Vattenfall is the first Swedish energy company to have its target of net-zero emissions in 2040 verified by the Science Based Targets initiative (SBTi). This complements Vattenfall’s 2030 targets which are in line with limiting global warming to 1.5°C.
Vattenfall’s target covers all emissions across the company’s value chain. This means that not only are Vattenfall’s own power and heat production included, but also all upstream and downstream emissions. Upstream emissions include those in supply chains linked to growth investments in new fossil-free power production, and while downstream emissions include those from supplying fossil gas to private and business customers.?All direct emissions will be prioritized and all residual emissions will be neutralized in line with SBT-criteria.
“I am very happy that the SBTi has verified Vattenfall’s net-zero target. SBTi provides a crucial standard for reporting on net-zero, ensuring we set ambitious targets and maintain transparency and accountability in our efforts. By adhering to SBTi guidelines, we demonstrate our commitment to be leaders in the energy transition. We also encourage those we work with across the value chain and in the wider sector to join us in making a real contribution to climate action,” says Annika Ramsköld, Head of Sustainability at Vattenfall.
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and the We Mean Business Coalition. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
