AVANGRID Sets Industry-Leading 2030 Carbon Neutrality Targets for Scopes 1 And 2
AVANGRID’s announcement comes on the heels of
“As one of America’s most sustainable energy companies, our commitment to our ESG+F principles serves as the backbone of our business and puts us in the right place to address the need for more clean energy,” said
ESG factors have been an integral part of the
AVANGRID’s Net Zero Strategy reflects its strong commitment to carbon neutrality and support for the energy transition. In line with its recent announcement, the company’s immediate focus is on reducing emissions from scopes 1 and 2. Scope 1 emissions include all direct greenhouse emissions from sources that are owned or controlled by
To reach carbon neutrality in scopes 1 and 2 by 2030,
Increase renewable installed capacity by 190% by 2030 versus 2015, supported by investing
$1.8 billionin its renewables business through 2025. In addition, AVANGRIDis exploring new technology solutions such as hydrogen and storage (scope 1).
- Decrease greenhouse gas emissions intensity from generation sources by 35% by 2025 and 70% by 2030 versus 2015 (scope 1).
- Green its buildings by committing to 100% renewable energy in its corporate buildings by 2030 (scope 2).
- Convert 100% percent of its light duty vehicles to cleaner energy by 2030 (scope 1).
Continue to develop a plan for the company’s one thermal unit, its Klamath gas generation facility. As part of this process,
AVANGRIDis currently exploring technologies and other options to reduce gas generation emissions while using this highly efficient unit for managing the company’s growing renewable fleet (scope 1).
- Continue investing in gas leak prevention with pipeline replacements to reach 100% leak prone pipe replacement (scope 1).
In addition to announcing its industry-leading carbon neutrality targets,
“AVANGRID has and continues to demonstrate leadership in all aspects of ESG,” said
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world,
Forward Looking Statements
Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the
- the future financial performance, anticipated liquidity and capital expenditures;
- actions or inactions of local, state or federal regulatory agencies;
- the ability to recruit and retain a highly qualified and diverse workforce in the competitive labor market;
- changes in amount, timing or ability to complete capital projects;
adverse developments in general market, business, economic, labor, regulatory and political conditions including, without limitation, the impacts of inflation, deflation, supply-chain interruptions and changing prices and labor costs, including the
Department of Commerce'santi-circumvention petition that could adversely impact renewable solar energy projects;
- the impacts of climate change, fluctuations in weather patterns and extreme weather events;
- technological developments;
the impact of extraordinary external events, such as any cyber breaches or other incidents, grid disturbances, acts of war or terrorism, civil or social unrest, natural disasters, pandemic health events or other similar occurrences, including the ongoing geopolitical conflict with
- the impact of any change to applicable laws and regulations, including those subject to referendums and legal challenges, affecting the ownership and operations of electric and gas utilities and renewable energy generation facilities, respectively, including, without limitation, those relating to the environment and climate change, taxes, price controls, regulatory approval and permitting;
- our ability to close the proposed Merger, the anticipated timing and terms of the proposed Merger, our ability to realize the anticipated benefits of the proposed Merger and our ability to manage the risks of the proposed Merger;
- the COVID-19 pandemic, its impact on business and economic conditions, including but not limited to impacts from consumer payment behavior and supply chain delays, and the pace of recovery from the pandemic;
- the implementation of changes in accounting standards;
- adverse publicity or other reputational harm; and
- other presently unknown unforeseen factors.
Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the