PPC is committed to the Science Based Targets initiative (SBTi) to reduce emissions

Today, more than ever, global action is needed to address the emerging threats associated with the climate crisis.

The Public Electricity Company S.A. (PPC), the largest energy company in Greece, has been in a transformation process since 2019 into an economically and environmentally sustainable, modern digital energy company.

PPC recently responded to the challenge of the Science Based Targets initiative to set short-term and long-term emission reduction targets based on the Science Based Targets initiative’s (SBTi) Net-Zero Standard, at the pace and scale required by the climate science.

The purpose of this specific commitment is PPC:

– to be aligned with the targets to limit temperature increase to 1.5°C degrees compared to pre-industrial levels. This will be done through the Business Ambition for 1.5°C campaign – the world’s largest and fastest-growing group of companies aligned with this goal by helping to halve global emissions by 2030 compared to 2020 ,

– set short-term targets (5-10 years) and a goal of net zero emissions by 2040.

In the context of Sustainable Development, PPC now participates in SBTi, the UN Global Compact and the We Mean Business alliance, while also participating in the Race to Zero campaign supported by the UN.
The next step is for PPC to develop scientifically based targets, which will be submitted for formal endorsement to SBTi.
One of the main pillars of PPC’s Strategic Plan is the implementation of the “Green Deal” in the Company’s portfolio of production units, which consists in the gradual abolition of lignite units with the parallel rapid development of renewable energy sources, making the latter the dominant technology electricity production.

Placing sustainable development at the core of its transition model, PPC issued in 2021 the first High Yield Bond in the European market, which includes a sustainability KPI.

PPC has already reduced its CO2 emissions by 32% (Scope 1) in 2021, compared to 2019. In addition, it is implementing an investment plan that will increase its generation capacity from RES to 9.5 GW in 2026, from 3 ,4 GW which is today (including large Hydroelectric Plants)

In this way, PPC contributes decisively to Greece’s commitments to reduce greenhouse gas emissions, which is one of the 17 Sustainable Development Goals of the UN.

Georgios Stassis, President and CEO of PPC said: “Scientists are observing changes in the planet’s climate in every geographic region and across the spectrum of the climate system, which highlights the need for faster action. According to various studies, such as latest report of the Intergovernmental Panel on Climate Change (IPCC), there is clear evidence that CO2 emissions are one of the main causes of the climate crisis. However, human action still has the potential to influence the future course of climate. But this requires large, rapid and continuous reduction of greenhouse gas emissions and the achievement of net zero CO2 emissions. As the leading energy company in Greece, we are fully committed to the fight against the climate crisis and to this end we are committed to setting scientifically substantiated emission reduction targets greenhouse gases”.