Enel has adopted a new global greenhouse gas emissions reduction target which has been updated by the Science-Based Targets initiative (SBTi) in April 2019.
The global sustainability standard calls for companies to reduce their direct greenhouse gas emissions per KWh by 70% by 2030 from 2017 levels.
Enel says it will reduce its indirect greenhouse gas emissions by 16% through the sale of natural gas for the retail market.
The utility plans to do so by increasing its investments in renewable energy by generating more than 25% of its total capacity using clean resources by 2021. Enel plans to reduce its thermal capacity by more than 15% from current levels by 2021.
Enel’s SBTi commitment falls within the Group’s roadmap towards zero emissions by 2050.
The sustainability standard is expected to keep global warming to well below 2°C.
Francesco Starace, CEO of Enel, said: “By cutting our direct emissions by 70% through the implementation of this new science-based target, we will be well on track, twenty years before the 2050 deadline, to achieving our full decarbonisation target.
“As one of the most critical issues of our time, climate change represents a great challenge but also a tremendous opportunity, with renewables now contributing significantly to Enel’s growth and sustainability as a major driving force for value creation.
“Our Strategy addresses the United Nations Sustainable Development Goals, creating financial value while contributing to the establishment of a zero-emission society. As a global framework, SBTi has set a clear path for corporations willing to create value from sustainable decarbonisation. The initiative’s overall aim is that science-based target-setting will become standard business practice and we, as Enel are ready to embrace this approach towards our ambitious targets.”
Enel was one of the first companies in the world to join SBTi in 2015.
Enel is now the world’s largest private renewable player, with over 43GW of managed renewable capacity and will add around 11.6GW by 2021, equivalent to an increase of over 25%, while at the same time reducing thermal capacity by about 7GW from over 46 GW currently, equivalent to a decrease of over 15%.
Enel operates the largest private power distribution network globally with a grid of over 2.2 million kilometres serving approximately 73 million end-users, 60% of which are already digitised.
The utility plans to have 455,000 public and private charging points for electric vehicles installed worldwide by 2021.
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).