Vattenfall increases emissions reduction targets – now in line with 1.5 degree Celsius scenario
In October 2019, Vattenfall’s climate targets were approved by SBTi to be in line with the 2 degree Celsius trajectory. Now, Vattenfall has decided to take another step to further reduce emissions, aligning with the 1.5 degree scenario, the most ambitious scenario in the Paris Climate Agreement.
âThe climate crisis is real and not only do we have a responsibility to act quickly, but we also see many opportunities for us at Vattenfall to be a leader in this urgent transition. That is why, at Vattenfall, we are committed to taking action in accordance with the IPCC findings. Reaching 2 degrees is not enough. The 0.5 degree difference means the world to us and is a big step towards fossil-free life within a generation, âsaid Vattenfall CEO and President Anna Borg.
Anna Borg adds: âAlready in 2020, we have reached our target of 2 degrees SBTi of absolute CO reduction.2 nearly 40% of emissions from 2017, ten years ahead. Now we will continue our accelerated path. This means that we will reduce our emissions intensity by more than 77% from 2017 to 2030. We also commit to achieving a target of net zero by 2040, which means that we will achieve net zero emissions across our chain. value by 2040. It is important that we use our expertise and market position to help our customers and suppliers to decarbonize, which is why we have also set a 50% emission reduction target for our suppliers of goods and services. ‘
Alberto Carrillo Pineda, Managing Director and Co-Founder of SBTi, comments: âWe are delighted that Vattenfall, one of Europe’s leading energy companies, has taken this bold step and is one of the few European energy companies that have committed to reduce their emissions along the path by 1.5 degrees. We look forward to seeing the results of this new ambition.
Comprehensive measures are needed
Vattenfall’s ambitions to achieve its 2030 commitment are:
phase out coal from all operations by replacing the last two coal-fired thermal assets, Moabit and Reuter West in Berlin, with a combination of biomass, heat pumps, power generation for heating and natural gas
add four times the wind and solar capacity to the grid of what Vattenfall currently has in operation
helping partners and society to electrify industrial processes, including in steel, cement, heavy transport, chemicals, etc., enabling emission reductions beyond Vattenfall’s own value chain
have 25 times more electric charging stations in operation, compared to 2020
âPhasing out coal is the next phase in our decarbonisation journey: we have gone from over 22 million tonnes of CO2 in 2017 to around 12 million tonnes in 2020, and these new investments will give us a flexible and scalable asset portfolio that will reduce emissions to less than 6 million tonnes by 2030 and contribute to zero net operations by 2040 â , says Annika RamskÃ¶ld, Head of Sustainability at Vattenfall.
Vattenfall is also committed to being net zero throughout its value chain by 2040, which means that by 2040 the company’s steeper decarbonization path will be continued and all CO emissions2 emissions from the entire value chain, including supplier and customer emissions, will have either been eliminated or offset by negative emissions.
Vattenfall’s new emission reduction targets:
Reduce emissions intensity in company operations (Scope 1 + 2) by more than 77% by 2030 compared to 2017 (SBTi approved)
Reduce absolute emissions related to the use of products sold (Scope 3) by 33% by 2030 compared to 2017 (SBTi approved)
Achieve net zero by 2040
SBTi is a joint initiative of the CDP1, the United Nations Global Compact, WRI2 and WWF. The collaboration provides a methodology that specifies how much and how quickly companies must reduce their greenhouse gas (GHG) emissions in order to meet the Paris Agreement targets to limit global warming to well below 2 degrees above pre-industrial levels and continue their efforts. limit warming to 1.5 degrees.
1: CDP = Carbon Disclosure Project
2: WRI = World Resources Institute.
Vattenfall’s main milestones in reducing carbon dioxide emissions since 2017 include:
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For more information, contact:
Vattenfall press office, tel. : +46 8 739 50 10, [email protected]