Highlights
- Centrica to help customers reach net zero in a way that's fair and affordable for all.
- Aspiration to build a low carbon portfolio of up to 800MW of solar and battery storage by 2025.
- By 2025 the aim is to deliver up to 20,000 heat pumps a year and install up to 100,000 EV charge points a year.
- By 2025, Centrica hopes to have helped 2.5 million customers to use less energy by adopting its Hive heating solutions.
Following the Chancellor's announcement at COP26 calling on companies to outline their plans for how they will move to a low-carbon future, Centrica plc has published its first Climate Transition Plan, which outlines how the company intends to become a net zero business by 2045 and use its services and solutions capability to help its customers be net zero by 2050 - with a focus on ensuring a 'just transition' that's fair and affordable for all.
The strategic choices and actions outlined in the plan would see the portion of Centrica's capital allocation invested in green activities grow from less than five per cent to over 50 per cent in the next five years. This includes plans to invest in Centrica-owned and joint venture large scale, grid-connected solar assets in the UK, Europe and North America.
The company's aspiration is to build a low carbon portfolio of up to 800MW of solar and battery storage by 2025.
Centrica's planned investment in solar recognises that at the heart of a net zero future is the ability to provide customers with clean energy. Therefore, reducing the carbon content of the company's energy supply by supporting the expansion and take-up of clean energy is core to achieving net zero for Centrica and the countries in which it operates.
In addition to its solar boost, Centrica's Climate Transition Plan details numerous ways the company will help homes and businesses transition to net zero. By 2025, the company hopes to have helped 2.5 million customers to use less energy by adopting its Hive heating solutions. And over the same time frame, the company also aims to deliver up to 20,000 heat pumps a year by 2025, whilst installing up to 100,000 electric vehicle charge points a year.
"As the UK's biggest supplier of green electricity, we are leading the way in the green revolution. Of course, getting to net zero is complex, and we don't pretend to have all the answers yet. But with the help of our 20,000 amazing colleagues and our 10 million UK customers, I've no doubt we'll get there. Our Climate Transition Plan explains how, today, we intend to achieve our goals, but we must continue to listen and learn to keep pace with the unprecedented rate of change across the sector and society. I'm hopeful that COP26 will inspire more ambition and greater action from all nations, companies and individuals because we are all in this together, and we need everyone to do their bit to create a fairer and more sustainable future for all."
Chris O'Shea, Group Chief Executive, Centrica
Ahead of achieving its net zero goals, Centrica is targeting a 40 per cent reduction in its emissions by 2034 and will help its customers reduce their emissions by 28 per cent by 2030, from 2019. The company has joined the Race to Zero campaign and committed to having its carbon targets validated as science-based.
Centrica's Climate Transition Plan will be presented to shareholders for an advisory vote at the 2022 Annual General Meeting, and the company plans to update the plan every three years.
You can read the Climate Transition Plan here.
Contact
Bieneosa Ebite
T: 01784 843 000
E: bieneosa.ebite@britishgas.co.uk
