2021-12-31-accounts

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WORLD ENERGY COUNCIL

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WORLD ENERGY COUNCIL
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World Energy Council (A Company Limited by Guarantee) Annual Report and Accounts For the Year Ended 31 December 2021

Company No. 4184478 Charity No. 1086559 Vat Reg. No. GB 123 3802 48

	TABLE OF CONTENTS	PAGES
	MESSAGE FROM THE CHAIR	05
	MESSAGE FROM THE SECRETARY GENERAL AND CEO	06
	WORLD ENERGY COUNCIL 2021 AT-A-GLANCE	08
	TRUSTEES’ REPORT	10
	OBJECTIVES AND ACTIVITIES	10
	HOW DO WE DO THIS	11
	HOW WE WORK	12
	2021 – REVIEW AND ACHIEVEMENTS	21
	FUTURE PLANS – 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT ATTENDANCE AT BOARD AND SUBCOMMITTEE MEETINGS PRINCIPAL RISKS AND UNCERTAINTIES LOOKING FORWARD	48 49 50 54 56
	GROUP STRUCTURE	59
	FINANCIAL REVIEW AND RESULTS FOR THE YEAR	60
	FINANCIAL MANAGEMENT POLICIES	63
	STATEMENT OF TRUSTEES’ RESPONSIBILITIES AND CORPORATE GOVERNANCE	67
	REFERENCE AND ADMINISTRATIVE DETAILS	68
	SUBCOMMITTEES OF THE BOARD OF DIRECTORS	69
	INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF WORLD ENERGY COUNCIL	70
	WORLD ENERGY COUNCIL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021	74
	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021	77

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This report and its contents are not for reproduction or distribution without prior consent.

MESSAGE FROM THE CHAIR

JEAN-MARIE DAUGER

As 2021 concluded, many of us thought that we had put the “once in a lifetime” energy shock of the global COVID health emergency behind us. Demand was rapidly recovering, and worldwide travel seemed to be on the cards once more. Attention was starting to turn to how the political words expressed at COP26 in Glasgow could be converted into practical action and implementation. At the World Energy Council, we were working hard on, and looking forward to, our first face-to-face World Energy Congress in October 2022.

The late February outbreak of conflict and bloodshed in Ukraine once again turned the energy world upside down. Commodity prices that were already rising saw a swift upward acceleration and security of supply once again became a key national priority.

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The importance of energy in everyday lives is back on the table as a critical issue for societies around the world, and humanity as a whole. We are now in the grip of multiple energy crises. Yet in a crisis, perspectives tend to narrow. The role and importance of the World Energy Council’s work – across our entire worldwide community – is essential to human progress.

I offer my sincere thanks to our staff and the honourable volunteers – Officers, Executive Chairs, Standing Committee members, advisors, partners, and working group experts – who continue to shape and deliver our ambitious programme of work aimed at progressing a better energy future for all. And, of course, my utmost gratitude extends to our network of members for their tireless support for the Council’s activities through 2021 and into 2022.

You have set the bar high as we begin a new, exciting and highly challenging year.

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Jean-Marie Dauger
Chair - World Energy Council
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MESSAGE FROM THE SECRETARY GENERAL AND CEO

DR ANGELA WILKINSON

This is a strategic moment in energy, and for energy as a new impetus in the future of humanity. Useful energy is the lifeblood of healthy and flourishing societies and the fundamental currency for making progress.

As we approach our centenary anniversary, we have a sense of déjà vu. The world is in turmoil and energy management matters are centre stage in societies’ biggest concerns – recovery from the COVID crisis, regenerating the planet and restoration of peace.

As the world’s first and oldest energy community network and charity, we maintain an agile and adaptative strategy in delivering our enduring mission of energy for better lives of all people and a healthy planet in these deeply uncertain and unpredictable times.

For a non-endowed charity with a prestigious global brand, 2021 was another challenging but successful year for the World Energy Council. Our community network, across 90 countries, is forging, building and sustaining collaborative actions to secure more energy for sustainable development and deliver net-zero energy transitions.

In 2021, the World Energy Council Board and management sought to strengthen and enhance the influence and impact of the Council, recognising the need to adapt to a faster and fundamentally shifting global context, coupled with a more crowded, fragmented and increasingly polarised energy leadership landscape.

We are committed to helping our members and wider stakeholders to drive forward energy systems transitions and transformations in all regions for the benefit of everyone, everywhere. Our distinctive humanising energy vision and action agenda responds to the imperative, challenges and opportunities of involving more people and diverse communities at all levels of society in managing successful energy transitions and transformations.

An increasing diversity of energy systems’ designers, builders, operators and regulators are now involved in reshaping energy systems. It takes persistence and pragmatism to appreciate the scale and scope

Image from the World Energy Council’s Humanising Energy Series featuring DNV and Equinor (Norway) produced by BBC StoryWorks.

of the connected challenges involved. Success depends on shared understanding of, and capabilities for, managing the energy trilemma of energy security, AND energy affordability AND equity and environmental sustainability. The World Energy Trilemma Index and framework provide an objective assessment for this.

Our strategic partnership with BBC StoryWorks brings powerful and inspiring new stories of energy transitions and transformations to the attention of millions of people. Our partnership with the German Energy Agency (dena) delivers the renowned Start Up Energy Transition Awards, a global platform that showcases innovative energy transition and climate change start-ups from more than 100 countries. And World Energy Week 2021, hosted in partnership with the Ministry of Energy of Kazakhstan, convened 1,200 energy industry and new energy ecosystem innovators from 105 countries, including heads of state, ministers, CEOs and government officials.

Using the collaborative tools developed by our global community – the annual World Energy Trilemma Index and World Energy Issues Monitor, as well as our agile World Energy Pulse surveys, COVID-19 Scenarios and new World Energy Transition Radar – we share new and timely insights on the state and outlook of energy in all world regions. Our deep-dive into ‘hot topics’ includes the acclaimed “Hydrogen on the Horizon” series.

We are first and foremost a community and membership-based organisation. In 2021 we welcomed new Member Committees in the United States and Norway, and approved Kuwait’s membership application. Our long-standing inclusion of Future Energy Leaders, both national and global networks, brings refreshing voices into the world energy community and was extended in 2021 to welcome new active chapters in Mongolia, Armenia, Latvia and Uruguay.

The energy solutions of the past are no longer adequate to the challenges now facing societies. Now, more than ever, the world needs an open energy dialogue, which puts useful energy at the centre of new and better policy- and market-design. We need to talk about new and shifting energy uses, users, cultures and behaviours, and discover how to adapt energy systems in the wake of the recent shocks and in anticipation of energy transitions in the making and transformations still to come.

The world energy system is more than the sum of its technology parts and adapts as the result of people making choices, both individually and collectively, at all levels of society. Societies everywhere are being challenged to change their relationship with energy and, in doing so, will change their relationships with one another. The World Energy Council provides the only truly open, locally deep and globally wide community platform for better quality conversations that involve more people in making energy choices and changes for the common good.

Image from the World Energy Council’s Humanising Energy Series featuring Sun Exchange (South Africa) produced by BBC StoryWorks.

Angela Wilkinson Secretary General & CEO World Energy Council

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WORLD ENERGY COUNCIL 2021 AT-A-GLANCE

START UP ENERGY TRANSITION AWARDS 2021 award finalists announced Read more about the SET Awards on p. 13

World Energy Issues Monitor 2021 Read more about on p. 24

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FUTURE ENERGY LEADERS
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MEMBER COMMITTEES

World Energy Issues Monitor Survey Read more about on p. 24

New cohort of global United States re-joins the Future Energy Leaders Council announced Read more about our member

Image from the World Energy Council’s WORLD ENERGY PULSE SURVEY United States re-joins the Humanising Energy Series featuring Evergen COVID-19 Impacts Future Energy Leaders Council Read more about on p. 24 (Australia) produced by BBC StoryWorks. Read more about on p. 21-22 announced Read more about our member Read more about the FEL programme on p. 12 committees on p. 12 TRANSFORMATHON/GAME CHANGER PILOT WORLD ENERGY INSIGHTS 250 DAYS TO 2050 WORLD ENERGY INSIGHTS INNOVATION INSIGHTS BRIEFING HYDROGEN ON THE HORIZON Adelaide New global work on World Energy UK Masterclass and cross-tool Hydrogen on the Horizon Three working papers Read more about on p. 46 hydrogen begins collaborative action pilots for Ecuador and Read more about on p. 24 Read more about on p. 24 Read more about our proposals Arctic Region START-UP ENERGY TRANSITION AWARDS hydrogen work on p. 24 Read more about on p. 23 Read more about our events on p. 30 5 Winning Start-ups Announced Read more about the SET Awards on p. 13 JANUARY MARCH MAY JULY SEPTEMBER NOVEMBER FEBRUARY APRIL JUNE AUGUST OCTOBER DECEMBER LOW CARBON HYDROGEN WORLD ENERGY ISSUES MONITOR WORLD ENERGY INSIGHTS WORLD ENERGY LEADERS’ SUMMIT WORLD ENERGY INSIGHTS World Energy Trilemma Regional deep dives Hydrogen working group From Transition to Initiating energy+ Index 2021 Regional deep dives with 100+ experts Read more on p. 24 with 90+ global experts Transformation community dialogue on Read more on p. 23 Read more about our hydrogen hydrogen Read more about our work on p. 24 Read more on p. 33 IN PARTNERSHIP WITH BBC STORYWORKS hydrogen work on p. 24 WORLD ENERGY PULSE SURVEY Read more on p. 24 ~~2021~~ WORLD ENERGY INSIGHTS Humanising Energy series COVID-19 Scenarios Global Scenarios Read more on p. 21-22 Interviews with senior Read more on p. 26 refresh workshop energy leaders worldwide Read more on p. 22 REGIONAL WEBINAR on low-carbon hydrogen development WORLD ENERGY WEEK LIVE 2021

Energy for Better Lives Read more on p. 30

The future for hydrogen in the Asia Pacific Read more about our events on p. 30

Read more about our hydrogen work on p. 24

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WORLD ENERGY LEADERS’ SUMMIT

Getting Real with Hydrogen Read more on p. 33

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Image from the World Energy Council’s Humanising Energy Series featuring EEP Africa and Jaza Energy (Tanzania) produced by BBC StoryWorks.

PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The Trustees further confirm that the activities of the World Energy Council are carried out, in line with its objects, for the public benefit as described in this report.

Energy plays a key role in the lives of everyone on the planet, from contributing to the provision of basic needs, such as sanitation, cooking, heating and lighting, to supporting healthcare, education, transportation and communication.

HOW DO WE DO THIS

The Council’s insights, tools, programmes and events benefit the public good by:

OUR MISSION

The Board of Trustees, who are also the Directors of the Company, present their annual report for the year ended 31 December 2021 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for the year.

To promote the sustainable supply and use of energy for the greatest benefit of all people

OUR VISION

The financial statements comply with current statutory requirements, the Articles of Association of the Charity, FRS 102 and the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (Charity SORP FRS 102).

Humanising energy

OBJECTIVES AND ACTIVITIES

The Charity’s objectives include:

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Collaborating with other organisations in the energy sector with compatible goals.

Collating data about and undertaking research into the means of supplying and using energy for, in both the short and long term, the greatest social benefit and least harmful environmental impact, and publishing or otherwise disseminating the useful results of such research.

Undertaking actions including, but not limited to, the holding of congresses, workshops and webinars, to facilitate such supply and use of energy.

Informing and supporting policymakers and other decisionmakers with tools that enable sound energy systems policy, a strong regulatory framework and the long-term thinking required for investment in energy infrastructure, which ultimately benefit the general public.

Providing information to opinion-influencers, including the media, on critical energy issues.

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Assisting governments, companies and communities to work together to deliver a sustainable energy future and manage energy transition as appropriate to their context and situation; with the intended end result being a better, cleaner, more efficient world, where energy supplies are secure, affordable and sustainable.

Raising awareness of energy issues and their impact on future generations.

Addressing social equity, that is, the importance of working to find ways to supply commercial and sustainable energy to those who do not currently have it (often, the poorest people in both rural and urban areas of developing countries), as well as to those who cannot afford it

Supporting talent development and capacity building of the next generation of energy leaders and educating young professionals.

Supporting and managing energy transition innovators and start-ups, providing the most promising innovators with access to key decision-makers, investors, and markets.

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Targeted engagements focussing on specific energy communities, including ministers, innovators, cities, regulators, and start-ups.

COMMUNITY PROGRAMMES

Major charitable foundations and institutional bodies working with the Council to support sustainability, the climate change agenda, intergovernmental interactions, and regional development.

INSTITUTIONS

The SET Awards are an international competition for young companies and startups worldwide that recognises and celebrates innovative solutions to accelerate the energy transition. The awards are powered by the Council in cooperation with Deutsche Energie-Agentur GmbH. SET-100 is a global community of energy innovators geared toward accelerating and shaping the energy transition of their communities, comprising the top 100 most innovative and promising start-ups as identified during the annual SET Awards.

START-UP ENERGY TRANSITION (SET) AWARDS AND THE SET-100 COMMUNITY

HOW WE WORK

WORKING ACROSS ENERGY COMMUNITIES

The World Energy Council is a member-driven, stakeholder-focused organisation working in support of energy+ communities regardless of country, sector, resource, or technology. Our Networks and Communities department engages with the Council’s network to deepen our community, ensure that it reflects the current and future state of energy systems, and deliver real value to members, partners, and other stakeholders. Activities are overseen by the Programme Committee. This Committee works under a regional-based approach to ensure global representation, and also encourages amplification and impact of the Council’s activities and messages at the national and regional level.

