Enel Accelerates towards Carbon Neutrality

Published on Tuesday, 24 November 2015

The Enel Group obtained a new prestigious award in the field of sustainable development just days before the upcoming COP21 in Paris – the international conference on climate change. The multinational electric utility company received the highest rating in the Carbon Disclosure Project (CDP), a prestigious index that provides the financial community with a system to measure, manage and share their performance in terms of greenhouse gas emission reduction.

The Group’s 2016-2019 strategic plan supports its commitment to achieve carbon neutrality by 2050, with a 7.7 billion Euro investment in renewable energy, thereby increasing the Group’s clean power capacity by 6.8 gigawatts. The figures could continue to grow – up to a total of 9 billion Euros during 2016-2019, adding up to an additional 7.7 GW – with the integration of Enel and EGP.

CDP experts have recognised the importance and the beneficial effects of the Group’s general environmental strategy. In fact, Enel scored 100/100 in the Disclosure section, compared to an average score of 87/100 among utilities. The Group also obtained a “B” Performance band, while the industry average was a C band.

The British organisation CDP is supported by 822 institutional investors that manage over 95 billion USD, and about 2,000 companies (including Apple, Google and Microsoft) that provide information to obtain feedback on the report, thereby confirming its prestige. Enel’s score is a significant achievement for the Group, in addition to its participation in this year’s Science Based Targets initiative, pledging to set an even more ambitious CO2 emission reduction target.

‘Climate change is a reality that we must face. The COP21 offers a historical opportunity to accelerate the transition to a low carbon economy. Today, less than 50 percent of the energy generated by the Group Enel is from CO2 free sources, and we are confident that we will reach our carbon neutrality target by 2050, which is consistent with the level of de-carbonisation required to limit global warming to 2 degrees,’ declared Enel’s CEO Francesco Starace in his statement in the CDP report. ‘Enel will continue to leverage the most advanced technologies to accelerate the process of de-carbonisation over the next few years, upgrading infrastructures and promoting efficiency, since being sustainable today means being competitive tomorrow.’