SSE seeks shareholder approval for climate action plan30 Mar 2021
SSE will put its net zero transition plan to shareholders in a non-binding advisory vote on a resolution to be proposed at its AGM in July 2021.
The company is a principal partner to the UK Government and COP26 and is committed to helping drive climate action.
SSE set a series of Paris-aligned interim carbon targets validated by the Science Based Targets initiative in 2020 and is committed achieving net zero carbon emissions across all scopes of activity by 2050 at the very latest. A management-sponsored resolution will seek endorsement from its shareholders for its net zero transition plan designed to meet these important climate targets.
"Providing solutions to climate change through the investment in low carbon electricity infrastructure is the core of SSE’s business strategy. It is therefore, wholly appropriate that shareholders should engage directly with the company on our plans. An annual shareholder vote on SSE’s net zero transition report represents a significant step forward in terms of the role of our owners in endorsing our investments for net zero.Rachel McEwen, Chief Sustainability Officer
We’re a proud partner to the UK Government on COP26 and believe the financial and business communities can play a crucial role in helping to secure global agreement on a clear trajectory to keep warming well below 2°C."
In June 2020, SSE published a set of interim Paris-aligned carbon targets verified by the Science Based Target initiative. They are:
- Reduce its direct Scope 1 GHG emissions by 60% to 120g CO2e/kWh by 2030 from a 2018 base year (300g CO2e/kWh);
- Cut absolute Scope 1 and 2 GHG emissions by 40% by 2030 from a 2018 base year, from 11.1m tonnes of CO2 equivalent to 6.6m tonnes, reflecting the importance of delivering absolute emissions reductions in the long run;
- Working closely with its supply chain so that 50% of suppliers by spend will have a science-based target by 2024; and
- Reduce absolute GHG emissions from use of products sold 50% by 2034 from a 2018 base year.