VERBUND AG Outlines Path to Climate Neutrality by 2040

VERBUND AG, a prominent Austrian energy company and leading hydroelectricity producer, has published its Climate Transition Plan. The plan sets ambitious targets for achieving climate neutrality by 2040 and net zero greenhouse gas emissions by 2050. The company aims to reduce emissions by 74% by 2030 and at least 90% by 2040, compared to 2020 levels.

To reach these goals, VERBUND focuses on expanding green energy, switching to green hydrogen, and utilizing former gas pipelines. The company is aligning its strategy with the Paris Agreement's goal to limit global warming to 1.5°C. Moody's has awarded VERBUND the highest rating, NZ-1, for its transition plan.

VERBUND's short-term targets involve a 40% reduction in Scope 1 emissions by 2030. Long-term targets include a 90% reduction in Scope 1 emissions and a 98% reduction in Scope 3 emissions by 2040. By 2050, the goal is to achieve net zero by reducing emissions by at least 90%.