative process?
SBB: There were some small figurative elements to the works which slowly started to die out – nothing is planned behind my work. Those paintings at Saatchi, you can still see the collage elements on the work – they were the transition between the collage and the painting. Today, at least for now, I am highly focused on my abstract paintings and what I can do with my signature style of work. For now I can confidently say we will probably not be seeing any figurative elements for a while to come. But nothing is planned, everything is organic. I’m in a different zone when I paint.

Sassan Behnam-Bakhtiar, Earth, 2023

JG: Some of the greatest artists like Bacon and Freud, writers like James Joyce, all worked best away from their homeland. Do you think this can be a kind of liberation or do you think there is always a perpetual feeling of loss?
SBB: It’s difficult to explain how you feel because if you add on everything that has happened to me from a young age to today, if you feel it and you see it, it is the combination of all these things that will give you those emotions while you’re creating art. When I am working I find myself wearing a lot of the complicated times I have had on the surface of the canvas, but immediately I want to cover them.

Read more: Art Dubai opens in support of South Asian artists

It has shaped the way that I paint today. I would say that everything had a direct impact. I definitely miss home very much, even though things have been tough there for me. Whatever happened happened for a reason, for me to be able to paint the way I do today.

Sassan Behnam-Bakhtiar, Tree of Love, 2023

JG: If you were describing your paintings to an alien how would you describe them?
SBB: It’s very simple. My painting provides a window for you so you can have a better understanding of who you are. I have a much better idea of my own capabilities as a human being – I’m not saying I know it all, I’m still on my journey. But we are capable of powerful things beyond measure. You can heal yourself from a lot of injuries for instance, which I can do now.

Sassan Behnam-Bakhtiar’s latest series, ‘The Age of Energy’, is available to view at Phillips Gallery, 30 Berkeley Square, London W1J 6EX, until Sunday 26th March

EY’s Global Vice Chair on Sustainability, Steve Varley, speaks to LUX’s Leaders and Philanthropists Editor, Samantha Welsh, about EY’s approach to sustainable investing, the future of sustainability and the steps that need to be taken to fight the climate crisis

LUX: What do you consider to be the principal drivers behind the EY approach to sustainable investment?
Steve Varley: Sustainability is right at the top of the agenda at EY. We announced in October last year that EY has become carbon negative, which means we have reached our target to reduce our absolute emissions, and then offset or remove more than the remaining amount of our emissions, every year. It’s a crucial step forward in our sustainability journey and a key milestone as we work towards reaching net zero in 2025.

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Steve Varley

EY people share our commitment to the environment and to driving long-term, sustainable growth. We want to not only transform EY to become more sustainable, but also help EY clients do the same. This means reframing how business approaches sustainability and putting it right at the centre of how value is created and protected.

Creating a sustainable future requires all of us to be at the table. It demands involvement across borders, services, and teams, across all business functions. It requires alliances between governments, enterprises, and industries. As we like to say: It’s everybody’s business.

LUX: How does a sustainable approach foster growth and add value?
SV: EY clients are increasingly seeking ways to drive value from sustainability. Our Value-Led Sustainability approach focuses on helping clients capitalise on the commercial opportunities presented by sustainability and decarbonisation, but it is motivated by much more than just financial gain. It is central to how we will safeguard and generate new sources of value for everyone on the planet – our people, the society we serve, and the world in which we live.

This means leading a wide range of projects, from helping consumer goods companies drive more growth by developing new business models for greener products to collaborating with financial institutions to calculate carbon emissions from the companies they finance, and from this develop new financing solutions to help these companies decarbonise. We want to keep building on this kind of work and continue to develop services that help our clients find value in becoming more sustainable.

LUX: What is the role of the next generation/Gen Z – what are they looking for when it comes to ESG?
SV: The next generation is driven by purpose and expects more from ESG. This is hardly surprising given that both generations Y and Z have lived through a variety of systemic crises, including the 2008 global financial crisis, climate change, and the COVID-19 pandemic. While previous generations may have seen comparable crises, members of these new cohorts are more sceptical of traditional financial services than older generations and they have higher expectations of authentic and ethical behaviour from the organisations for which they work, buy from, and invest.