World Energy Member Committees

MEMBER

COMMITTEES

Committees of constituent members leading the energy dialogue, facilitating debate between government, business and other stakeholders, and acting as an important channel of insight and communication at the national level, supported by regional and global teams.

PARTNERS

Member organisations working directly with the Council and our network to develop insight, share knowledge and facilitate dialogue.

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Existing Member
Committee
Direct Member
Non-Existing /
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FUTURE ENERGY LEADERS

A global recognition and high-potential programme to develop the next generation of energy leaders and facilitate networking opportunities and participation in the Council’s activities.

View highlights of our 2021 member engagement activities here

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CONVENING AND COMMUNICATING

Engaging and communicating with members, stakeholders, media and diverse audiences is vital to the development of our insights, facilitating new ways of thinking and building awareness of our mission and vision. We achieve this through digital and physical platforms including events and dialogues, public relations, traditional and social media communications, and direct stakeholder communications, to deliver our agenda within a highly competitive and digitally oriented environment. The governing body for this area is the Communications and Strategy Committee.

WORLD ENERGY CONGRESS

For 100 years, the Council’s triennial World Energy Congress has leveraged the collective power of the world energy community to turn inspiration into action. This prestigious and globally recognised flagship event welcomes leaders from all corners of the world as they come together to shape the future of energy.

WORLD ENERGY WEEK

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World Energy Week is a powerful platform that connects regional realities and priorities with the global energy agenda. Hosted each year by a different country, World Energy Week brings together the entire energy+ community to address whole energy systems challenges and opportunities, drive practical action and create impact.

WE TALKS

Beyond the headlines and market statistics, human stories of energy transition are happening around the world every day. This series of rich conversations explores what’s really happening with energy transition and what it means for societies, communities and individuals.

WORLD ENERGY LEADERS’ SUMMITS

High-level forums for senior government officials and business leaders across the full energy spectrum. These exclusive annual gatherings aim to facilitate dialogue on the critical issues affecting energy transition management and provide a platform for sharing best practices and embracing new opportunities for collaboration.

WORLD ENERGY ACADEMY

Provides a broad contextual overview of the energy sector and energy issues for young energy professionals, with the course syllabus based content provided by the Council’s insights, tools, and community.

COMMUNICATIONS

The Council’s omni-channel platforms and resources connect, engage, and inform members and stakeholders on the Council’s programmes, projects, and initiatives. These help to grow the organisation and our brand, increase visibility, establish thought leadership, and deepen stakeholder engagement.

View highlights of our 2021 events and dialogues here

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INSIGHTS ON THE ENERGY TRANSITION

The Council engages members and partners in developing new insights on energy transition and transformation of energy systems that meet the challenge of sustainable energy for the benefit of all people and the planet. Through our content, delivered through interactive tools, actionable insights and collaborative activities, the Council brings perspectives and timely insights on the implications of structural changes as well as the fast moving, broad landscape of innovations that are transforming energy systems, from within and beyond the conventional energy system. This work is produced within our Insights department and its activities are overseen by the Studies Committee.

The Council strongly believes that a whole energy system mindset and a flexible Energy Transition Toolkit are essential to achieving success. The Council’s Energy Transition Toolkit includes transition tools to help users define, better manage, and collaborate effectively on successful energy transitions. These tools – which can be used individually or in combination – enable the development of new, timely and actionable insights. The flexibility of the Toolkit recognises there are different starting points and a no ‘one size fits all’ approach to a successful transition. The tools can be used to support interventions on a global, regional, national, sectoral, and/or cross-sectoral basis.

WORLD ENERGY ISSUES MONITOR

In an era where the energy landscape is undergoing faster and fundamental transformation, energy leaders must pay attention to many different signals of change and distinguish key issues from the noise. The World Energy Issues Monitor provides an annual snapshot of what keeps energy policymakers, CEOs, and leading experts in over 90 countries awake at night. It enables an understanding of the world energy agenda and the evolution of priorities on a historical and geographical basis.

WORLD ENERGY TRILEMMA INDEX

Healthy energy systems are secure, equitable and environmentally sustainable, showing a carefully balanced Trilemma between the three dimensions. Maintaining this balance in context of rapid transition to decentralised, decarbonised, and digital systems is challenging with the risk of passive trade-offs between equally critical priorities. Energy leaders need to manage the competing demands of the energy trilemma. The World Energy Council Energy Trilemma Index is an annual measurement of national energy system performances.

WORLD ENERGY ISSUES SCENARIOS

Our innovative collaboration, interactive experiences, rigorous research, and analysis maps out plausible energy futures in our World Energy Scenarios. The practice of developing and using scenarios emerged as a way to provide an inclusive and strategic framework, enabling big picture thinking and deeper assumptions, choices and options. The Council has been developing scenarios for almost two decades.

WORLD ENERGY COUNCIL TRANSITION RADAR

An interactive tool which collects signals from the community to track the trajectory of energy transition. The tool was developed from the Council’s COVID-19 scenarios and regional snapshots that provide an understanding of the multiple pathways of the energy transition.

INNOVATION INSIGHTS

Make sense of the fast-moving pace of the energy transition by digging deeper into the role of technology, policy and social innovation. The Innovation Insights series includes discussion papers, virtual discussion hubs and workshops to further engage energy stakeholders and allow for innovation to be shared, adopted and potentially implemented on a wider scale.

View highlights of our 2021 World Energy Insights work here

Image from the World Energy Council’s Humanising Energy Series featuring GIZ (Mongolia) produced by BBC StoryWorks.

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DELIVERING IMPACT

HUMANISING ENERGY ACROSS THE WORLD ENERGY COMMUNITY

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GLOBAL ITALY SOUTH KOREA
World Energy Stories Italian Forum of Energy Energy communications
Read more on p. 26-27 Communities Read more on p. 42
Read more on p. 41
COLOMBIA
Transition sprint
Read more on p. 29
AUSTRALIA
Transition sprint
ARGENTINA, ESTONIA, MEXICO, PANAMA, Read more on p. 46
COLOMBIA, ITALY, NIGERIA, PORTUGAL
World Energy Academy
Read more on p. 36
UNITED ARAB EMIRATES
CHILE
Inspirational projects for
Engaging women in energy sustainable energy
Read more on p. 33 Read more on p. 38
ANNUAL REPORT 2021
WORLD ENERGY COUNCIL
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1919

Images from the World Energy Council’s Humanising Energy Series featuring Sasol, Enertag, and Linde (South Africa) produced by BBC StoryWorks.

2021 – REVIEW AND ACHIEVEMENTS ENABLING ACTION THROUGH INSIGHT

COVID-19 continued to have significant and uneven impacts across societies, economies and businesses worldwide. Throughout 2021, we engaged with our global energy+ communities to understand and inform leadership decisions on how to build more resilient societies, while continuing to accelerate successful global energy transitions.

As the outlook on a post-pandemic world remained unclear, the Council’s Insights signalled greater uncertainty for the future within the energy industry, while reflecting different regional and sectoral starting points, circumstances and ambitions. The need for multiple recovery pathways and communityled, human-centred energy transition(s) was reiterated.

KEY FINDINGS OF MARCH 2021 COVID INSIGHTS

RECOVERY WITH DIVERSITY AND RESILIENCE

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No return to a pre-pandemic normal. Almost half of our global energy community (48%) - three times more than in April 2020 - now expect a new normal. As lockdowns begin to lift across the world, 65% of respondents anticipate a shift or growth in energy demand. This outlook raises questions about producing more energy to meet increasing demand while achieving climate neutrality.

Increaing resilience of energy companies. While some energy companies (28%) are still experiencing significant disruption from COVID-19 on their businesses, it is down from 50% indicated in April 2020. Energy companies are increasing their resilience and learning to navigate through the uncertainty. They are moving beyond business-asusual action and reallocating investments , especially in digitisation (56%) and R&D (40%).

Multiple recovery pathways. The crisis has emphasised that there is no “one size fits all” solution. Regions are taking diverse approaches to recovery which reflect geographical diversity, different starting points and ambitions. Many countries are turning this crisis into opportunity for transformation. While regional views vary, 3 half (51%) of our global community indicate that COVID recovery actions contribute to accelerating energy transition.

Human-centred energy transition. There is a greater recognition of the role of people and consumers in energy transition. The gap between their current role and what is needed to successfully recover from the crisis, and drive energy transition, is significant. Information, education, and citizen engagement are metioned as the most 4 important approaches to enabling a greater role of consumers.

Turning challenges into opportunities. Insufficient behavioural changes are mentioned as the biggest barrier to meeting the Paris Agreement (48% of respondents). This shows that the pace of transition is not determined by the accelerated rate of technological innovation but by the ability of people to make choicces. Nearly half (49%) of respondents believe shifting energy demand and a third (31%) believe the energy-digital nexus are important emerging solution spaces to tap into.

Co-shaping a new energy future. While governments are playing a leading role (indicated by 49% of respondents) in recovering from crisis and progressing successful energy transition, there is a recognition that responsibilities are distributed across business, civil society, investors, etc. (30% of respondents). There is also a growing need to 6 engage across energy sector boundaries and work with new energy players , e.g. digital giants, demand aggregators and entrepreneurs.

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2021 WORLD ENERGY COUNCIL INSIGHTS

SCENARIOS 2021:

COVID-19 SCENARIOS AND WORLD ENERGY COUNCIL TRANSITION RADAR

A pulse survey to collect the responses of the World Energy Community towards the post-COVID recovery scenarios was conducted in February 2021, with an internal insights publication created in March 2021.

Key insights drawn from the survey suggested that the majority of the community is sure of a new definition of normal. Energy companies are increasing their resilience and learning to navigate the uncertainty, and many countries are using the momentum to drive transformation. There is a greater focus on humancentred transition and strong consensus that energy transitions will need significant behavioural changes to meet the goals of the Paris Agreement. While states continue to play a major role, there are also strong signals that there is need for collaboration across various levels and new modes of cooperation to enable the transition.

First Global Scenarios Refresh Workshop: With global representation from across the Council’s Energy Community, an interactive, digital workshop was conducted exploring the impacts of critical uncertainties within the established World Energy Council archetypes. The emergence of a 4th archetype was also explored, based on signals of bottom-up experimentation to generate diverse, locally appropriate and human-centric transitions.

250 DAYS TO 2050

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9 MARCH 2021
15:30 – 17:30
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Convened in March 2021 and in the run up to COP26 in Glasgow, 250 Days to 2050 brought together a diversity of senior UK energy stakeholders from within the industry and beyond with the aim of linking the Council’s global imperative on Humanising Energy with the Race-to-Zero agendas. Drawing on the Council’s work, the platform provided a unique engagement opportunity for interactive leadership role play simulation and the exchange of strategic perspectives on the state and outlook of UK recovery actions and plans, along with the implications of these for global energy transition.

The discussions focused on the challenges of an affordable and human pace in the race to zero; how to progress resilience by recognising diversity in recovery; and resetting market design to engage with the new pull of people power and enable customer-centricity. As a result, a collaborative action proposal, UK Energy Transition Pathfinder Pioneers, was developed.

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DIGITAL EVENT
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250 DAYS TO 2050

Interactive Leadership exchange | UK

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WORLD ENERGY TRILEMMA INDEX 2021

In October 2021, the Council released the World Energy Trilemma Index – produced in partnership with Oliver Wyman. The Index – which analyses historic trends to enable energy policy makers and stakeholders to track and compare their policy performance – revealed the progress of 127 countries on policy development and actual performance related to Energy Security, Energy Equity and Environmental Sustainability.

The overall top ten ranks for the 2021 World Energy Trilemma Index continued to be dominated by OECD countries, with European countries performing particularly strongly, reiterating the importance of having longstanding active energy policies. Switzerland, Sweden and Denmark top the list of countries with the highest overall scores, highlighting that Sustainability and Security go hand-inhand. Sustained investment by these countries in solar and wind simultaneously reduce emissions and increase energy security by diversification of their energy mix. Of the three dimensions, Equity saw the greatest improvements globally, driven by policy-led efforts to increase access to energy in developing countries.

For the second year, the Council published the World Energy Trilemma Index during the COVID-19 pandemic, which continues to threaten health and disrupt the global economy. While further insights into the effect of the pandemic on energy are becoming visible, such as depressed demand and fragmented local recoveries, the longer-term implications for energy systems and transition remain unclear.

Images from the World Energy Council’s Humanising Energy Series featuring Mabanaft (Germany) produced by BBC StoryWorks.

WORLD ENERGY INSIGHTS: HYDROGEN

In July 2021, the Council, in collaboration with the Electric Power Research Institute (EPRI) and PwC, released a new World Energy Insights Briefing on Hydrogen. This was followed in September by a short series of Hydrogen Working Papers, with the aim of facilitating strategic knowledge sharing between the Council’s members, policy makers and energy stakeholders and contributing to a global dialogue on hydrogen’s true potential role in energy transitions. The Briefing was made available in seven languages to increase outreach.

Four areas for further discussion within the energy+ community were identified as part of this initiative and work on these is ongoing throughout 2022.

WORLD ENERGY ISSUES MONITOR 2021

The Council’s flagship World Energy Issues Monitor was published in March, providing unique insights into what keeps policymakers, CEOs and leading experts awake at night, globally, regionally and nationally. Set against the backdrop of crisis caused by the COVID-19 pandemic, results were based on perceptions from over 2,500 energy leaders from 108 countries. The report found that the pandemic amplified uncertainty across all major energy-relevant matters, especially with respect to economic trends, as looming recessions and unclear post-pandemic recoveries raised significant concerns about the impact on energy transition.

