Stock Groups

Sweden’s Vattenfall raises emission targets, eyes 2040 net zero goal By Reuters


© Reuters. FILEPHOTO: The “Dan Tysk”, a windpark of Swedish energy company Vattenfall, and Stadtwerke Munich (public service Munich), are shown with windmills. They can be found west of Sylt Island in the North Sea. REUTERS/Fabian Bimmer/File Photo

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. Instead, they are determined by marketmakers. As such, the prices might not reflect market conditions and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.