Vattenfall reduce emissions by raising targets, 2040 net zero goal

Vattenfall, a Swedish energy company, said it increased its emission reduction goals for 2030 and brought forward its net zero target by 10 years to 2040. 

"The climate crisis is for real and not only do we have a responsibility to step up and move fast, we also see many opportunities for us at Vattenfall in being a leader in this urgent transition," Chief Executive Anna Borg said in a statement on Monday. The company said that these transformations will take place by phasing out coal and increasing wind and solar capacity.

Vattenfall's new targets sharpened set of goals to match a 1.5 C target instead of the previous 2 C, it said.

Currently they want to reduce the emissions from its operations, so-called scope 1 and 2 emissions, by more than 77 percent by 2030 from 2017, up from a cut of 38 percent.