For the first time, regional workshops were conducted to gather our energy leadership communities’ perspectives on the driving factors behind the uncertainties and priorities identified in the Issues Survey. Through interactive discussions, sessions shed light on regional diversities and provided deep-dives into how the pandemic has exposed long-standing societal issues related to cost and access. Discussions also revealed a strong desire across regions to use recovery as an enabler for better energy transition.

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DELIVERING IMPACT

WORLD ENERGY STORIES: ‘HUMANISING ENERGY’

in partnership with BBC StoryWorks

People are at the heart of energy transitions. They need to make individual choices about their own energy use and feel able to engage in the debate about collective choices on energy production and consumptions. Through the strategic partnership with BBC StoryWorks we have begun to equip people across the world with that understanding. Through short documentary films we give voice to civil society stakeholders, their role in energy transition and exposing the livelihood issues at hand. By year end, the stories reached over 2 million people.

GERMANY

The tiny technology powering our electronics Working to improve the power of semi-conductors.

ICELAND Harnessing the power of water Providing more sustainable energy for the future with state-of-the-art hydropower equipment.

GERMANY

The potential of synthetic fuels for energy transition; Moving towards a carbon neutral future by developing synthetic fuels for today’s vehicles.

NORWAY

Testing the waters of new energy technology Tapping into the potential of offshore wind farms to source renewable energy.

FINLAND

From waste to energy Converting organic waste to energy to fuel businesses.

MONGOLIA

A healthier home environment Improving lives with affordable, energy efficient housing in the world’s coldest capital.

UNITED STATES Resilience in a remote fishing town Rebuilding energy systems to reduce reliance on fossil fuels.

CHILE Holistic construction to serve communities Designing underground energy construction methods to protect landscapes and communities.

CHILE Connecting communities through energy Working with indigenous communities to preserve history and supply new energy sources.

UNITED KINGDOM The evolution of home energy Trialling the use of hydrogen as ITALY Cultivating cleaner energy a domestic energy source. Helping farmers reduce their carbon emissions and adopt more sustainable processes.

TANZANIA The women behind energy alternatives Creating new job opportunities for women and empowering communities through accessible energy.

MALAYSIA

Energising education in remote communities Moving towards better electricity connection with cutting-edge technology.

AUSTRALIA

Prioritising accessibility for renewable energy Redesigning microgrids for improved renewable energy access and autonomy.

SOUTH AFRICA

The initiative generating brighter futures Bringing a global community together through solar cell purchasing solutions.

TAIWAN Harmonising with the natural environment Designing solar projects that help local communities and protect bird migration.

AUSTRALIA

Smart technology for better home energy management Creating smart software to help people track their energy use at the touch of a screen.

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NEW WAYS OF WORKING:

ENGAGING THE GLOBAL ENERGY+ COMMUNITY

Humanising Energy Online - SUCCESS METRICS*

In 2021, we focused on making our communication more relevant to the energy community in order to deliver our Humanising Energy vision. Through our agile and diverse channels, we continued to align our communications strategy with rapidly changing external environments. To support ambitions of increasing outreach within and beyond the energy community, new appointments were made within the Communications and Engagement department and externally. We leveraged our existing partnership with FTI Consulting, our strategic communications firm, to achieve Tier 1 media coverage throughout the year. We also maximised the contract with our website partners to develop an accessible, user-friendly website experience.

6.65 million

IMPRESSIONS

366.5K

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VIDEO VIEWS
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2.55 million

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INTERACTIONS
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(likes, comments, clicks across social channels)

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3.1 million
TOTAL VIEWS
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In October 2021, we launched the Humanising Energy Online series of short mini-films and articles, produced for us by BBC StoryWorks Commercial Productions. This powerful online series of films and articles displays the technical innovation taking place across the energy sector through compelling, human-centric stories of creativity, collaboration and community. Within just a few weeks of the launch, the series achieved tremendous success.

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2.55 million

On social media, we leveraged our Insights work, including the World Energy Trilemma Index and Hydrogen working papers, and the Humanising Energy films to recruit, retain and engage our growing following.

CLICK THROUGHS

to the Humanising Energy website hosted by BBC StoryWorks Commercial Production

576,177 TOTAL PAGEVIEWS

For the first time, utilizing our diverse community of Member Committees, our Insights were translated into multiple languages including Arabic, Chinese, French, Portuguese and Russian to maximise our reach and awareness of Council activities.

From 1 January 2021 to 31 December 2021

FOLLOWERS

22,900+ 52,000+

Disclaimer: *These results are from BBC StoryWorks promotion of the Humanising Energy series across Twitter, Facebook, and LinkedIn. The figures represent mean average of all stats from October 2021 to March 2022.

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DELIVERING IMPACT

ENABLING ENERGY TRANSITION AT THE CITY LEVEL

Delivering successful energy transition without proper public policy and planning tools is a key challenge for many regions, countries, cities and communities. To overcome this challenge, the city of Barranquilla, Barranquilla, Colombia Colombia, is collaborating with the World Energy Council to develop a scaled city-level version of the Council’s actionable World Energy Trilemma that will be used to will inform public policy and guide decision making processes to enable successful city-level energy transition.

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EVENTS

Engaging and communicating with members, stakeholders, media and diverse audiences is vital to the development of our Insights, facilitating new ways of thinking and building awareness of our mission and vision. As the continuing COVID-19 crisis restricted travel and led to more hybrid ways of working and convening, we ensured outreach and delivery of our vision and agenda through digital and physical platforms, including events, direct stakeholder communications and speaking engagements.

WORLD ENERGY WEEK 2021

In 2021, World Energy Week took place from 5-7 October. Hosted by the Ministry of Energy of Kazakhstan, with the support of KAZENERGY Association and the Kazakhstan Member Committee of the World Energy Council, the free-to attend event was broadcast live from Nur-Sultan, Kazakhstan on the Council’s YouTube channel. The digital event centred on the theme “Energy for Better Lives”, in line with our mission to create a step change in energy literacy and building on the conversations started with our “Humanising energy” vision.

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ATTENDANCE SATISFACTION LEVEL
2 600 1 205 18 8.9/10 a AT T E N D E E RATINGRATING v e r a g
registrants a t t e n d e e s GOVERNMENT
o f f i c i a l s OVERALL EXPERIENCE
VERY GOOD
QUALITY OF THE
CONTENT PROGRAMME
105 T R U E 1 11M I N I S T E R S & PLATFORM AND LOOK & FEEL EXCELLENTVERY GOOD
GLOBAL
COUNTRIES Head of D E P U T Y
RELEVANCE OF THE THEME
represented e v e n t S T A T E M i n i s t e r s VERY RELEVANT
ATTENDEES BY REGION TOP 10 COUNTRIES
ENGAGEMENT
31% Asia & Pacific 21 Kazakhstan United Kingdom 6h25 min
AVERAGE TIME SPENT
2 Northern Ireland
27% Europe participating in the event
3 Argentina
4 Ecuador
20% Latin America
5 Mexico 580
6 Chile COMMENTS IN
9% Africa the chat box
7 Colombia
8 India
7% North America 9 Japan 361
10 Germany NETWORKING
6 % Middle East & Gulf States 10 Saudi Arabia area visitors
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SATISFACTION LEVEL

8.9/10 a v e r a g e AT T E N D E E RATINGRATING OVERALL EXPERIENCE VERY GOOD QUALITY OF THE CONTENT PROGRAMME VERY GOOD PLATFORM AND LOOK & FEEL EXCELLENTVERY GOOD RELEVANCE OF THE THEME VERY RELEVANT

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As Honorary President of the Chilean Member Committee, I am honoured to have participated the World Energy Week, a great annual gathering hosted this year by Kazakhstan. I feel excited and mobilised by the purpose that brings us together from across the globe. Humanising energy transition and promoting better life for people must be our main premise in a sector that is decisive for us and future generations.

HIS EXCELLENCY JUAN CARLOS JOBET Minister of Energy, Government of Chile

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WE TALKS

Beyond the headlines and market statistics, human stories of energy transition are happening around the world every day. This series of rich conversations explore what’s really happening with energy transition and what it means for societies, communities and individuals. The aim of these discussions is to learn what sparks the drive and passion of some of the most influential leadership voices in the energy world and beyond and to expand the reach of inclusive energy conversations.

Five WE Talks episodes were hosted in 2021, featuring industry leaders:

Betty Sue Flowers, Writer, editor and international business consultant

Fatema Mohamed Al Nuaimi, Chief Executive Officer, ADNOC LNG

Francesca Zarri, Director of Technology, R&D & Digital, Eni

Frédérik Bordry, Former Director for Accelerators & Technology, CERN

Lord Browne of Madingley, Former Chief Executive Officer of BP and co-founder and Chairman of BeyondNetZero

Episodes were hosted by Eithne Treanor, World Energy Council Executive Chair, WE Talks; and Arthur Hanna, World Energy Council Senior Advisor.

DELIVERING IMPACT

ENGAGING WOMEN IN ENERGY

Headline above reads “The private sector has bet for the women talent”

Image from the World Energy Council’s Humanising Energy Series featuring Voith Hydro (Iceland) produced by BBC StoryWorks.

DELIVERING IMPACT ENGAGING WOMEN IN ENERGY; CHILE Headline above reads “The private sector has bet for the women talent”

Through a variety of formats, the ‘Women in energy’ programme delivers training and capacity building for women in the energy industry while working with companies to identify talent and promote gender 3232 equality. In 2022, Panama and Ecuador will adopt the programme, while Chile is starting its 4th edition.

Through a variety of formats, the ‘Women in energy’ programme delivers training and capacity building for women in the energy industry while working with companies to identify talent and promote gender equality. In 2022, Panama and Ecuador will adopt the programme, while Chile is starting its 4th edition.

Chile

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WORLD ENERGY LEADERS’ SUMMITS

In 2021, we convened two World Energy Leaders’ Summits – the first was hosted digitally from Tallinn, Estonia on 30 June with the theme ‘From Transition to Transformation’ , under the auspices of the Government of Estonia. The event saw participation from senior government officials and business leaders from across the energy spectrum.

The second World Energy Leaders’ Summit of the year - ‘Getting Real with Hydrogen’ - was held during World Energy Week LIVE 2021 from Kazakhstan. The digital session, hosted on 6 October, drew on our most recent insights from a decade of monitoring developments and facilitating a deeper exchange on how new developments in hydrogen-based fuels worldwide are impacting energy transition in different countries, companies and cities. The event saw participation from diverse sectors and regions, including speakers from the governments of Azerbaijan, Egypt and India and companies such as BlackRock, EPRI and EY.

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THE 25TH WORLD ENERGY CONGRESS 2022

Since 1924, the Council’s triennial World Energy Congress has leveraged the collective power of the world energy community to turn inspiration into action. This prestigious and globally recognised flagship event welcomes global energy leaders and is hosted in cities all across the world selected by our membership community.

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DELIVERING IMPACT WORLD ENERGY ACADEMY

Argentina, Estonia , Mexico, Panama, Colombia, Italy, Nigeria, Portugal

First established in Argentina in 2014, World Energy Academies are platforms operating in several World Energy Council member countries to improve energy literacy by broadening participants understanding of the national and global energy industry, whole energy system challenges and energy transition. More than 5,000 individuals have successfully completed a course to date.

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As crisis and uncertainty marked the energy landscape in 2021, there has never been a more important time for a bigger story of energy and for the conversations and connections that will secure new possibilities of better energy for all. across the world.

In 2021 and continuing into early 2022, robust preparations had been underway to hold Congress in St Petersburg, Russia. However, considering the current geopolitical events and their impact on our operations, including the safety of our employees, the Council’s Board concluded that it will not be feasible for the Congress to proceed in Russia.

Noting the strong desire from the entire World Energy community – members, partners, Future Energy Leaders, and other stakeholders – to come together in person, we will physically bring together our world energy community in an appropriate form and favourable location for all at the earliest possible opportunity.

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Image from the World Energy Council’s Humanising Energy Series featuring EEP Africa and Jaza Energy (Tanzania) produced by BBC StoryWorks.

Image from the World Energy Council’s Humanising Energy Series featuring Enapter (Malaysia) produced by BBC StoryWorks.

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DELIVERING IMPACT

INSPIRATIONAL PROJECTS FOR SUSTAINABLE ENERGY

The World Energy Council United Arab Emirates Member Committee initiated a series of bi-monthly digital sessions that convene more than 400 attendees from both within and beyond the energy community across the UAE and Middle Eastern region, to share and discuss inspirational, innovative projects that can accelerate energy transition at a national and global level.

ENSURING RESILIENT OPERATIONS, FINANCES, AND PEOPLE

The World Energy Council Global Secretariat is an agile, inclusive, and international organisation. The COVID-19 pandemic resulted in systemic changes to how organisations and individuals work, and this continued through 2021. The Secretariat has strived to nurture the organisation as one that promotes a caring, performance environment, reflecting the inclusivity, diversity, and skills of Council stakeholders and interests.

Working through a pandemic has been a test of resilience and culture. Our staff excelled in their agility and commitment in the face of the COVID challenges that have impacted the organisation’s certainty and ability to deliver on our strategic priorities. Ensuring that remote teams can operate and deliver across time-zones and geographies has continued to be a priority, especially against a context of team members living under varied COVID regimes and ‘working from home’ conditions.

Over the year, the Councils’s management continued to maintain a policy of enforced communal leave across the organisation during peak holiday periods to ensure a balance between high performance and respite for staff.

As the world tentatively entered a post-COVID environment, we reinforced our organisation as a positive and attractive destination for talent, able to keep pace with achieving balance and purpose to physical interactions and collaborations. This included a team consultation on the re-opening of the Cornhill office to attendance and the impact of returning to the office on individuals, teams, and the organisation.

