GlobalData offers a comprehensive analysis of Avangrid, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Avangrid‘s ESG performance. GlobalData’s company profile on Avangrid offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Smarter leaders trust GlobalData
Avangrid, a sustainable energy company, is committed to reducing its greenhouse gas (GHG) emissions. According to sustainability report, in 2022 the company’s GHG emissions for scope 1 was 1,375,464 mtCO2eq, Scope 2 was 225,440 mtCO2eq, and scope 3 was 10,546,585 mtCO2eq. The company's aggressive new commitment is to accelerate its targets, aiming to achieve carbon neutrality in both Scope 1 and 2 emissions by 2030. This represents a five-year advancement compared to the previous commitment, which exclusively targeted Scope 1 emissions.
Avangrid has taken steps to reduce emissions and has made achievements in this area. Additionally, Avangrid has invested in renewable energy projects, which contribute to emission reduction. The company aims to enhance emissions-free installed capacity by 190% by 2030 compared to the levels in 2015, facilitated by a $4.3 billion investment in its renewables business through 2025. Moreover, the company has committed to adopting new technology solutions, including green hydrogen and storage.
Transforming the company's physical footprint involves achieving 100% renewable energy sourcing for corporate buildings by 2030 (Scope 2). This includes transitioning all light-duty vehicles to cleaner energy by 2030 (Scope 1). Ongoing efforts include developing plans to mitigate emissions associated with a specific thermal facility, the Klamath Falls, Oregon, gas cogeneration and peaking units. As part of this initiative, the company is exploring various technologies to reduce emissions while maintaining the efficiency of this unit within the growing renewables fleet (Scope 1). Additionally, investments are being accelerated in gas pipeline replacement, along with the implementation of innovative leak detection and prevention programs, aiming for 100% replacement of leak-prone pipes (Scope 1). The company is committed to investing $167 million in distribution networks for electric vehicle (EV) charging, facilitating the installation of over 15,000 chargers for light, medium, and heavy-duty vehicles, including buses, throughout the company's grid by 2030.
In conclusion, Avangrid is dedicated and focused on reducing its GHG emissions. The company has taken steps to achieve its targets, including implementing energy efficiency programs and investing in renewable energy projects. Further information is needed to provide a comprehensive overview of Avangrid's emission reduction plans and achievements.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies representing the world’s largest industries. This analysis is combined with crucial details on strategic and investment priorities, innovation strategies, and CXO insights to provide comprehensive company profiles.
