SSE plc is planning to invest more than GBP 7 billion over the next five years in major low-carbon construction projects to support the net-zero target and spur a green economic recovery.
The plan will see SSE invest almost GBP 4 million every day for the next five years on projects, including the GBP 3 billion Seagreen offshore wind farm in Scotland.
The company has already outlined plans for at least GBP 2.4 billion of potential electricity transmission upgrades, alongside other investments across the UK.
Under the new series of carbon targets, SSE aims to reduce its direct emissions by 60% per gCO2e/kWh by 2030 from 2018 levels, stretching its previous 50% target.
It has also committed to working with the supply chain so that half of its suppliers will have a science-based target by 2024, and will reduce absolute emissions from use of products sold by 50% by 2034 from 2018 levels.
“It’s easy to talk about a green recovery, but we’re putting our money where our mouth is with £7bn of low-carbon infrastructure projects that can deliver a win-win for climate and economy,” said Alistair Phillips-Davies, Chief Executive.
“The world is facing twin crises with the economic impact of coronavirus and the climate emergency and the only route forward is to unlock investment. Plenty of businesses talk a good game on climate action, but we’re serious. That’s why we will hold ourselves to account with new science-based emissions reduction targets, independently verified and underpinned by evidence.”
In its latest financial results, SSE reported that the adjusted operating profit is up 37% to GBP 1,488.4 million as it recovered from a challenging 2018/19.
The SSE Renewables business confirmed adjusted operating profits of GBP 567.3 million, up from GBP 455.9 million in 2018/19 thanks to windy conditions and the completion of the Beatrice offshore wind farm.