The ability to attract talent to the Council became a major focus in the second half of the year as post-pandemic market forces and the broader demand for energy skills worldwide accelerated staff turnover and created upwards pressure on competition for people. Our turnover in 2021 was considerably higher than 2020, as we sought to acquire the skills needed to deliver on our strategy. In 2021 we welcomed 17 new starters and in a major change for the organization, a significantly

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higher proportion of our colleagues are now based outside of the UK than prior to the start of the pandemic (17 out of 42).

A talent acquisition and retention strategy was presented to the Finance Committee and Remuneration Committee in January 2022 and subsequently implemented. This included a competitiveness review of salaries, resulting in re-banding of salary bands against the market and to accommodate material inflationary pressures. The Secretariat cannot compete with corporates or consultancy; however, we pride ourselves on an organisational culture that is committed to best practice, learning and development, purpose, and flexible working that is being demanded by employees. Consequently, the Secretariat has a committed internationally diverse team with a high level of composite skillsets.

Our end-of-year staff engagement survey demonstrated that in a year of huge change and still midst pandemic, the team is highly engaged and committed and each individual clearly understands their role in achieving the mission and priorities of the Council. The survey also highlighted that additional focus on internal communication, especially important in a highly distributed team, and staff recognition and reward would be of benefit.

In terms of operating infrastructure, in 2021 we made some improvements to the fittings in our Cornhill Office to enhance the physical and collaborative environment as colleagues return to the office.

In 2021 we began the transition to move our office-based servers to the Cloud. This is the final major step in our IT constellation project which will improve the cyber-security, access, and performance of teams who are working across geographies. Combined with our CRM progress made in 2020 and our existing cloud-based infrastructure that has proven to be robust for our already distributed team, this will complete our major investment and ensure we are future proofed. This will be completed in 2022.

Image from the World Energy Council’s Humanising Energy Series featuring Voith Hydro (Iceland) produced by BBC StoryWorks.

DELIVERING IMPACT

Italy

ITALIAN FORUM OF ENERGY COMMUNITIES

Local energy communities play a crucial role in implementing renewable energy solutions. The Italian Forum of Energy Communities was co-initiated by the World Energy Council Italian Member Committee to support regional, local and public institutions with the creation and involvement of renewable energy communities. Consumer energy literacy and empowerment as well as skills and capacity development are key pillars in this process.

Image from the World Energy Council’s Humanising Energy Series featuring Voith Hydro (Iceland) produced by BBC StoryWorks.

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COMPLIANCE

2021 and the start of 2022 saw a considerable increase in the impact of meeting compliance requirements including internal reviews of historical transactions, responding to requests for information from regulators including HM Treasury, the development or updating of new policies, systems and programmes to meet compliance requirements, and the implementation and ongoing maintenance of these policies and systems. Further, legal advice on the development and implementation of systems and policies has been involved due to the specialist nature of obligations.

In particular, in 2021 the Council and put in place a dedicated Financial Sanctions Compliance Policy and Programme. The Sanctions Programme addresses due diligence checks, screening, recordkeeping and monitoring, staff training, and responsive action and reporting where the screening identifies matches with designated entities or persons. This has involved very significant resources of the Secretariat to monitor, validate, and continue to evaluate information in a dynamic national and international regulatory environment.

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Image from the World Energy Council’s Humanising Energy Series featuring Voith Hydro (Iceland) produced by BBC StoryWorks.

DELIVERING IMPACT

South Korea

ENERGY COMMUNICATIONS

With COVID-19 limiting access to physical events and gatherings, and fewer opportunities for information sharing, the World Energy Council’s Korean Member Committee partnered with KakaoTalk, the most dominant mobile messaging app in South Korea, to create an online platform for sharing energy-related information. The collaboration has worked to enhance people’s understanding of energy, encourage individuals to take an active role in energy transition, and improve energy literacy across the country.

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Image from the World Energy Council’s Humanising Energy Series featuring DNV and Equinor (Norway) produced by BBC StoryWorks.

START UP ENERGY TRANSITION (SET) AWARDS 2022

SET 2021 WINNERS

The Start Up Energy Transition Awards, powered by the German Energy Agency (dena), in cooperation with the World Energy Council is an international competition for start-ups and young companies worldwide who are working on ideas affecting global energy transition and climate change. In the past five years, the awards have received more than 2,300 applications from 102 countries.

In 2021, 15 SET finalists, selected from 543 applications from 89 countries, presented their ideas virtually to an international jury of experts during the SET Tech Festival 2021. Evergen Australia, one of the finalists, was also featured in our Humanising Energy online series.

STRENGHTENING OUR WORLDWIDE MEMBER NETWORK

In 2021, the Council focused on amplification of our mission and vision through strengthening and fully engaging our global member network to drive impact in our work to humanise energy. As a result, we achieved substantial activation at the regional and Member Committee level in our community programme and have incorporated lessons-learned and best practices into our 2022 member engagement strategy.

The coordinated effort to fill strategic “gaps” in our membership map resulted in applications for membership from Kuwait, Norway and the United States in early 2021. Sadly, our member committees in Niger, Senegal and Sweden were withdrawn from membership, while Iran’s membership was suspended at the end of 2021. At the end of year, the Council had a presence in 79 countries.

MEMBER COMMITTEES

Our annual Executive Assembly and regular community governance meetings were successfully held virtually, with high levels of engagement from across the global member community. Regional meetings and workshops brought members together on a monthly basis to allow them to stay active and put into action the core values of our organisation. The consequent implementation of the regional activation strategy and regional action plans led to stronger and more active engagement across all our regions, in particular in our Middle Eastern and African regional networks.

EXECUTIVE ASSEMBLY & COMMUNITY GOVERNANCE MEETINGS

A refreshed and more comprehensive Charter for the Global Future Energy Leaders’ Programme allowed for the appointment of a new and more inclusive Board in April 2021. The Board, with members from the Future Energy Leaders community, Member Committees and members of Global Secretariat management, set out a strong agenda and clear performance indicators for the year. Future Energy Leaders aligned around the Council’s Humanising Energy vision in dedicated events and by contributing stories from across the globe to the BBC StoryWorks Humanising Energy series. At the end of 2021, the Council had around 500 young minds creating new energy opportunities and contributing innovative solutions to the most pressing issues in the energy transition, through the global Future Energy Leaders’ programme, as well as national chapters in more than 20 countries.

FUTURE ENERGY LEADERS

From these 15 finalists, five winning start-ups were announced at the SET Award Ceremony, which was hosted live from the Radialsystem in Berlin.

ecoligo GmbH, Germany | Clean Energy Generation

ecoligo enables businesses in emerging markets to use clean energy. With a fully financed solar-as-a-service solution, ecoligo makes it easy for businesses to go green and lower their energy costs. Projects are funded through crowd investing, enabling impact-driven individuals to fight the climate crisis with their investments.

Allume Energy, Australia | Demand-Side Innovation

Allume has developed a unique distribution technology, ‘SolShare’, that shares solar electricity behind-the-meter to apartments within the same building. SolShare dynamically distributes power to where it is needed, maximising consumption and savings whilst minimising export.

kraftwerk TUBES GmbH, Germany | Smart Mobility & Transportation

kraftwerk TUBES develops advanced solid oxide fuel cells (aSOFCs) that can convert the chemical energy of hydrogen or all common efuels directly into electrical energy. This technology can be used in the automotive industry, aviation, new fields like unmanned aerial vehicles (UAV) and surveillance, or the Internet of Things (IoT).

ACCURE Battery Intelligence GmbH, Germany | Energy Distribution & Storage

Accure analyses battery data to increase battery lifetime and enable the full capacity of the batteries. Through cloud-computing, full access to data on battery performance is provided which improves safety, reliability and sustainable usage.

S4S Technologies Ltd, India | Quality Access & SDG-7

S4S develops the Solar Conduction Dryer (SCD), an electricity-free solar-powered food dehydrator that reduces the moisture content of agricultural products so they can be preserved for up to 1 year without using any chemicals. They also install SCDs at farms andbuy back the dried products to sell to food companies.

Four new national Future Energy Leaders programmes were launched in 2021 including in Mongolia, Armenia, Latvia and Uruguay.

Image from the World Energy Council’s Humanising Energy Series featuring Gasum (Finland) produced by BBC StoryWorks.

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TRANSITION SPRINT

Demand-driven and digital platforms are tipping points of the future of energy systems. Innovative business models and policy frameworks which can create alignment of socio technical and political landscapes are needed.

To bridge this gap, the World Energy Council piloted the integration of design thinking, innovation theory, strategic foresight and game design and brought together a variety of people over two days in a hackathon format to create a range of pragmatic solutions for Adelaide.

Adelaide, Australia

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The initiative led to a strong community engagement process, wide representation of energy and energy+ sectors, including local and state government, private sector, communities, NGOs; Game designers, programmers and creatives. It also led to the development of four interactive games and simulated the response of the energy system to critical uncertainties.

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Image from the World Energy Council’s Humanising Energy Series featuring Evergen (Australia) produced by BBC StoryWorks.

FUTURE PLANS – 2022

2022 COUNCIL PRIORITIES - PERFORMANCE OBJECTIVES PERFORMING WHILST TRANSFORMING

LOOKING FORWARD

The World Energy Council establishes its Council-wide priorities at the start of each year.

2022 COUNCIL STRATEGIC PRIORITIES

HUMANISING ENERGY: MOBILISING THE COMMUNITY NETWORK FOR IMPACT AT SCALE

COMMUNITY NETWORK STRENGTHENING

Member support, cooperation and cocretion are key to delivering the programmatic elements of lcoal, national and regional impacts of HE agenda.

CENTENARY CAMPAIGN LAUNCH

Initiation of impact projects with an acceleration of revenue growth in line with humanising energy scope of actions

CONGRESS LEGACY

Delivery of a (context dependent) showcase for community action and launchpad for new solutions

The World Energy Council Centenary Campaign

As 2021 brought us closer to our centennial, we began discussions with our membership base and the external market in order to initiate ideas to pave the Council’s way into the new century. The work is currently known as the Centenary Campaign, a one-in-hundred-year opportunity to deliver a clean and just energy transition by leveraging our unique ability as a diverse, deeply local and globally networked member community.

Our Centenary Campaign is focussing on strengthening our network and our combined impact in driving four essential enablers of human-centric global energy transition: A step change in energy literacy; Skills diversification and workforce transition; Building forward together, community-led energy transition sprints; Supported by an open energy user data platform.

STRATEGY

Community Network Strengthening: Member Committee (MC) engagement process on Centenary Campaign (CC) successfully completed; five pillar pioneers signed up; MC management survey demonstrates >75%vsupporting strategic priorities

Centenary campaign: assessment of CC-related changes to operating model; Board approvals; and implementation in progress.

Congress Legacy: scenario planning; delivery of community showcase.

OPERATING MODEL EFFECTIVENESS

MCs & FELS-100 generating Humanising Energy impact projects aligned with CC pillars.

Network transparency measures in place and quality assessment complete.

Enhance systems and ways of working so that out network can contribute quality and impact to the Council’s messaging, Congress legacy, Centenary Campaign delivery.

EXTERNAL POSITIONING AND PARTNERSHIP

Insights programme delivery leveraging member contributions for quality and impact.

Issue high quality Congress statement.

Integrated Future Energy Leaders (FELs) Congress.

Align brand guidelines across constituencies - Council, MCs, FELs, inc Congress logo.

Mantain Tier 1 position across stakeholder and media.

Network activation: supporting pioneers & levelling up lagging MCs; MC relaunch Brazil, progress UK.

Amplification of BBC StoryWorks partnership: more examples from across member community.

Progress UN accreditation: status option; prepare appplication (June; outcome in 2023).

FINANCIAL DELIVERY

Delivery phase 2 CC: Top-20 target list; 1st founder signed up in principle by Congress.

No more than 2 auditor notes for rectification.

Maintain effective compliance and risk management.

Retain and grow patrons financial contribution to budget

PEOPLE

Talent destination - Retain and attract talent to open and emerging roles; industry benchamerking review completed

Staff engagement and team development: net promoter score (engagement) same or better; team of temas performance culture.

Close the gap in bandwidth of Global Secretariat bench-strength and build capabilities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The World Energy Council is a company limited by guarantee and is a registered charity. It is governed by a Council of Trustees, also referred to as the Officers Council, all of whom are also Directors of the company.

OFFICERS’ COUNCIL

The Officers’ Council is constituted by the Trustees of the Charity and oversees a robust governance framework. The Charity is governed by Articles of Association, adopted in November 2012 and amended in 2013, 2015, 2016 and 2021. The Articles ensure the Charity is compliant with the UK Companies Act 2006 and the UK Charities Act 2011.

The Officers’ Council sets the strategic direction and ensures the Charity achieves its objectives. It oversees governance and is responsible for upholding the Charity’s values, reviewing key performance targets, and assessing operational and financial performance. It is supported by a number of committees to which it delegates certain authorities. The day-to-day running of the Charity is the responsibility of the Senior Leadership Team (the Key Management Personnel).

The Trustees are appointed for an initial period of three years. A further extension of three years is permitted in the role to which they have been elected. In 2021 the Articles were updated to reflect the possibility of an extension of the role of the Chair if approved by the members. Trustees must be a constituent member or employed by a constituent member of a national member committee and are expected to be familiar with and promote the Council’s work, to participate in meetings of the Board and Executive Assembly and to support their own travel costs and any other expenses associated with serving as a Trustee.

