EPSO-G has joined the Science Based Targets initiative (SBTi). By joining, the Group has committed itself to science-based greenhouse gas (GHG) emission reduction targets by 2030. EPSO-G companies will ensure that the targets and mitigation measures they set are in line with the latest scientific advice and contribute to the global goal of limiting warming to 1.5°C.
“The world’s energy companies are among the top three largest emitters of greenhouse gases. Lithuania has been experiencing a very rapid expansion of renewable energy in the last few years, and we do not have any highly polluting generation sources, but we want and need to take action across the entire value chain to tackle climate change. We will set science-based targets and, with the approval of the SBTi, we will continue to reduce the climate impact of our activities”, – says Mindaugas Keizeris, CEO of EPSO-G.
The EPSO-G Group, aware of the environmental and climate impact of its activities, has already set long-term sustainability goals for the Group. In 2022, EPSO-G issued the first sustainability-related bond in the Baltic States, raising 75 million Euros. The prospectus for the Sustainability Linked Bonds contains the Group’s sustainability performance targets and indicators. The first goal is to reduce the amount of greenhouse gas (GHG) emissions generated by company activities by 30% by 2026 compared to the 2019 level. The second goal is related to the reliability of the electricity transmission network – to ensure the lowest possible level of untransmitted energy, not exceeding 136,255 MWh over the 2022-2026 period. These goals are also largely aligned with the aims set out in the Paris Agreement regarding the reduction of climate change impact.
“The Group’s goals are already ambitious. We are part of the energy transformation – seeking the best solutions for the development of renewable energy and sustainable energy exchanges. On this journey of change, which leads towards a climate-neutral economy, we must ensure that our activities have the least possible impact on the environment. We are committed to achieving sustainability goals related to climate change mitigation and adaptation, so it is important for us to join initiatives like SBTi, which confirm that we are moving in the right direction,” – says Klaudija Kionies, Head of Sustainability at the EPSO-G Group.
EPSO-G Group companies have prepared GHG emission reduction plans up to 2030. The main measures are focused on the emission sources that produce the most emissions in the Group’s operations. This includes investments in renewable energy production for own needs and the expansion of green energy usage, the installation of connectors without SF6 (sulfur hexafluoride) gas and insulating oil in transformer substations, solutions for optimizing the capacity of existing gas compressors, as well as the electrification of the Group’s vehicle fleet.
The Science Based Targets initiative (SBTi) is a global non-profit organization that enables companies to set ambitious GHG emission reduction targets in line with the latest climate science data. Its goal is to accelerate companies worldwide to halve emissions by 2030 and achieve net zero by 2050. The initiative is a collaboration between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature (WWF) – partnerships aimed at limiting global warming. SBTi defines and promotes best practices in science-based target setting, provides guidance and support, and independently assesses and approves companies’ targets.
The EPSO-G Group consists of the management company EPSO-G and five directly controlled subsidiaries: Amber Grid, Baltpool, Energy cells, Litgrid, and Tetas. EPSO-G and the Group’s companies also hold shares in GET Baltic, Baltic RCC OÜ, and TSO Holding AS. The rights and responsibilities of the sole shareholder of EPSO-G are exercised by the Ministry of Energy of the Republic of Lithuania.
For more information:
Karolina Žukauskiene, Communications Partner at EPSO-G.
Tel. +370 690 31229, email [email protected]
