VERBUND AG: Climate Transition Plan Published – VERBUND Plans To Be Climate Neutral By 2040 And Achieve Net Zero By 2050

EQS-News: VERBUND AG / Key word(s): ESG
VERBUND AG: Climate Transition Plan published – VERBUND plans to be climate neutral by 2040 and achieve net zero by 2050
24.10.2024 / 11:08 CET/CEST
The issuer is solely responsible for the content of this announcement.

As a leading Austrian energy company and one of the largest producers of hydroelectricity in Europe, VERBUND is committed to becoming climate neutral by 2040 and achieving net zero greenhouse gas emissions by 2050.

With the Climate Transition Plan published today, VERBUND has set a clear path with measurable targets and actions to reduce greenhouse gas emissions. VERBUND plans to achieve a 74% reduction in greenhouse gas emissions by 2030, with a further reduction of at least 90% by 2040 compared with the base year 2020. Ultimately, the goal is to reach net zero by 2050. Greenhouse gas emissions attributable to investing in the decarbonisation of the energy system are the sole exception to this commitment.

In order to achieve these ambitious targets, VERBUND has introduced targeted measures along the entire value chain in accordance with Mission V. They include the expansion of green energy generation and flexibility in Europe, switching to green hydrogen and using former gas pipelines to transport it, reducing indirect emissions, research and development as well as electromobility.

By adopting this approach, VERBUND is pursuing a pathway to lower emissions backed by science that aligns with the Paris Agreement objective to limit global warming to below 1.5°C.

Top mark in Moody's net zero assessment

The VERBUND Climate Transition Plan was awarded the best possible rating, NZ-1 (leading), by Moody's rating agency for the first time and as part of a non-mandatory assessment which covered the topics ambition, implementation and governance.

VERBUND Climate Transition Plan – the path to net zero

Short-term targets for 2030

• Reducing emissions : VERBUND is committed to reducing its Scope 1, 2 and 3 greenhouse gas emissions – with the exclusion of category 2 – by 74% between 2020 and 2030. Category 2 emissions refer to indirect emissions arising from investments in the decarbonisation of the energy system.
• VERBUND is committed to lowering the intensity of Scope 1 emissions (direct emissions) attributable to electricity generation by 40% by 2030.

Long-term targets for 2040

• Climate neutrality : VERBUND is committed to becoming climate neutral by 2040 by lowering its Scope 1, 2 and 3 greenhouse gas emissions – with the exclusion of category 2 – by 90% by 2040 compared with the base year 2020.

• First and foremost, this will be achieved by reducing the specific greenhouse gas emissions classified as Scope 1 (direct emissions) by 90% and reducing Scope 3 emissions (electricity sales) by 98% compared with the base year 2020.

Long-term targets for 2050

• Net zero : VERBUND is committed to achieving net zero greenhouse gas emissions by 2050 (by reducing greenhouse gas emissions by at least 90% and avoiding residual emissions) compared with the base year 2020. Greenhouse gas emissions arising from investments in the decarbonisation of the energy system (expansion of renewable energy) are the only form of emissions exempt from this commitment.

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24.10.2024 CET/CEST This Corporate News was distributed by EQS Group AG.