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In addition to the Chair and Co-Chair, the Trustees include the Chairs of Standing Committees (see below), the Vice-Chairs of respective regions and regional development, and the Finance Committee Chair.

The Trustees meet at least twice a year to discuss strategy, assess operational and investment performance, review financial reports and set the budgets. The Trustees may, at their discretion, put before the members at the AGM any issues of policy or any other business for discussion and debate. New Trustees receive an induction pack containing a description of Trustees’ responsibilities as well as policy and other documents governing the work of the Board and the Charity. The pack also includes a description of the Trustees’ fiduciary and legal responsibilities under UK law and other pertinent information necessary for effective and informed decision-making. The Secretary General and Chair brief new Trustees on their responsibilities when they are elected.

Image from the World Energy Council’s Humanising Energy Series featuring DNV and Equinor (Norway) produced by BBC StoryWorks.

During the year three new Trustees was appointed to the Officers’ Council, and two concluded their term. The Officers’ Council comprised 13 Trustees at 31 December 2021. All Trustees are appointed from the membership of the Charity and are Directors of the charitable company, and the charity’s subsidiary WSL Limited.

It was convened five times during the year.

MEMBER COMMITTEES

The Charity’s Articles allow for the appointment of member committees. They are entitled to attend all general meetings, including the Annual General Meeting, which is referred to as the Executive Assembly, to receive the Annual Report and Accounts, to approve the Accounts and annual budget, appoint the auditors, to elect or re-elect Trustees, to approve new member committees and to terminate member committees. Other issues of policy may be put to the members for discussion by the Trustees. All member committees have one vote in the Executive Assembly, regardless of size or subscription category.

Regular contact is maintained with Member Committees, mainly through monthly and ad hoc updates from the Secretariat and periodic communications from the Secretary General.

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The key management personnel for the Charity consist of the Secretary General, the Chief Operating Officer and Senior Director level staff. The compensation package for the Secretary General, including salary, bonus and benefits, is set annually by the Remuneration Committee and is based on an assessment of UK inflation rates, the salaries of comparable executives in the UK and the financial performance of the Charity. The compensation policy for the other key management personnel, which includes salary, bonus and benefits, is recommended by the Secretary General to the Finance Committee and applied based on achievement of the individual’s annual objectives and the Charity’s financial performance.

All Trustees are un-remunerated and the Remuneration Committee met once in 2021.

FINANCE COMMITTEE

The Finance Committee is responsible for the short- and long-term financial viability of the Charity and effective stewardship of its assets. It reviews and approves for recommendation to the Officers’ Council the annual budget, the reserves and investment policies, and oversees management of investments. It reviews the Annual Report and Accounts of the Charity, including accounting policies and any key accounting estimates and judgements, reviews budgets on a three-year forward projection and monitors performance against budget and plan, recommending action where necessary. The Finance Committee also serves as the audit committee, reviewing the effectiveness of the external audit and recommending the appointment of the auditors.

The Committee met nine times during the year.

GOVERNANCE

The Board has reviewed the Council’s compliance with best practice principles of the Charity Governance Code in the context of its own standards for board composition and development, remuneration, shareholder relations, accountability and audit. In adopting the Code, the Board assessed its policies and practices and confirmed compliance or made necessary minor updates to elements of the Charity’s policies on Risk Appetite, Internal Control, and the Code of Conduct.

In line with the organisation’s compliance of the Charity Governance Code, the annual evaluation process has been updated to incorporate broader evaluation of the Officers Council and the Finance Committee to ensure that both are effective governance bodies. The Code is split into seven principles and the evaluation follows these closely. The evaluations are gathered by the Chair of the Finance Committee as the Senior Independent Trustee at the start of each year.

NOMINATIONS COMMITTEE

The Nominations Committee is responsible for nominating new Directors and developing the slate of nominees for presentation to the Member Committees. It initiates the search and selection process and makes recommendations for new Trustees as may be necessary. In selecting suitable candidates, the Committee considers a range of factors including relevant skills, experience, diversity and region.

Before election, nominees are required to disclose to the Nominations Committee and the Board any other significant commitments which might affect their ability to carry out their duties and advise them when circumstances change. The Committee met twice in 2021.

DIRECTORS AND DIRECTORS’ INTERESTS

The Directors of the company (who are also the Trustees of the Charity) during the year are listed at page 69.

All Directors are required to annually attest that they are independent in character and judgement and that there are no relationships or circumstances which are likely to affect, or could appear to affect, their judgement. It is the responsibility of the Board to ensure that all Directors remain independent. All disclosures for 2021 on Related Parties and Independence are set out at Note 16.

REMUNERATION COMMITTEE

The Committee determines the remuneration and benefits of the Chief Executive, and reviews performance of the Chief Executive against the performance framework. It is chaired by the Chair of the Officers Council and its membership comprises the Chairs of the Standing Committees and the Finance Committee.

The Charity offers a level of remuneration that reflects individual responsibilities and performance, and the overall performance of the organisation. Salaries are positioned in the median of the corporate and charitable sectors and remuneration for roles is validated objectively using market comparators across the public, private and not-for profit sectors. The Charity conducts an annual salary review with increases awarded for individual performance and operates a bonus scheme.

The remuneration framework sets out pay bands clearly and is openly available to employees. This supports the Charity’s aim to ensure a culture of transparency, fairness and teamwork and clarity regarding performance and reward philosophy.

The Chair of the Finance Committee serves as the Senior Independent Trustee and is available to members if they have concerns which have not been resolved through the normal channels of the Chair or Secretary General, or when the problem is such that these contacts are inappropriate.

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FINANCE COMMITTEE MEETINGS

ATTENDANCE AT BOARD AND SUBCOMMITTEE MEETINGS

The following shows individual Trustee/Director attendance at the meetings of the Board and its subcommittees in 2021:

BOARD (OFFICERS COUNCIL) MEETINGS

	11/03	21/05	29/09	27/10	08/12
Al-Muhanna, Ibrahim*
Al-Turki, Fahad**
Barbknecht, Klaus-Dieter
Birnbaum, Leonhard
Budargin, Oleg
Bufon, Beatrice**
Cronenbold, Claudia
Dauger, Jean-Marie
Howard, Michael
Ibrahim, Elham Mahmood
Muraki, Shigeru
Perra, Alexandre*
Schwieters, Norbert**
Vargas Lleras, José Antonio
Zaafrani, Omar

Concluded term on 2 November 2021

** Appointed to Officers Council on 2 November 2021

	15/02	18/03	15/04	11/05	13/07	24/08	22/09	22/10	29/11
Barbknecht, Klaus-Dieter*
(Chair)
Carnegie, John
Cupit, Michael
Dauger, Jean-Marie (ex-ofcio)
Muraki, Shigeru
Schwieters, Norbert**
(Chair)

*Concluded his term on 2 November 2021

**Appointed Chair on 2 November 2021

REMUNERATION COMMITTEE MEETINGS

09/02

Barbknecht, Klaus-Dieter Birnbaum, Leonhard Dauger, Jean-Marie Vargas Lleras, José Antonio Zaafrani, Omar

NOMINATIONS COMMITTEE MEETINGS

	20/05	11/06
Barbknecht, Klaus-Dieter
Birnbaum, Leonhard
Dauger, Jean-Marie
Vargas Lleras, José Antonio
Zaafrani, Omar

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2021 enabling reassessment as the context shifted. The Finance Committee and Officers approved a revised budget in May 2021 to support investment in the Centenary Campaign activities and business development. Sensitivity testing of budgets has also been carried out for 2022, including consideration of the recently cancelled 2022 Congress and the impact of sanctions on Council income. The Officers are satisfied that the Council’s budget assumptions are prudent and adequate.

Over the short term, income risks are being actively mitigated by continuous reviews of discretionary expenditure, headcount management, and sprints to commercialise scalable projects based on the Council’s core tools. Over the medium term, income risks are being managed by reviewing options for enhancing our Congress financial model, and delivering on our Member Committee engagement process in order to launch our Centenary Campaign. Using these measures we anticipate enhancing and strengthening the capability of our network to deliver impact, and to secure sustaining funds for our whole organisation for the long term.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees are responsible for ensuring that there are effective and adequate risk management and internal control systems in place to manage the major risks to which the Charity is exposed. Trustees undertake regular reviews of risks facing the World Energy Council. They are also an integral part of the management undertaken by the Senior Leadership Team, where the CEO and COO have accountability for the day-to-day financial and risk management of the Council’s activities

The Trustees believe that through this process a wide range of risks have been identified, quantified and, where appropriate, action taken on a continuing basis to manage business risks. The Trustees have reviewed the risks and consider the strategies for mitigating these risks to be appropriate. The Trustees review the results of the quarterly risk reviews and approve the annual audit plan which covers the major risks identified. As the relative importance of different projects grows in terms of their weight, specific risk assessments are carried out to identify risks and their potential effects and mitigations. Specific Risks Management for the Congress and the Centenary Campaign were developed over the course of the year and one method of combating risks and uncertainties is through financial forecasting and scenario planning, and holding appropriate levels of reserves and cash giving time to respond to situations as they arise.

Looking forward, the main risks to the Charity in 2022 and the steps taken to address these risks are noted below.

Income generation: Challenging economic conditions arising from COVID-19 and sanctions due to geopolitical crises present risks to income from members and partners and are areas of risk given the increasing competition for Partner contributions and the financial health of member committees. 2021 income from Member Committees has been relatively robust and responded well to the Council’s agile approach and the focus on value generation and network strengthening.

The Secretariat’s income is exposed to economic and political factors such as the debt service levels and tax receipts of countries where Ministries of Energy are the Member Committee’s key source of funding, especially those whose economies may be directly impacted by oil prices. Where funds are raised from the private sector, including companies that may be reducing outgoing costs due to economic conditions, income from Member Committees and Partners may be reduced. Reduced income is likely to result in drawing on reserves. Such reserves are considered to be stable due to the conservative spending and cash management in 2021 exercised in the face of economic uncertainty and the focus on generating new projects and income sources through the Centenary Campaign. The income from Member Committees is an operating model under strain and increases to subscription levels are limited.

Budget sensitivity testing for 2021 was undertaken by management and the Officers to assess the impacts of sustained major impacts of COVID on budgets, and these scenarios guided the approach throughout

The Board has also approved additional resources to ensure that the organisation can leverage and convert opportunities that have been developed under the new business strategy.

Congress: The Congress has been a critical source of revenue and opportunity to promote the Council to partners and new members. The cancellation of the 2022 Congress will impact our income in 2022 by £500k and £150k in 2023. The flattening out of license fees from the Congress organisers across the three years leading up to the Congress year has reduced what would have been a more severe impact under previous Congresses but the lack of Congress will reduce the visibility of the Council’s convening power and value proposition, and our potential to attract new Partners, donors, and members, and provide the much needed platform to bring together our membership at a critical time in for energy. Since the cancellation of the Congress, the management team has actively explored several options to bring together the member committees, to provide an opportunity to convene the world energy leadership community in the vital conversations needed to develop collaborative solutions for energy transition, and to address the gap in income that will arise. The objectives are to host these events as soon as feasible with regard for the costs and value that each convening may generate, whilst noting that it is not possible to deliver an alternative Congress within 2022. The Officers expect to update the membership on options being taken forward by the second quarter of 2022.

Legal and compliance risks: The Council operates in a complex international compliance environment. As a UK charity and company we comply with national and international compliance requirements. Funds are received from international sources and despite the limited income, significant due diligence is required to ensure that the Charity adheres to UK and international sanctions and anti-money laundering regimes that are regularly evolving and require consistent review.

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A new Financial Sanctions Compliance Programme was approved by the Board in December 2021, with implementation of a dedicated and robust Sanctions Policy and systems, wholly separate and distinct from our Anti-Money Laundering Policy through which sanctions screening had been conducted hitherto. Monitoring and validation requires the cooperation of our Member Committees and Partners and risks can arise due to delayed or non-response, the dynamic regulatory context and limited internal resourcing.

In the first quarter of 2022, the sanctions regime underwent significant changes and we implemented

our validation checks on all Member Committees and Partners. This was a good opportunity to test systems and policies, and we believe that the processes and training in place is effectively screening and identifying potential matches of designated entities or individuals so that they can be escalated and reported as required. Sanctions, including those directed at Russian entities will impact our revenues in the coming year, and as these continue to evolve, we have taken a conservative approach in our rebudgeting of income and have implemented the compliance actions associated with sanctions requirements.

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The cancellation of the Congress was carried in compliance with the contract. It is therefore the view of Trustees that there is no material risk in relation to this matter.

Access to talent: The post pandemic economic environment and the UK’s withdrawal from European Union has increased the challenges to the Charity’s ability to hire from a wide pool of talented and diverse applicants. The upward pressure on salaries worldwide as a result of inflationary pressures and market dynamics as well as increased competition for energy talent created a ‘war for talent’ as an employer to secure timely and affordable resources. This risks the quality and delivery of the Council’s activities and could impact our objective to maintain an internationally diverse team that reflects the diversity of our stakeholders and to deliver on our commercial objectives.

As noted in our report in 2020, COVID demonstrated that the Council operates a distributed workforce very effectively in spite of the challenges of continued periods of remote working on organisational culture and individuals.

The Charity continued to monitor the market closely, to ensure it could maintain pace with the market. Over the year, the Board agreed investment in building capacity of the team and to ensure existing talent was retained through a salary market analysis and re-banding of existing roles.

Creative strategies to bring in additional resource through secondments from partners and members have also been used to good effect and as the work environment normalises, flexibility will continue to be built in to ensure the Council is an attractive destination and prioritises performance and collaboration.