Gen Z is emerging as the sustainability generation. They want to work for companies that have a positive impact on society and the environment, and they want to see increased transparency and greater corporate accountability for ESG ratings. At EY, a large percentage of our workforce come from this generation, and we are really encouraged by their high standards and expectations. They are certainly holding us accountable, as well as holding clients accountable, and we are all the better for it. We need the next generation’s innovation and solutions if we are to solve the climate crisis and deliver future growth that’s truly sustainable.

LUX: Which leaders are the winning in the time of the climate crisis?
SV: Denmark, in my opinion, is a world leader in wind and solar power generation. Most of its energy is presently derived from renewable sources, with the goal of reaching 100% renewable power by 2030 and becoming carbon neutral by 2050. Similarly, the United States has a sizable venture capital ecosystem that funds renewable energy and electric vehicles, and the United Kingdom has enshrined its 2050 net zero aim in law, placing us second in the world in terms of influence.

While this is extremely encouraging, there is a ‘Green Power Gap’ that has been emerging, with only a small group of developed markets leading the way in terms of climate research, innovation, and public funding, and not enough ‘green money’ flowing to the emerging markets, where the effects of climate change are felt most acutely. EY’s Green Money Report outlines clear recommendations for action to help accelerate a green transition that is truly global and where all countries can take part. I really can’t stress the importance of this enough – the opportunity to avert climate catastrophe must be seized by everyone now, not just by a small handful of countries.

LUX: Can you tell me about the S30 forum?
SV: The S30 is part of the Sustainable Markets Initiative (SMI) led by HRH The Prince of Wales and it comprises Chief Sustainability Officers from some of the world’s most influential companies, all with the joint aim of accelerating business action on sustainability. The forum was launched in 2020 and I proudly serve as co-chair of the group, alongside the CEO of freuds, Arlo Brady.

Members have been drawn from the most influential businesses in the world covering a wide range of sectors, including consumer and industrial products, energy, financial services, life sciences and technology. At its core, the S30 is a space for members to come together, share learnings and best practices, and explore the successes and challenges they are experiencing in their roles. Most importantly, we are focused on outputs and driving collective action that will benefit not only the business community but protect the world at large.

LUX: What can public policymakers learn from business when it comes to sustainability?
SV: Governments cannot address the climate crisis alone; business must play an important role, and public-private partnerships are crucial. Businesses can help the world accomplish its climate change targets by doing three things: mobilising resources to finance the green transition, leveraging clean technology and innovation, and effectively measuring and reporting on sustainability.

In particular, the financial services sector, in collaboration with governments and regulators, can identify legislative and regulatory adjustments to facilitate financial product and service innovation, simplify rules, standardise taxonomies, and track green money flows to guarantee that transition needs are fulfilled globally.

Governments are providing much-needed policy momentum as we approach COP27, but business will play an incredibly important role in the green transition. The private sector can play an even bigger role at COP and companies across different sectors will need to continue to work hard to help achieve the world’s climate goals. In doing so, they will position themselves for green growth in the years to come.

Read more: Coming Together To Save Our Coral

LUX: How optimistic are you about the progress made at COP?
SV: I’m an optimist, but an optimist that seems to worry a lot. Sustainability has gone mainstream, and after COP26 it really does feel like everybody’s business. We are seeing a lot of CEOs now putting the planet at the heart of their business strategy and looking for ways to create value from becoming more sustainable. What is exciting to see is business applying its skills at innovation, embracing disruption and problem-solving to tackle the biggest issues we face, and doing so while creating value for their stakeholders.

The COP26 debates raised the issue of keeping companies accountable to the climate pledges they make, and the current frameworks in place not being subject to the same level of rigour as financial reporting. It was fantastic to see this topic on the agenda, and the establishment of the International Sustainability Standards Board was widely welcomed. We all know it will be a challenging road ahead, but leading organisations are already reaping the benefits of implementing clear and transparent sustainability targets into their corporate strategies.

The COP27 climate summit is fast approaching in November and it’s clear that major changes must happen quickly right across business and society. We’re ready to help lead the charge.

Find out more: ey.com