National Grid Transco, PLC NGG set a target to reduce emissions for the electricity and gas it sells to its customers. The utility aims to lower Scope 3 or indirect emissions by 20% within 2030.
According to the World Resources Institute, indirect emissions make up the majority of the greenhouse gas pollution and that most large corporations already pledged to slash their toxic emissions.
Efforts to Curb Scope 3 Emissions
The utility aims to eliminate the SF6 gas from its assets by 2050. It also aims to decrease annual air miles by a minimum of 50% from the 2019 level and wipe out any remaining emission to reach the zero-pollution mark. Further, National Grid will continue to reinvest $6.42 billion (£5 billion) in energy infrastructure each year. Moreover, the company thrives to shift its light vehicles to 100% electric fleet by 2030 and replace all medium and heavy-duty vehicles with zero-carbon alternatives.
Scope 1 and 2 Emissions Target
From 1990 through March 2020, the company curtailed 70% of its direct emissions, which exceeds its interim target of 45% for that time frame. In addition to the indirect emission reduction under Scope 3, the company projects to cut 80% emission from its direct operations and power purchases — known as Scope 1 and 2 emissions —by 2030 and 90% by 2040 and meet its net-zero emission goal with 2050 compared with the 1990 baseline.
With the whole world leaning toward renewable and sustainable sources of energy, other electric utilities are also adopting measures to supply clean and reliable energy to its customers. Notably, the likes of Duke Energy DUK, DTE Energy DTE and Xcel Energy Inc. XEL are planning to provide absolute pure energy by 2050.
Zacks Rank & Price Performance
Currently, National Grid has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of the utility have gained 0.5% against the industry’s decline of 1.3% in the past month.
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