Service delivery, resilience, and distributed organisation: In normal times, the operational capacity of the Secretariat has little additional redundancy, and the operations of the organisation have been stretched to capacity by COVID as well as the Council’s overall strategy implementation. The impact of prolonged remote working has naturally impacted resilience and capabilities to carry out duties for staff working from home, particularly with regard to technical issues, family duties and space requirements.

Whilst the organisation is in good shape in terms of strategy and improved ways of working with excellent digital resilience and means of communication, it is possible that the limitations on in person meeting will continue to have an impact on the effectiveness of programme delivery and capacity of staff. There is a risk that existing staff resources are stretched beyond capacity, due to intensive and sustained staff workloads, limited resource and an ambitious work programme, and single points of failure particularly where staff departures are unplanned. There are of course risks of loss of opportunity where resource is at maximum capacity to convert opportunities or impacts contracted commitment.

These risks are managed through regularly reviewing and prioritising delivery commitments and interdependencies, additional investment in new hires and rebalancing to industry benchmarks, ensuring best practice in flexible working, and improving access to mental health support through the Employee Assistance programme.

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GROUP STRUCTURE

The World Energy Council consists of two separate but related legal entities:

The World Energy Council, which is a UK registered charity (“the Charity”) and a UK company incorporated under the laws of England and Wales; and

WEC Services Limited (“WSL”), the World Energy Council’s wholly owned trading subsidiary and a separately registered UK company incorporated under the laws of England and Wales.

The Charity carries out charitable activities in accordance with the stated Mission and Objects of the organisation. The liability of the members is limited to an amount no greater than £1. If the Charity is wound up or dissolved and there remains any property, it is not to be paid to or distributed among the members but is to be given or transferred to some other charity or charities having objects similar to the Objects of the Council.

WEC Services Limited (WSL), the trading subsidiary, was incorporated on 18 June 2001 and carries out non-charitable trading activities to raise funds on behalf of the Charity. WSL’s share capital is £100 divided into 100 shares of £1 each. If, upon the winding up or dissolution of the company and after the satisfaction of all its debts and liabilities, there remains any property, this is to be given or transferred to the Charity in accordance with the Articles of Association.

WSL makes a gift aid payment to the Charity of its annual taxable profits by no later than 30 September of the following year, after due provision for the financial requirements of any business carried on by company which would absorb or extinguish taxable profits that would otherwise be available for distribution. During 2021, WSL made a pre-tax profit of £96,000 (2020: £96,000).

WSL’s primary activities and outcomes for the reporting period were focused on services and projects provided for EPRI, the Swedish Energy Agency, EDSO, and Rosseti.

Results of WSL’s activities are disclosed in Note 15 of these financial statements and in the separate financial statements of WSL.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

These accounts have been prepared on a going concern basis under the authority of the Charity’s Trustees. The Statement of Financial Activities (SoFA) set out on page 74 shows the following results for the Charity for the year.

Overall, the Charity had a net surplus of £144,000 (2020: £130,000). This was higher than budgeted as a result of careful cash management, but resulted in lower investment in the organisation’s growth.

Continuing on from the Council’s agile strategy initiated in 2020 to adapting to the financial and operational implications of the pandemic crisis, the Charity continuously reassessed our budgets and forecasts against different scenarios arising from the pandemic, global and UK economic conditions that could impact the delivery of our core commitments and our objectives and to focus on deepening our growth and strengthening of our network.

The Council’s income is exposed to economic and political factors, and our network of member committees can also be impacted by economic Image from the World Energy Council’s conditions including private sector performance, Humanising Energy Series featuring Enapter energy and oil prices, and tax receipts. As noted (Malaysia) produced by BBC StoryWorks. in our 2020 report, the economic conditions and lower demand for energy impacted some Partners and their ongoing contribution to the Council with a number of Partners exiting from Partnerships for 2021. Membership income was stable as the overall value of Member Committees that were withdrawn from membership was replaced by new Member Committees. Income was also generated through Projects and from the hosting of the World Energy Week Live with our Kazakh Member Committee.

Expenditures of the Secretariat were well-controlled in 2021 to match revenues, with discretionary expenditure focused on commercial and visibility-generating activities. Payroll expenditure was below budgeted due to the adoption of flexible approaches to staffing to avoid fixed long-term costs, and the effect of economic conditions impacting the employment market result in slower recruitment to replace leavers in the latter half of the year. Travel expenditure was naturally curtailed due to the pandemic conditions.

existing and new assets, and developing new income streams to support the core activity. In 2021, the Officers approved the initiation of a new Centenary Campaign strategy to expand the source of income streams and to strengthen the overall capabilities and footprint of the network, leveraging the Council’s global and local presence. Implementation of the Centenary Campaign strategy has begun with the design of member committee consultations and capabilities assessments, and engagement with potential donors.

The Charity has forecast that 2022 is anticipated to be financially challenging as a result of the geopolitical impacts and sanctions impacting income. The cancellation of the 2022 Congress in St Petersburg in March 2022 has a particular impact on income due to the lack of Congress fees paid by the host and sanctions impacted Partners. The Council has continued to expand our Project Partnerships which will support income streams and development of scalable projects.

Noting the level of stable reserves and the actions in place to mitigate negative scenarios on income generation, the Trustees are confident of the continued delivery and operation of the Council. Therefore, the Trustees have concluded that the charity is a going concern and that plans are in place to address material uncertainties arising from the cancellation of the 2022 Congress.

INCOME GENERATION

Income generation during the year was £4,012,000 (2020: £4,182,000). The primary sources of income were membership subscriptions, Congress revenues and the Partner contributions, which are used to fund core work programmes and the management of the Charity.

Member Committee subscription income was £1,565,000 (2020: £1,449,000) for the year. Member subscriptions held up well against prevailing economic conditions, however our Patron and Partner income was negatively impacted as a number of Patrons concluded their partnerships with the Council.

In Partnerships, Patrons contributed £600,000 (2020: £808,000), which was added to the designated fund, the WEC Foundation, and Supporters (Global Partners) contributed £296,000 (2020: £342,000) to support the Council’s work.

WSL, the subsidiary generated income of £103,000 (2020: £99,000), predominantly from project services.

Image from the World Energy Council’s Humanising Energy Series featuring EEP Africa and Jaza Energy (Tanzania) produced by BBC StoryWorks.

Overall, as a result of prudent financial management, support to strengthen our member committee network, and reduction in operating budgets, financial stability was maintained and the Charity’s reserves were stable. The Finance Committee, overseen by the Trustees, continues to actively monitor the financial position of the Council, so that there is focus on priorities that enable the agile delivery of value to the membership which will support their capacity to retain membership, the leveraging of

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RESOURCES EXPENDED AND SERVICES

Total resources expended by the Charity in 2021 amounted to £3,938,000 (2020: £4,030,000). These included expenditure of £1,799,000 (2020: £1,684,000) on Insights. Note 3 provides a breakdown of resources expended.

WSL expended £7,000 (2020: £3,000) in resources.

Expenditure by the Charity was managed to match income, to sequence priority deliverables and to build the Council’s capabilities and visibility generation especially across Communications & Engagement and New Business Ventures.

FINANCIAL MANAGEMENT POLICIES

INVESTMENT POLICY AND RETURNS

The Charity and the WEC Foundation, a designated fund within the Charity, have separate investment policies which are reviewed annually. Only the Foundation has funds investments. The policies for both entities have the following objectives:

Controlling the Charity’s investments Ensuring the investments are adequately diversified

Ensuring the investments are appropriate for the capital and income objectives of the Charity

The Charity’s overall investment policy is based on a conservative, low-risk approach aimed at preserving capital while still providing modest to good returns. This is achieved primarily through the use of Common Investment and Deposit Funds, which minimise risk by using a spread of professionally selected funds.

The investments of the Charity (excluding the Foundation), which consist principally of cash surpluses, are placed in short-term deposit accounts. By policy, these cash surplus funds may not be invested in equity funds.

WEC Services Ltd. did not hold any investments in 2021.

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An additional investment guideline for the Foundation Fund regarding the division between funds aims to maintain the following range for its sterling-based assets:

Equity based funds – major part of capital monies Fixed interest funds – minor part of capital monies Cash deposit funds – variable part of short-term cash funds

Although the Foundation investment policy allows for investments of non-sterling-based income, the Foundation currently holds no foreign currency investments.

Fund managers for the Charity and the Foundation are listed on page 69 of these financial statements. All funds are invested with top-tier UK banks or other secure institutions.

In 2021, the Trustees authorised a total utilisation from the Foundation of £500,000 to support the Charity’s work programme.

At the end of 2021, the Foundation’s assets totalled £1,111,000 (2020 (restated): £928,000) and the group’s investments, excluding cash deposits, were valued at £555,000 (2020: £486,000).

Whilst performance of investments was lower in 2021 than in 2020, the Trustees note that the investment values were impacted in 2021 by Covid-19 and the expectations of global recession. Noting that investments are held as long-term liquid assets that can be sold if the severity of conditions require and given the low risk approach on investments, the Trustees are of the view that any change to approach could result in higher risks which would not be appropriate for the Council.

Image from the World Energy Council’s Humanising Energy Series featuring CNH Industrial (Italy) produced by BBC StoryWorks.

The Foundation was established as a mechanism to ensure that the Charity’s work programme is financially supported with funds contributed by major donors who are already members of the organisation. These funds come directly to the Charity and are designated, but not restricted. They may be used any time there is a requirement for additional financial support for specific elements of the work programme.

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The reserves policy requires reserves to be set at 40% of the previous year’s total cash expenditures, including expenditures of the WEC Foundation. WEC Foundation is accounted for as a designated fund to be utilised in support of the Charity’s work programme. The Foundation reserves are included when calculating the total reserves on hand. Eighty per cent of reserves are to be used to meet operating expenses and the remaining 20% to safeguard the Charity’s work programme commitments.

For 2021, the level of reserves required according to the stated policy was £1,052,200 (2020: £1,426,000). The total reserves were £2,305,000, incorporating the designated funds in the Foundation and Memorial Fund £1,114,000, restricted funds of £56,000 and the general reserves of £1,135,000. As such, the Trustees are comfortable that the Charity has sufficient reserves to fund its work programme and operate the office for at least six months. The free reserves are cash mainly generated from subscriptions, the World Energy Congress and Global Partners. Such reserves are anticipated to be reduced as a result of the Covid-19 crisis, and total reserves could fall below the required levels even when including designated funds. Designated funds will continue to be drawn down with the approval of the Council’s Finance Committee to fund the operations of the Council. The reserves policy is reviewed annually. The Trustees will continue to monitor closely whether the policy needs to be amended to ensure adequate reserves to continue to operate.

The total material amounts committed and falling due within the next twelve months are shown in Note 12 consists of rent on the current premises.

FUNDS REVIEW

The total reserves at year-end were £2,305,000 (2020: £2,161,000). Of this, £56,000 (2020: £42,000) were restricted funds, which were funds to support secondee resource. Designated Funds, which were those held by the Foundation for the purposes of supporting the Charity’s work programme and objects were £1,111,000 (2020 (restated): £928,000) at year end. The Gerald Doucet Fund totalled £3,000 (2020: £3,000).

CHANGES IN FIXED ASSETS

The movements in fixed assets during the year are set out in Note 7 and Note 8 of these financial statements.

Unrestricted funds, predominantly made up of member subscriptions and gift-aid from the subsidiary which are used to fund work programme and objects were £1,135,000 (2020 (restated): £1,188,000) at year-end.

Images from the World Energy Council’s Humanising Energy Series featuring EleXsys (Australia) produced by BBC StoryWorks.

RESERVES

The total reserves at year-end were £2,305,000

The Trustees review annually the value of the reserves retained in the form of investments, cash and cash equivalents not held for restricted purposes. They consider the Charity’s exposure to major risks in terms of the likely effect on its income sources and planned expenditure in the short to medium term. They also assess the best way to mitigate such risks.

The Council’s reserves policy requires sufficient reserves to:

Cover the Charity’s operating and work programme expenses for up to six months Include a contingency to cover any shortfall in the existing programme or project funding Provide initial funds for future projects to be undertaken

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES AND CORPORATE GOVERNANCE

The Trustees are responsible for preparing the annual report and financial statements for each financial year in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice and for ensuring that the annual report and accounts provide:

A true and fair view of the incoming resources

The application of such resources for the Charity and group during the year Reviewing the state of affairs at the end of the financial year

In preparing these financial statements, the Trustees are required to:

Ensure that the most suitable accounting policies are established and applied consistently Make judgements and estimates which are reasonable and prudent Observe the methods and principles in the Charities SORP

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State whether the applicable accounting standards and statement of recommended accounting practice have been followed, subject to any material departures disclosed and explained in the financial statements
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the organisation will continue in operation for the foreseeable future

The Trustees are responsible for ensuring that the Charity has appropriate systems and controls, financial and otherwise, in place. They are also responsible for keeping proper accounting records which at any time disclose with reasonable accuracy the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and for safeguarding the assets of the Charity and their proper application as required by UK charity law, which means the Trustees must take reasonable steps to prevent and detect fraud and other irregularities and to provide reasonable assurance that:

The Charity is operating efficiently and effectively

All assets are safeguarded against unauthorised use or disposition and are properly applied Proper records are maintained and financial information used within the Charity, or for publication, is reliable

The Charity complies with relevant laws and regulations

Insofar as each of the Trustees/Directors of the company at the date of approval of this report is aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing the audit report) of which the company’s auditors are unaware. Each Trustee/Director has taken all of the steps that s/he should have taken as a Trustee/Director in order to make him/herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Approved by the Board on 25 May 2022 and signed on behalf of the Board by

Jean-Marie Dauger Chair of Officers Council

Norbert Schwieters Chair, Finance Committee

REFERENCE AND ADMINISTRATIVE DETAILS

The World Energy Council is a registered charity (No. 1086559) and a registered company (No. 4184478) limited by guarantee and registered under the laws of England and Wales. Its registered office is as shown on page 69.

