ORANGE, Conn.--(BUSINESS WIRE)--Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced that Avangrid Chairman Ignacio Galán submitted the company’s accredited Climate Transition Plan to the UN Secretary-General António Guterres on Wednesday September 20, 2023, as the company was recognized as a “first mover and doer” leader at the Climate Ambition Summit, during the UN General Assembly in New York.
Iberdrola, Avangrid’s parent company and a global leader at the forefront of the energy transition for two decades, is one of the first companies to submit a plan, following the call last year from Secretary General Guterres for business leaders to step-up.
Iberdrola’s comprehensive and actionable plan delivers on the rigorous criteria stipulated by the UN’s High-Level Expert Group on net zero pledges.
“Delivering on the successful transition to a cleaner energy model requires the ambition and commitment of global business,” said Avangrid Chairman Ignacio Galán. “Despite meaningful progress, there is still a gap between talk and action. We are proud to be among those businesses leading the way on climate action, but it is vital more companies create and submit robust transition plans. We are a year on from this latest call to action, and time is already against us in the fight against the climate crisis.”
The Climate Transition Plan presented to Secretary General Guterres establishes the detailed actions and mechanisms Iberdrola will take to achieve its environmental objectives and ensure its activity contributes to the decarbonization of the economy as a whole.
Actions set out in the roadmap include:
- Establishing the ambitious objectives for Iberdrola of achieving carbon neutrality for scopes 1 and 2 by 2030 and net-zero emissions before 2040 for all scopes, including scope 3.
- Near and long-term science-based emissions reduction targets for the company consistent with the 1.5ºC Paris Agreement target.
- A commitment to directly invest in projects with high sustainability impact, looking for synergies with biodiversity targets. Iberdrola has committed to a 2030 Biodiversity Plan which includes targets to ensure that business activity does not generate net deforestation by 2025 and has a net positive impact on biodiversity by 2030.
- A decarbonization strategy focused on emission abatement, working towards an electricity system fully based on renewables as the backbone of a decarbonized energy system.
The Climate Transition Plan is backed by an ambitious investment plan (2023-2025) which commits $50 billion up to 2025 to promote the energy transition, with more than $28 billion allocated to networks and investments and $18 billion in renewable energy, to deliver 52,000 MW of renewable installed capacity by the end of the period (from ~40,000 MW in 2022), while increasing storage capacity to over 100 GWh.
Embracing climate action has also led Iberdrola to multiply its assets by 7 times, reaching $170 billion, and to become the largest European utility and one of the three largest worldwide by market capitalization.
Galán joins the UNICEF Generation Unlimited Global Leadership Council
Building on the momentum of the week’s activity, on Thursday September 21, 2023 Chairman Galán joined UNICEF’s Generation Unlimited Global Leadership Council. Launched by the UN Secretary-General at the 2018 UN General Assembly, and run by UNICEF, Generation Unlimited is a global Public-Private-Youth Partnership, seeking to connect millions of young people around the world with opportunities for training, empowerment, employment and social entrepreneurship.
At a meeting in New York, on the side-lines of the UN General Assembly, discussions and debate centered on how to help prepare the next generation for a green and digital future. Topics on the agenda included how the rise of AI and the green transition are shaping the future of work.
The Leadership Council is co-chaired by Catherine M. Russell, Executive Director, United Nations Children's Fund (UNICEF) and Bob Moritz, Chairman, PwC. The council is comprised of a diverse mix of business leaders, representatives from NGOs and charities, and government officials.
“We are in the midst of a green revolution, which is accelerating every day,” said Chairman Galán. “Renewable energy is good for the planet, and the investment behind that offers vast opportunities for employment and skills development. We need people from every country and background to deliver the clean energy of the future. For vulnerable young people, getting access to those opportunities can be a challenge. The work of UNICEF and all the partners in Generation Unlimited will help to breakdown those barriers. It is an honor to join the leadership council and to be part of a program that will help so many people.”
Iberdrola’s broader alliance with UNICEF also includes providing digital content and learning materials on climate change and sustainability to 'Learning Passport', UNICEF's global learning platform. This platform enables continuous access to quality education for children and young people around the world.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.