EPSO-G group of energy transmission and exchange companies 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 align with the latest scientific recommendations and contribute to the global goal of limiting the temperature increase to well-below 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-linked bond in the Baltics, raising EUR 75 million. The prospectus for the sustainability-linked bond contains the Group’s sustainability performance targets and indicators. The first target is to reduce GHG emissions from Group’s operations by 30% by 2026, compared to 2019 base year. The second target relates to the reliability of the electricity transmission grid - to ensure the lowest possible untransmitted energy rate of 136,255 MWh for the period 2022–2026. These targets are also largely in line with the Paris Agreement’s ambitions for reducing climate change impacts.
“The Group’s goals are already ambitious. We are part of the energy transformation - finding the best solutions for the development of renewable energy and sustainable energy exchanges. On this journey of change towards a climate-neutral economy, it's vital to minimize the environmental impact of our own activities. Committed to our sustainability goals concerning climate change mitigation and adaptation, it is important for us to join initiatives such as SBTi, which confirm that we are moving in the right direction,” says Klaudija Kionies, Sustainability Manager at EPSO-G.
EPSO-G Group companies have developed GHG emission reduction plans up to 2030. The main measures focus on the Group’s largest emitters. This includes investments in the development of captive renewable energy generation and the use of green energy, the installation of SF6 (sulphur hexafluoride) gas-free circuit breakers and insulating oil in transformer substations, solutions to optimise the capacity of the existing gas compressors, and the electrification of the Group’s fleet of cars.
The Science Based Targets Initiative (SBTi) is a corporative climate action organization that enables companies to set ambitious GHG emission reduction targets that are in line with the latest climate science. It aims to accelerate global efforts to halve emissions by 2030 and reach net-zero by 2050 at the latest. The initiative is a collaboration between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), as well as one of a key commitments of the We Mean Business Coalition. SBTi defines and promotes best practices for setting science-based reduction targets, provides resources and guidance to reduce barriers to adoption, and independently assesses and validates targets set by companies.
The EPSO-G group of companies consists of the holding company EPSO-G and its five direct subsidiaries Amber Grid, Baltpool, Energy Cells, Litgrid and Tetas. EPSO-G and its Group companies also hold shares in GET Baltic, Baltic RCC OÜ and TSO Holding AS. The rights and obligations of the sole shareholder of EPSO-G are exercised by the Ministry of Energy of the Republic of Lithuania.