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Portugal's largest electricity utility, EDP, has received the seal of approval from the Science Based Targets Initiative on the company's target to reduce its carbon footprint across its entire value chain.

Portugal’s EDP Receives Science Based Targets Initiative Seal Of Approval

Portugal’s largest electricity utility, EDP, has received the seal of approval from the Science Based Targets Initiative on the company’s target to reduce its carbon footprint across its entire value chain.

Portugal’s largest electricity utility, EDP, has received the seal of approval from the Science Based Targets Initiative on the company’s target to reduce its carbon footprint across its entire value chain.

EDP is Portugal’s largest generator, distributor, and supplier of electricity, and also has significant business in neighboring Spain, as well as 12 other countries. The company recently announced that it has now received approval of its target to reduce its carbon footprint across its entire value chain by experts at the Science Based Target Initiative — a collaborative project between CDP (formerly the Carbon Disclosure Project), World Resources Institute, the World Wide Fund for Nature, and the United Nations Global Compact.

The company’s specific target 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.” The target is in line with the company’s previously announced intention to reduce specific emissions of CO2 by 75% by 2030.

EDP has already been making moves to reduce its emissions, but the new approval from the Science Based Target Initiative means the company now has what it describes as “a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to do so.”

“This recognition confirms how robust EDP’s ambitious strategy is,” said Rui Teixeira EDP Board Member. “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.”
“We congratulate EDP on getting their ambitious target approved,” added Pedro Faria, member of the Science Based Targets initiative steering committee. “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.”
 
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