The CEO of Enel-one of the world's largest electric power companies-discusses what it means to be a renewable energy and renewable power "supermajor" in the latest edition of CERAWeek Conversations.

In a conversation with Daniel Yergin, vice chairman, IHS Markit (NYSE: INFO), Enel CEO Francesco Starace talks about decarbonizing electricity grids through large-scale renewable investments; the "less-obvious" role that improved materials play alongside digital advances; and financial innovations in the sustainable development bond market. 

Starace also shares his thoughts on the momentum for energy transition and the European Union's "Fit for 55" emissions reduction target, which he believes is achievable. "It's not a big deal. It would be best for Europe," he says.

He also discusses his outlook for hydrogen; "hand-in-hand" collaborations with electric vehicle manufacturers; and his thoughts on traditional oil and gas companies entering the renewable power generation space.

"[Oil and gas companies] are much better to have as competitors rather than the wild bunch that we have today," he says. Today we have all developers. Anyone who wants to build a project and sell it can do that. They don't really care about returns or dividends over 20-30 years.

"They just want to build and sell," he continues. "A utility has a different view. And an oil and gas company has more discipline and value to shareholders that they need to [maintain]. It would be much better for the sector if the expanding space would be filled by rational, experienced players rather than another bunch of cowboys that we've had so far."

"A growing shortage of people," he observes, is "the bottleneck of the industry today."

 CERAWeek Conversations | https://ondemand.ceraweek.com/cwc