Planet
CO2 AVOIDED: RENEWABLES FOR THE FUTURE OF THE PLANET
The ERG Group has been active in the world of energy for more than 80 years: in this long period of time, the sector has undergone profound and rapid changes, particularly since 2015, the year of COP21 in Paris. Since then, the world's attention has turned to combating climate change, with the goal to create a decarbonised economy and replacing traditional electricity generation, which is responsible for around 30% of emissions, with renewable generation.
Anticipating these trends, ERG started investing in the wind power sector as early as 2006 and, after exiting refining in 2008, we identified the increase in installed capacity in renewable energy, wind and solar power plants as our only development direction. This approach was subsequently confirmed in the 2022-2026 Business Plan and with the sale of the Combined Cogeneration Cycle Gas Turbine (CCGT) plant in November 2023, the Group completed its transformation into a Pure Renewable Player. Thanks to the clean energy production (wind and solar), ERG avoids the emission of several million tonnes of CO2 each year: in 2023, the figure is 2,087 kt CO2 , equivalent to 4,174 London New York flights3.
| Year | Description | Carbon Index (% of base year) | Reduction vs. Base Year |
|---|---|---|---|
| 2020 | Base Year | 100 % | — |
| 2022 | Asset Rotation (CCGT) | 90 % | −10 % |
| 2023 | Asset Rotation (CCGT) completed | 12 % | −88 % |
| 2027 | SBTi Near Term Target(a) | 5 % | −95 % |
| 2040 | SBTi Long Term Target(b) | 1 % | −99 % |
Carbon Index [% g CO₂e/kWh] includes Scopes 1+2+3.
(a) In the short term:
- Reduction of direct GHG emissions (Scope 1) and indirect emissions from energy consumption (Scope 2) by 72% per MWh by 2027 compared to 2020;
- Increase in renewable energy consumption from 94% in 2020 to 100% in 2030;
- Reduction of direct GHG emissions (Scope 1) and indirect emissions from fuel and energy-related activities covering all sold electricity (Scope 3) by 70.4% per MWh by 2027 compared to 2020.
(b) In the long term:
- Reduction of direct GHG emissions (Scope 1) and indirect emissions from energy consumption (Scope 2) from power generation by 94.8% per MWh by 2040 compared to 2020;
- Reduction of direct GHG emissions (Scope 1) and indirect emissions from fuel and energy-related activities covering all sold electricity (Scope 3) by 95.3% per MWh by 2040 compared to 2020;
- Reduction of all other indirect GHG emissions (Scope 3) by 97% per MWh by 2040 compared to 2020.
3 It is assumed that flying from London to New York round trip generates about 1,000 kg CO2 per passenger; assuming about 500 passengers each way equals 500 tonnes CO2 per flight.