The company’s intentions to give up coal power are slower than those of many competitors.
Energy company Fortum’s plans to phase out fossil fuels are not in line with the company’s carbon neutrality target, according to a recent study. According to the study, Fortum’s plans to reduce coal and gas power and increase renewable production are not enough to keep the company on the path required by carbon neutrality.
Report have been prepared by the climate and energy think tank Ember and Europe Beyond Coal, a consortium of European environmental organizations.
In the report analyzing the plans of 21 major European energy companies to clean up production. The plans are compared to the so – called 1.5 – degree path outlined by the International Energy Agency (IEA) for a global energy system to achieve carbon neutrality in 2050.
The plans of none of the companies examined are fully in line with the IEA’s path, the authors of the study state.
Read more: Sales of internal combustion engines must stop in 2035, the International Energy Agency (IEA) says
Three-quarters of the companies surveyed have set a carbon neutrality target, as has Fortum. Fortum’s goal is carbon neutrality at the company level in 2050. In Europe, the company plans to be carbon neutral in 2035.
Fortumin however, plans to phase out fossil fuels are not in line with the timetable set by the IEA.
According to the IEA’s carbon neutrality path, in emerging economies, conventional coal-fired power plants without carbon capture systems should be shut down by 2030 and globally by 2040.
Fortum plans to run coal-fired power plants in Germany until 2038. No closure schedule has been set for the Russian coal-fired power plants involved in the Uniper deal.
Read more: Fortum tightens its climate targets and also plans to reduce its indirect emissions – Targets do not cover large emissions from Russian power plants
According to the study, only nine of the 21 companies surveyed plan to shut down their coal-fired power plants in Europe before 2030. Fortum is one of the six slowest-growing companies in the comparison.
According to the IEA, electricity generation should be entirely carbon-neutral in 2035, but Fortum even plans to increase gas-fired generation capacity. In addition, plans for renewable energy investments are modest compared to many competitors.
“In terms of renewable energy targets, the benchmark can be found in Eastern European energy companies with equally modest amounts of wind and solar energy,” the report’s authors note.
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