The right strategy to help turn the tide - our Net Zero Transition Plan29 Mar 2022
A shareholder plan for net zero
As it tackles climate change through the decarbonisation of its assets and businesses, SSE is committed to working closely with all of its stakeholders. With this in mind, shareholders will vote at our Annual General Meeting from this year on the progress we are making. To help them in this, we have today produced a Net Zero Transition Plan.
The Plan sets out the net zero targets we have set for scope 1 and scope 2 emissions by 2040 (subject to security of supply requirements) and for the remaining scope 3 emissions, by 2050, alongside our interim science-based targets aligned to a 1.5oC pathway.
Of course, a good plan not only sets targets; it also needs to explain the actions that will be taken to meet them. We’ve outlined the key actions we will take to drive progress towards net zero. These actions are supported by SSE’s Net Zero Acceleration Programme which establishes a five-year, £12.5bn investment plan to deliver the low-carbon energy infrastructure required for net zero in the UK, Ireland and beyond.
Today’s Plan also has an eye to the integrity that will be needed for a fair and Just Transition to net zero. None of us can be 100% sure how we will remove the last kilogram of emissions in a way that leaves an energy system that is affordable to customers and reliable enough to maintain security of supply.
It is now clear that to avoid the most dangerous climate change, no more greenhouse gases can be emitted into the atmosphere after 2050. And Post-COP26, it is clearer than ever that a special effort is needed for the power sector.
SSE has the right strategy to help turn the tide. As a national clean energy champion, we are spending around £7m a day to aid the transition to net zero and reduce reliance on imported sources of energy. But to get there we need the support of shareholders and society more widely, and that's what today's Net Zero Transition Plan is all about.