Vattenfall increases climate targets and commits to net zero by 2040

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Vattenfall is aiming to increase its solar and wind capacity four-fold in order to meet its more ambitious climate targets. Image: Vattenfall.

Vattenfall has increased its emissions reduction targets to be in line with the 1.5 degrees Celsius scenario set out in the Paris Climate Agreement, in a move that has been approved by the Science Based Targets initiative (SBTi) and which involves increasing its renewable capacity four-fold.

In October 2019, the Swedish state-owned multinational utility aimed to comply with the 2-degree scenario, which was also approved by SBTi at the time, but achieved this “ten years ahead of schedule”, according to newly appointed CEO and president Anna Borg.

“Already in 2020, we achieved our 2 degrees SBTi target of reducing absolute CO2 emissions by nearly 40% from 2017,” said Borg. “Now we will continue our accelerated path. This means we will reduce our emissions intensity by over 77% from 2017 to 2030.”

In order to do this, Vattenfall will phase out coal from all its operations by switching the last two coal-fired heat assets, Moabit and Reuter West in Berlin, to a combination of biomass, heat pumps, power-to-heat and natural gas. It will also quadruple its capacity of solar and wind power, help its partners to electrify their industrial production and increase its electric charging posts in operation 25 times.

Vattenfall has also increased its emission reduction targets for 2030 and beyond, now aiming to reach net zero throughout its entire value chain by 2040 through both elimination and offsetting mechanisms.

“It is important that we use our expertise and position in the market to help our customers and suppliers to decarbonise, which is why we also have set a 50% emission reduction target for our suppliers of goods and services,” added Borg.

Read Next

October 26, 2021
The Australian government has today committed to reaching net zero emissions by 2050 but has not passed any legislation to support such a transition in a move described as “disappointing” and “unambitious” by the country’s Clean Energy Council.
October 25, 2021
The Cabinet of Japan’s government has approved a plan to raise the national target for renewable energy in the electricity generation mix to between 36% and 38% by 2030. 
October 22, 2021
Norwegian energy giant Statkraft has released a report that urges greater action on decarbonisation to meet climate targets, puts renewables at the centre of any strategy and places huge importance on the role of green hydrogen.
October 8, 2021
The US needs to deploy a minimum of 103GW of distributed solar and 137GW of distributed energy storage by 2030 to achieve President Biden’s climate goals at the lowest cost, according to a new report by Local Solar for All.
September 13, 2021
The Australian Renewable Energy Agency (ARENA) will support projects that further lower the cost of renewable generation as part of a new investment strategy aimed at underpinning the transition to net zero emissions.
PV Tech Premium
August 10, 2021
Liam Stoker reflects on the IPCC’s ‘Code Red’ warning over climate change, what it means for the world’s renewables sector and, crucially, why it is time for policymakers to match rhetoric with action.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021