AVANGRID Inc., a sustainable energy company and member of the group of companies controlled by Iberdrola SA, continues its environmental, social and governance (ESG) commitments by expanding carbon neutrality targets. The company now targets to reach carbon neutrality in ranges 1 and 2 by 2030 and is developing a strategy to address range 3 emissions.
“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 meet the demand for cleaner energy,” said by Pedro Azagra, CEO of AVANGRID. “We also benefit from the expertise of the Iberdrola Group, who is a global leader in ESG and whose targets are confirmed by SBTi, and we are following in their footsteps.”
“Our sustainability goals have continued to evolve since 2017, when we became the first US utility to commit to carbon neutral goals and set our target to reach carbon generation neutrality by 2035, ” added Azagra. “We have strengthened our emission goals and social commitments, laid the foundation for the transition of our fleet to cleaner energy vehicles, committed to increasing our purchases with different suppliers and so on. Not only do we continue to improve and accelerate our commitments, but there are also new initiatives underway to achieve our goals.
AVANGRID’s Net Zero Strategy reflects a 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 scope 1 and 2. Scope 1 emissions include all direct greenhouse emissions from diffuse sources. -owned or controlled by AVANGRID, including power generation facilities, offices and other facilities, and fleet vehicles. Scope 2 emissions include indirect greenhouse emissions associated with the generation of purchased energy used by AVANGRID.
To achieve carbon neutrality in scopes 1 and 2 by 2030, AVANGRID plans to increase renewable installed capacity by 190% by 2030 compared to 2015, supported by an investment of $1.8 billion in its renewable businesses until in 2025. In addition, AVANGRID explores new technological solutions such as hydrogen and storage (scope 1).
It will green buildings by committing to 100% renewable energy in corporate buildings by 2030 (scope 2). In addition, the company will convert 100% percent of its light duty vehicles to cleaner energy by 2030 (scope 1).
“AVANGRID has and continues to demonstrate leadership in all aspects of ESG,” commented Laney Brown, AVANGRID’s vice president of sustainability. “We analyzed a select number of our ESG goals against our peers, and the breadth and depth of our ESG commitments in comparison reflect our ESG leadership and reflect our unique ESG position. We show that clean energy is not only a beneficial outcome for the environment and society, but an opportunity to help people and communities participate in the clean energy transition through new jobs, and for leading companies like ours to make critical and strategic investments.
