By Nora Buli

OSLO (Reuters) – Swedish energy company Vattenfall said on Monday it increased its emission reduction goals for 2030 and brought forward its net zero target by 10 years to 2040, by phasing out coal and increasing wind and solar capacity.

Anna Borg, chief executive of Vattenfall said that “the climate crisis is real” and stressed that it was important to take action and act fast. However, she also saw many opportunities at Vattenfall for being leaders in the urgent transition. This statement came as part of the opening ceremony for Vattenfall’s capital market day.

The previous Vattenfall targets were aligned to efforts to limit global warm to 2 degrees Celsius. But, this year’s set of sharpened goals will make it possible to achieve a 1.5 C target.

From a 38% reduction in 2017, Vattenfall now wants to cut emissions from operations by 77% and more than 77% between 2017-2020.

In the same time, it increased its target for absolute emission reductions from sales of goods (scope 3), from 20% to 33%.

Vattenfall claimed that it has reduced emissions by 10,000,000 tonnes CO2 (CO2) between 2017 and 2020. It now targets a reduction of under 6 million tonnes for 2030.

Vattenfall stated that it plans to switch the last coal-powered units – which are located in two German heating plants – to heat pumps, biomass and power-toheat.

This would double its current solar and wind power, which is 3.7 gigawatts. It also will increase electric charging points by 25 times over 2020.

Vattenfall further seeks to help curb emissions outside its own business, by supporting the wider electrification of industrial processes, including in steel, cement, heavy transport and chemicals.

Borg stated that the Net Zero target by 2040 is also a commitment. This means we aim to achieve net zero emissions across our entire value chain by 2040.

This also covers all CO2 emissions from suppliers and customers, which will either have been eliminated or offset via negative emissions certificates.