The present Trustees, any past Trustees who served during the year and new Trustees who have been appointed since last October and who will sign these reports are listed on this page. The Trustees of the Charity serve as its Officers Council and are also Trustees of the WEC Foundation and Directors of WEC Services Limited (WSL), the Charity’s trading subsidiary.

Further legal and administrative details are set out on page 69.

TRUSTEES	YEAR APPOINTED	COMMITTEES
al Muhanna, Ibrahim**	2016
Al-Turki, Fahad*	2021
Barbknecht, Klaus-Dieter	2014
Birnbaum, Leonhard	2012
Budargin, Oleg	2014
Bufon, Beatrice*	2021
Cronenbold, Claudia	2016
Dauger, Jean-Marie (Chair)	2013	(ex ofcio)
Howard, Michael	2019
Ibrahim, Elham Mahmood	2016
Muraki, Shigeru	2016
Perra, Alexandre**	2019
Schwieters, Norbert*	2021
Vargas Lleras, José Antonio	2010
Zaafrani, Omar	2019

Member of Finance Comittee Member of Remuneration Comittee Member of Nominations Comittee Indicates Senior Independent Director

* Appointed to Officers’ Council on 2 November 2021 ** Concluded term on 2 November 2021

SUBCOMMITTEES OF THE BOARD OF DIRECTORS

FINANCE COMMITTEE

Chair: Barbknecht, Klaus-Dieter (until 2 November 2021); Schwieters, Norbert (from 2 November 2021) Members: John Carnegie; Michael Cupit; Jean-Marie Dauger (ex-officio); Shigeru Muraki

NOMINATIONS COMMITTEE

Chair: Jean Marie Dauger

Members: Jose Antonio Vargas Lleras; Leonhard Birnbaum, Klaus-Dieter Barbknecht, Omar Zaafrani

REMUNERATION COMMITTEE

Chair: Jean Marie Dauger

Members: José Antonio Vargas Lleras; Leonhard Birnbaum; Omar Zaafrani; Norbert Schwieters (appointed 2 November)

SECRETARY GENERAL AND CHIEF EXECUTIVE OFFICER

Angela Wilkinson

OTHER SENIOR MANAGEMENT

Tania Baumann, Chief Operating Officer Chris Gentle, Senior Adviser, New Business Initiatives Andrew Vickers, Senior Adviser, Communications & Engagement Paul Appleby, Chief Insights Officer

PRINCIPAL AND REGISTERED OFFICE

62-64 Cornhill, London EC3V 3NH

AUDITOR

Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW

BANKERS

Barclays Bank, Piccadilly Corporate Business Centre, Pall Mall Corporate Group, PO Box 15165, London SW1A 1QF, UK

SOLICITORS

rradar Solicitors, 6 Beacon Way, Hull, HU3 4AE (general commercial and litigation)

Laura Devine Solicitors, 100 Cannon Street, London, EC4N 6EU (immigration and visas)

INVESTMENT MANAGERS

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Black Rock (Merrill Lynch) Investment Funds CCLA Investment Management Ltd (COIF) Schroders Unit Trusts Limited.

Group VAT Registration Number: GB 123 3802 48

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ANNUAL REPORT 2021
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORLD ENERGY COUNCIL

OPINION

We have audited the financial statements of World Energy Council (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 December 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2021 and of the group’s income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE

COMPANIES ACT 2006

In our opinion based on the work undertaken in the course of our audit

the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of trustees’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ directors’ report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement 67, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the

Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were taxation legislation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those charged with governance and reviewing the agreements for individual income streams to ensure they are recognised in line with the respective accounting policy and the requirements of FRS 102 and the Charities SORP.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Thomas Senior Statutory Auditor For and on behalf of Crowe U.K. LLP London

27 May 2022

WORLD ENERGY COUNCIL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

	Unrestricted Funds 2021 £’000 Notes Restricted Funds 2021 £’000 Total 2021 £’000 Income from: Charitable activities: Other trading activities Restated Total 2020 £’000 Subscription fees Patron income Global partner income Gifts in kind Projects Congress income Investments Other Income 1,565 600 296 952 - 400 10 103 - - 3 400 10 106 - - - - 82 1,565 600 296 952 82 550 12 65 1,449 808 342 874 82

	Total income and endowments 3,927 4,182 85 4,012
	Expenditure on: Expenditure on charitable activities: Networks & communities Insights Communications & Engagement Congress Expenditure 1,172 1,746 960 - 3 3 3 3 1,288 1,684 909 78 53 1,172 1,799 960 -
	Total expenditure on charitable activities 3,878 53 3,931 3,959
	Other expenditure Restructuring costs Other 5 7 - - - 7 - 71 -
	Total expenditures 3,885 4,030 53 3,938
	Net gains/(losses) on investments Net income/(expenditure) Transfer between funds 69 111 18 - 32 (18) (22) 130 - 69 144 -
	Net movement in funds Total funds 1 January 2021 (2020) Total funds carried forward 129 2,119 2,248 14 42 56 130 2,032 2,161 144 2,161 2,305 14

WORLD ENERGY COUNCIL CONSOLIDATED AND CHARITY BALANCE SHEET AS OF 31 DECEMBER 2021

Notes	Group 2021 £000 Group 2020 £000 Charity 2021 £000 Charity 2020 £000
Fixed assets: Current assets: Liabilities Funds Intangible assets Tangible assets Investments Debtors Short term deposits Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets Restricted funds Unrestricted Designated funds WEC Foundation Gerald Doucet Memorial fund General fund Total funds 7 8 9 10 11 13 13 13 13	7 71 555 633 21 81 486 588 623 1 1,861 2,485 700 1 1,881 2,582 (813) 1,672 2,305 (1,008) 1,574 2,161 56 1,111 3 1,135 2,305 42 928 3 1,188 2,161 7 71 555 633 21 81 486 588 624 1 1,774 2,399 704 1 1,791 2,496 (809) 1,590 2,223 (1,002) 1,494 2,082 56 1,111 3 1,053 2,223 42 928 3 1,107 2,082

The Charity’s total income for 2021 was £4,012,000 (2020: £4,182,000). The Charity made a surplus of £143,000 in the year (2020: £130,000 surplus).

These financial statements were approved by the Board of World Energy Council (Company No. 4184478) and authorised for issue on 25 May 2022 and signed on their behalf by:

Jean-Marie Dauger Chair of Officers Council

Norbert Schwieters Chair, Finance Committee

The notes on pages 77-89 form part of these financial statements

WORLD ENERGY COUNCIL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

	2021 £’000 2020 £’000
Cash fows from operating activities: Cash fows from investing activities Adjustments for: Analysis of cash and cash equivalents Reconciliation of cash fows from operating activities from SoFA Net income/(expenditure) for the reporting period (as per the SoFA) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at beginning of reporting period Cash and cash equivalents at end of reporting period Net cash provided by (used in) operating activities Dividends, interest and rents from investments Proceeds from sale of investments Purchase of property, plant and equipment Net cash provided by (used in) investing activities Depreciation charges (Gains)/losses on investments Dividends, interest and rents from investments Loss/(proft) on sale of fxed assets Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by (used in) operating activities Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents	(13) 308 10 - (14) 12 26 (15)
	(4) 23
	(20) 1,882 331 1,551
	1,862 1,882
	130 38 22 (12) - 37 92 38 (69) (10) - 77 (193) 143
	308 (13)
	1,550 1 1,861 1
	1,551 1,862

The charity has taken advantage of the exemptions available in FRS 102 from the requirements to present a charity only Cash Flow Statement.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. COMPANY INFORMATION

World Energy Council is a company limited by guarantee (registered number 4184478), which is incorporated and domiciled in the UK and is a public benefit entity. The address of the registered office is 62-64 Cornhill, London EC3V 3NH.

2. ACCOUNTING POLICIES

A) BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

World Energy Council meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated. The Charity has sufficient reserves to operate for at least six months as of the Balance Sheet date in the absence of other income. The Charity receives its income from member subscriptions, Partners and the Congress. Partners are generally on auto-renewing contracts or contracts that require three to six months’ notice of non-renewal which allows adequate time for the company to make any adjustments required to its operational budget. The Congress payments are contractually required and do not allow permit non-payment. The Trustees approve annual budgets and forecasts in order to assess whether the company has sufficient liquidity to meet its liabilities as they fall due. The Finance Committee regularly reviews variances to budget, and reports and recommends to the Trustees where adjustments to the budgets are needed, such as if there are unexpected downturn in income. The Directors are confident that expenditure could be suitably controlled in line with cash flow to ensure continued operation of the Charity. The Trustees are conscious of the need to continue to closely monitor the position and make adjustments where necessary. Having regard to the above, the Trustees consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. which assumes that the company will continue to operate for the foreseeable future.

The functional currency of World Energy Council and its subsidiary is considered to be in pounds sterling as that is the currency of the primary economic environment in which the Charity/Group operates. The consolidated financial statements are also presented in pounds sterling.

B) CONSOLIDATION

The financial statements of World Energy Council and its subsidiary company (WEC Services Limited – Company No. 4236035) are consolidated, on a line-by-line basis, to produce the Group financial statements. The consolidated entity is referred to as ‘the Group’. No separate Statement of Financial Activities has been presented for World Energy Council as permitted by Section 408

of the Companies Act 2006. The Charity has taken advantage of the exemptions in FRS 102 from the requirements to present a Charity-only Cash Flow Statement and certain disclosures about the Charity’s financial instruments.

C) FUND ACCOUNTING

Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

Restricted funds are subject to specific restrictions imposed by the donors. These funds are accounted for separately and are only available to be used for the specific purposes for which they were given.

Investment income and gains and all expenditures are allocated to the appropriate fund.

D) INCOME

E) EXPENDITURE

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.

Support costs comprise the costs of all resources utilised to support the Charity’s primary activities and have been apportioned to charitable activities on the basis of the staff resources invested in each activity or project.

F) TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing more than £500 are capitalised and included at cost, including any incidental expenses of acquisition.

Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful lives as follows:

Over 10 years or over the period of the lease if less Over three years

Leasehold improvements Office equipment

The major sources of income for the Charity include:

the gross invoiced value of subscription fees charged to the Council’s members

Partner income, which represents corporate contributions for work programme purposes and is credited directly to the WEC Foundation, a designated fund

G) INVESTMENTS

Investments are re-valued to market value as at the balance sheet date and the surplus or deficit on this re-valuation is shown as net gains or losses on investments on the face of the Statement of Financial Activities. Realised gains and losses represent the difference between the sale proceeds and the opening market value of an investment or cost if purchased during the year.

Supporter income, which represents corporate contributions that are non-restricted and nondesignated

H) FOREIGN CURRENCY TRANSACTIONS

Subscriptions from members are recognised over the period to which they relate and are spread evenly over the period in line with the benefits received; Patron and Global Partner income is recognised when there is entitlement and receipt is probable, usually when the contract is signed. The income is recognised over the period to which it relates and is spread evenly over the period in line with the benefits received.

The subsidiary of the Charity (WEC Services Limited) derives income mainly from the World Energy Congress held once every three years and other commissioned activities such as event programmes and insights reports.

Investment income is recognised on a received basis. All other income is recognised on an accruals basis. Gifts in kind are received from a number of Patrons and other supporters of the charity either through seconded staff members or by the provision of services, e.g., modelling or advisory support on a specific project. Gifts received in kind are recognised as income at a reasonable estimate of their “fair value” to the Charity.

Where the Gifts represent staff time, the Gift in Kind is valued at the estimated cost to hire this level of staff in the UK job market. For goods or services, the value is calculated based on the estimated cost to procure these goods or services in the open market. Gift in Kind expenditure is apportioned by project and matches Gift in Kind revenue. Gift in Kind revenue is apportioned equally each quarter into the accounts. Gift in Kind expenses are shown as they are incurred or if for staff, on an apportioned quarterly basis.

Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the Statement of Financial Activities.

I) CASH AND BANK BALANCES

Amounts included in cash at bank and in hand were maintained in interlinked bank accounts; therefore, negative amounts in individual accounts do not represent overdrafts.

J) TAXATION

Under Sections 466 to 493 Corporation Tax Act 2010, a charity is exempt from tax on its income insofar as it is applied for charitable purposes only. All disbursements appear to fall within the charitable objects and, consequently, no tax liability will arise.

K) IRRECOVERABLE VAT

The Charity is registered for VAT, but some VAT is irrecoverable, and this is either charged to the SOFA directly or allocated within support costs.

L) OPERATING LEASES

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred. In the case of the ten-year office lease signed in June of 2014, a 22-month rent-free period was provided by the landlord and has been factored into the accrued rent over the total period of the lease.

M) CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity’s accounting policies, which are described in the Note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The judgements and estimates within the financial statements include gifts in kind valuation and the bad debt provision. The accuracy of the estimation of the gifts in kind income and expenditure depends on the value the Charity places on this service. The accuracy of the estimation of the bad debt provision depends on whether suppliers are able to pay their invoices, debts are provided against when it becomes probable the supplier will no longer be able to meet their obligation.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

N) FINANCIAL INSTRUMENTS

World Energy Council has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors.

Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.

