- Press Releases
September 20 (Renewables Now) - Swedish state-owned utility Vattenfall AB today said it has lifted its emission reduction goals for 2030 and committed to achieving net zero emissions across its full value chain by 2040 through a vast expansion of wind and solar.
The company’s previous targets aligned with a goal to limit global warming to 2 degrees Celsius, whereas the new ones will stick to a maximum of 1.5 degrees. After managing to cut its absolute carbon dioxide (CO2) emissions in 2020 by close to 40% from 2017 levels, it now aims at an over 77% reduction of Scope 1 and 2 emissions by 2030 from the same basis. Furthermore, it will seek to lower absolute emissions from the use of sold products, known as Scope 3, by 33% by 2030 from 2017 levels.
In order to implement the strategy, Vattenfall intends to shut down its last two coal-fired heating plants in Germany and convert them to a combination of biomass, heat pumps, power-to-heat and natural gas and expand its current solar and wind portfolio four times. By 2030, it will also pursue a 25-fold increase of its electric charging points as compared to 2020.
The Swedish group noted that between 2017 and 2020, it has trimmed its CO2 emissions by 10 million tonnes. It will now seek to have less than six million tonnes of CO2 emissions in 2030.
Ultimately, Vattenfall plans to become net-zero across its full value chain by 2040. In addition to its own, this goal concerns the CO2 emissions from its suppliers and customers, which will either have to be eliminated or offset via negative emissions.