EDP – a Portuguese based company with operations in 14 countries - has set a target to reduce its carbon footprint across its value chain. This has now been approved by experts at the Science Based Targets initiative - a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC).
While EDP has already been taking action to cut its emissions, the company’s approved science-based targets mean it now has a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to do so.
EDP commits to reduce direct (scope 1) and indirect (scope 2) emissions from electricity production 55% per TWh by 2030, from 2015 levels. The company also commits to reduce absolute indirect emissions (scope 3) by 25% over the same time period*. This objective is in line with EDP's public announcement in 2015 to reduce specific emissions of CO2 by 75% in 2030, compared to 2005 level.
“This recognition confirms how robust EDP’s ambitious strategy is. Our commitment on a decarbonization pathway achieved noteworthy results in this first year, highlighting the new 1.3 GW of renewable installed capacity. The sustainable management of our business, strengthened by the global partnerships we have joined, reveal our commitment to playing our part in ensuring the success of the Paris Agreement,” said Rui Teixeira EDP Board Member.”
Pedro Faria, member of the Science Based Targets initiative steering committee said: “We congratulate EDP on getting their ambitious target approved. Their efforts will help accelerate the transition to the low-carbon economy in Portugal and globally. We encourage all companies to follow their lead and better position themselves to experience the increased innovation, reduced regulatory uncertainty, strengthened investor confidence, improved profitability and competitiveness that other businesses have seen after setting and implementing science-based targets.”
| About EDP |
EDP is the largest generator, distributor and supplier of electricity in Portugal and has significant operations in electricity and gas in Spain. EDP is one of the major electricity generation companies and one of the largest distributors of gas in the Iberian Peninsula. EDP, through its subsidiary EDP Renewables, is also a significant player in the wind energy sector. EDP operates in 14 countries, with more than 10 million electricity customers and 1.4 million gas supply points and more than 12,000 employees around the world.
The Science Based Targets initiative champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC) and one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.”
Notes to editors:
EDP’s full target wording is as follows: EDP commits to reduce scope 1 and 2 emissions from electricity production 55% per TWh by 2030, from 2015 levels. The company also commits to reduce absolute scope 3 emissions 25% over the same time period.
Specific emissions: emissions per unit of energy produced
Scope 1 emissions: direct emissions from sources that are owned or controlled by the company (plants, fleets, buildings, electricity and gas infrastructures).
Scope 2 emissions: indirect emissions from consumption of purchased electricity, heat, or steam, not produced/supplied by the company.