Carrying amount of financial assets/liabilities

Financial assets that are measured at amortised cost: £2,245k (2020: £2,562k) Financial liabilities that are measured at amortised cost: £347k (2020: £376k) Financial assets measured at fair value through the SoFA: £555k (2020: £486k)

3. ANALYSIS OF EXPENDITURE

	Direct Costs £’000 Support costs £’000 Total 2021 £’000 Total 2020 £’000
Charitable expenditure Networks & communities Insights Digital & Platforms Congress expenditure Other expenditure	968 1,595 708 - 7 204 204 252 - 1,172 1,799 960 - 7 1,288 1,683 909 78
	3,278 660 3,938 3,959

4. SUPPORT COSTS

	Total 2021 £ Total 2020 £
Support costs categories Governance costs Operations and HR Accommodation costs Ofce equipment and services Exchange rate IT services Legal, professional and accountancy Restructuring Depreciation Trustee Expenses Audit costs Taxation advice (charity) VAT advice Accounts preparation (Charity) Accounts preparation (WSL) Other advice	64 255 155 - 79 68 - 39 - 660 283 263 150 - 46 86 5 38 - 872 19 - - 8 1 2 30 16 5 3 7 1 - 32

5. STAFF COSTS

	2021 £’000 2020 £’000
Wages and salaries Social security costs Staf benefts Pension costs Other staf costs	1,545 138 17 23 24 1,747 1,418 145 23 28 70 1,684

Employer pension contributions of £22,619 (2020: £27,500) were made on the employees’ behalf. The average number of employees during the year was 28 (2020: 26).

Redundancy payments in the year amounted to £nil (2020: £26,160), as at 31 December 2021 £nil remained outstanding (2020: £nil).

The number of employees whose emoluments, excluding employer pension costs but including any termination and redundancy payments, fell within the following bands were:

Band	2021	2020
£270,001-£280,000	1	-
£250,001-£260,000	-	1
£140,001-£150,000	1	-
£130,001-£140,000	-	-
£120,001-£130,000	-	1
£100,001-£110,000	1	-
£90,001-£100,000	0	-
£80,001-£90,000	2	1
£70,001-£80,000	-	1
£60,001-£70,000	-	2

6. TRUSTEES’ REMUNERATION AND EXPENSES

The Trustees neither received nor waived any emoluments during the year (2020: £nil). Trustees are not eligible for any employee benefits and received none during the year. During the year £nil (2020: £nil) was reimbursed to or paid on behalf of Trustee for travel expenses.

7. INTANGIBLE FIXED ASSETS

All intangible fixed assets are held by the Charity.

	Website £’000 Total £’000
Cost At 1 January 2021 Additions At 31 December 2021 Amortisation At 1 January 2021 Charge for the year At 31 December 2021 Net book values At 31 December 2021 At 31 December 2020	42 - 42 21 14 35 7 21 42 - 42 21 14 35 7 21

Compensation for key management personnel, other than the Secretary General, is recommended by the Secretary General to the Finance Committee for approval. The Board’s Remuneration Committee is responsible for setting the compensation of the Secretary General. The total compensation for key management personnel for 2021, including any termination and redundancy payments, was as listed below.

		2021		2020
Senior Management remuneration	£	804,080	£	746,505

No employer expenses were waived during the year.

8. TANGIBLE FIXED ASSETS

All tangible fixed assets are held by the Charity

Leasehold improvements £’000 Ofce Equipment £’000 Total £’000	Leasehold improvements £’000 Ofce Equipment £’000 Total £’000
Cost At 1 January 2021 Additions Disposals At 31 December 2021 Accumulated depreciation At January 2021 Charge for the period Disposals At 31 December 2021 Net book values At 31 December 2021 At 31 December 2020	220 14 - 187 - - 33 14 -
	234 187 47
	139 25 - 113 19 26 6
	164 132 32

	70 55 15
	81 74 7

9. FIXED ASSET INVESTMENTS

All investments are held by the Charity and are held in UK investments.

	2021 £’000 2020 £’000
Market value at 1 January 2021 Additions at cost Disposals at opening market value Realised gain on disposal of investments Unrealised gain / (loss) on investments Market value at 31 December 2021 Total investment value at 31 December 2020 Band	486 - - 69 555 555 534 - (26) (22) 486 486

10. DEBTORS

	Group 2021 £’000 Charity 2021 £’000 Group 2020 £’000 Charity 2020 £’000	Group 2021 £’000 Charity 2021 £’000 Group 2020 £’000 Charity 2020 £’000
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Debtors Amount due from subsidiary company Other Debtors Prepayments and accrued income 515 - 47 61 623 502 - 46 152 700 515 1 47 61 624 502 2 46 152 702	515 - 47 61 502 - 46 152 515 1 47 61 502 2 46 152
	623 700 624 702
	Group 2021 £’000 Charity 2021 £’000 Group 2020 £’000 Restated Charity 2020 £’000
Deferred income reconciliation: Trade creditors Taxation and social security costs Accruals Deferred Income Other Balance brought forward at 1 January 2021 Additions in current year Release of deferred income Balance carried forward at 31 December 2021	101 35 241 433 5 101 35 235 433 5 145 28 308 522 5 145 28 302 522 5
	815 809 1,008 1,002
		522 907 (996) 433

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Deferred income balance relates to patron and partner balances relating to future financial years.

All fixed asset investments are UK listed investments, which are held in unit funds.

12. FINANCIAL COMMITMENTS

As at 31 December 2021, the group had future minimum lease payments under non-cancellable operating leases for each of the following periods:

	2021 £’000 2020 £’000
Within 1 year Between 2 and 5 years Within 1 year Between 2 and 5 years Land and buildings Fixtures and fttings	173 238 173 411
	411 584
	15 31 25 46
	46 71

During the year £221,171 (2020: £190,098) of operating lease expenditure has been recognised as expense.

13. STATEMENT OF FUNDS

Expenditure £’000 Income £’000 Restated Balance b/f 1 January 2021 £’000 Balance c/f 31 December 2021 £’000 Investment gains £’000 Transfers £’000	Expenditure £’000 Income £’000 Restated Balance b/f 1 January 2021 £’000 Balance c/f 31 December 2021 £’000 Investment gains £’000 Transfers £’000	Expenditure £’000 Income £’000 Restated Balance b/f 1 January 2021 £’000 Balance c/f 31 December 2021 £’000 Investment gains £’000 Transfers £’000
Restricted funds Urestricted funds Deep Dive project Rosatom Total Restricted Funds General reserve Designated funds Foundation Doucet Memorial fund Total funds	- (53) (53) (3,884) (1) - - 85 85 3,313 614 - 18 24 42 1,188 928 3 - 56 56 1,135 1,111 3 - - - - 69 - (18) - (18) 518 (500) - restated	- (53) - 85 18 24 - 56 - - (18) -
		(53) 85 42 56 - (18)
	3,938 4,012 2,161 2,305 69 -

Expenditure £’000 Income £’000 Restated Balance b/f 1 January 2020 £’000 Balance c/f 31 December 2020 £’000 Investment gains £’000 Transfers £’000	Expenditure £’000 Income £’000 Restated Balance b/f 1 January 2020 £’000 Balance c/f 31 December 2020 £’000 Investment gains £’000 Transfers £’000	Expenditure £’000 Income £’000 Restated Balance b/f 1 January 2020 £’000 Balance c/f 31 December 2020 £’000 Investment gains £’000 Transfers £’000
Restricted funds Urestricted funds WEC UK Committee Deep Dive project Rosatom Total Restricted Funds General reserve Designated funds Foundation Doucet Memorial fund Total funds	(60) - (75) (135) (3,863) (33) - - - 82 82 3,281 - 819 - restated restated restated restated 68 18 17 103 861 1,065 3 - 18 24 42 1,188 - 928 3 - - - - - (22) - (8) - - (8) 908 (900) -	(60) - (75) - - 82 68 18 17 - 18 24 - - - (8) - -
		(135) 82 103 42 - (8)
	(4,030) 4,182 2,032 2,161 (22) 8

The Foundation Fund represents funds set aside at the Trustees’ discretion to assist in the further development of the Council’s work programme; these were utilised both in 2020 and 2021. The restatement of 2020 comparatives is in order to correct the disclosure of the movements of the designated funds during the prior year, including the annual £500,000 transfer from the Foundation Fund to Council to provide further support.

The funds in the Gerald Doucet Memorial Fund are used to support the Council’s work with young people, e.g., Future Energy Leaders programme.

The funds shown as “Restricted” are the contributions towards the Rosatom secondee.

14. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

	Gerald Doucet Memorial Fund £’000 Foundation £’000 General £’000 Total £’000 Funds £’000 Unrestricted Restricted
As at 31 December 2021 Intangible fxed assets Tangible fxed assets Investments Net current assets	- - - 3 - - 555 555 7 71 - 1,058 7 71 555 1,672 - - - 56
	3 1,111 1,135 2,305 56

	Gerald Doucet Memorial Fund £’000 Foundation £’000 General £’000 Total £’000 Funds £’000 Unrestricted Restricted
As at 31 December 2020 Intangible fxed assets Tangible fxed assets Investments Net current assets	- - - 3 3 - - 486 557 1,043 21 81 - 972 1,074 21 81 486 1,574 2,161 - - - 42 42

	Total 2021 £’000 Total 2020 £’000
The aggregate of the assets, liabilities and fuds was: Assets Liabilities Net Assets Retained Profts Reserves	87 (6) 90 (9)
	82 82 81 81
	82 81

16. RELATED PARTY TRANSACTIONS

15. SUBSIDIARY COMPANY

The Charity owns the whole of the issued ordinary share capital of WEC Services Ltd, a company registered in England (Company Number 4236035; VAT Registration Number GB 123 3802 48). WSL’s share capital is £100 divided into 100 shares of £1 each. The subsidiary is used for non-primary purpose trading activities, namely Congresses, non-tax-exempt events and royalties from joint projects. WSL’s total annual net profits for the year will be gift aided and paid over to the charity within the next nine months after the year end, and therefore no Corporation tax charge for the year is expected.

A summary of the results of the subsidiary is shown below

	Total 2021 £’000 Total 2020 £’000
Turnover Administrative expediture Proft before taxation Taxation Proft after taxation Retained earnings at start of period Proft for the year Gift Aid donation Retained earnings at end of period Statement on income and Retained Earnings	103 (7) 99 (3)
	96 - 96 96 - 96
	81 96 (96) 81 96 (96)
	81 81

The total aggregated financial contributions from related parties to which one or more Trustees have a relationship were £121,800.

One Trustee, and Director of the trading subsidiary was the signatory of a Patron, EDF, whose contribution to the Council was valued at £80,000. This Trustee stepped down from the Council on 2 November 2021.

Another Trustee, who was appointed to the Council on 2 November 2021, had significant influence over a Patron, EDF, whose contribution to the Council was valued at £80,000.

One Trustee, who is also a Director of the trading subsidiary, exercises joint control over E.ON a Global Partner of the Council whose contribution was £41,800.

WORLD ENERGY COUNCIL

TABLE OF CONTENTS

MESSAGE FROM THE CHAIR

JEAN-MARIE DAUGER

MESSAGE FROM THE SECRETARY GENERAL AND CEO

DR ANGELA WILKINSON

WORLD ENERGY COUNCIL 2021 AT-A-GLANCE

PUBLIC BENEFIT

HOW DO WE DO THIS

OUR MISSION

OUR VISION

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INNOVATION INSIGHTS

DELIVERING IMPACT

HUMANISING ENERGY ACROSS THE WORLD ENERGY COMMUNITY

2021 – REVIEW AND ACHIEVEMENTS ENABLING ACTION THROUGH INSIGHT

RECOVERY WITH DIVERSITY AND RESILIENCE

2021 WORLD ENERGY COUNCIL INSIGHTS

COVID-19 SCENARIOS AND WORLD ENERGY COUNCIL TRANSITION RADAR

250 DAYS TO 2050

250 DAYS TO 2050

WORLD ENERGY TRILEMMA INDEX 2021

WORLD ENERGY INSIGHTS: HYDROGEN

WORLD ENERGY ISSUES MONITOR 2021

DELIVERING IMPACT

WORLD ENERGY STORIES: ‘HUMANISING ENERGY’

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GERMANY

ENGAGING THE GLOBAL ENERGY+ COMMUNITY

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IMPRESSIONS

366.5K

2.55 million

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CLICK THROUGHS

FOLLOWERS

22,900+ 52,000+

DELIVERING IMPACT

ENABLING ENERGY TRANSITION AT THE CITY LEVEL

EVENTS

WORLD ENERGY WEEK 2021

SATISFACTION LEVEL

WE TALKS

DELIVERING IMPACT

ENGAGING WOMEN IN ENERGY

WORLD ENERGY LEADERS’ SUMMITS

THE 25TH WORLD ENERGY CONGRESS 2022

DELIVERING IMPACT WORLD ENERGY ACADEMY

Argentina, Estonia , Mexico, Panama, Colombia, Italy, Nigeria, Portugal

DELIVERING IMPACT

INSPIRATIONAL PROJECTS FOR SUSTAINABLE ENERGY

ENSURING RESILIENT OPERATIONS, FINANCES, AND PEOPLE

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ITALIAN FORUM OF ENERGY COMMUNITIES

COMPLIANCE

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ENERGY COMMUNICATIONS

STRENGHTENING OUR WORLDWIDE MEMBER NETWORK

ecoligo GmbH, Germany | Clean Energy Generation

Allume Energy, Australia | Demand-Side Innovation

kraftwerk TUBES GmbH, Germany | Smart Mobility & Transportation

ACCURE Battery Intelligence GmbH, Germany | Energy Distribution & Storage

S4S Technologies Ltd, India | Quality Access & SDG-7