“Booz & Company Sets Up Virtual Climate Change Team to Serve Industry Practices”
In the January 2010 issue of Climate Change Business Journal, Booz & Company Partner Nick Pennell (Europe) detailed development of the firm’s “low-carbon sustainability” practice that supports the climate change and sustainability programs of all its clients. “We’re historically organized by industry practice but over time, each of those teams has had clients that have been increasingly interested in climate change, carbon reduction, and sustainability issues,” said Pennell, who leads the practice. “That interest has now reached critical mass, so we’ve established this formal coordinating mechanism.” The practice consists of a “virtual” team of 35 to 40 people from each of the industry-oriented groups who can connect their industry knowledge to sustainability and carbon management, and a smaller team of specialists and subject matter experts in areas such as carbon finance and the Clean Development Mechanism. “Given the slight uncertainty of the Copenhagen outcome in terms of price-setting mechanisms for carbon, for many companies, you’ll see a reversion to bread-and-butter CO2 reduction and energy-efficiency opportunities leading to tangible value creation,” Pennell said. “For companies in the renewable energy space, many of the U.S. states and European countries have renewable energy targets, so there will be continuing interest in helping companies meet those targets.”