UK network operator National Grid (NYSE: NGG) yesterday announced a plan to cut carbon emissions 45% by 2020. The company called on the government and industry to develop a "route-map for a low-carbon economy."
The company also confirmed its target trajectory of 80% reduction in greenhouse gas emissions by 2050.
"Despite the challenging economic conditions, we must not take our eye off the ball in tackling climate change," National Grid Chief Executive, Steve Holliday, said. “We need a Masterplan, with Government, industry and consumer collaboration, to determine the route-map for meeting Government targets."
The United Kingdom and other European Countries have set a goal of sourcing 15% of energy from renewable sources by 2020.
Holliday also called on heat and transport industries to "play their part" in a masterplan.
National Grid has developed scenarios to determine the projected energy mix required to meet the EU’s 2020 climate change and renewable sources targets. The company said it is investing around £3 billion a year in its electricity and gas networks–approximately three quarters of this investment in the UK–and focusing on new technologies to enhance energy efficiency across its networks.
The company is also implementing annual carbon budgets across all its operations beginning April 1 and aligning emissions reductions alongside other top corporate priorities, such as customer service, reliability and financial performance management.
National Grid’s Head of Climate Change and Corporate Responsibility, Joe Kwasnik, said; "We believe National Grid is among the first companies in the world to align company-wide emissions with performance management. Our new interim emissions reduction target of 45 per cent by 2020–which goes further than the European Union’s potential 30% reduction commitment by 2020–will provide a more relevant milestone for our business planning process and ensure emissions management is integrated into every aspect of our operational decision-making. “
Over the last 12 months, National Grid has undertaken a detailed emissions inventory of its operations, in line with various international and national guidance and industry standards, including the World Resources Institute (WRI) greenhouse gas reporting protocol.
This determined a carbon footprint for each area of its operations which, together, are expected to total around 11.5 million tonnes carbon dioxide equivalent (CO2e) for 2009/10. It will also use the £27.60 per ton shadow price of carbon, set by DEFRA, to determine accurate emissions costs for future design, construction and maintenance of its electricity and gas networks, management of its vehicle fleet and facilities, and any potential new
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