(Alliance News) -Â National Grid PLC on Monday set out its intention to seek shareholder approval for its climate transition action plan.
The company's environmental targets include becoming net zero by 2050. National Grid aims to reduce scope 1 and 2 greenhouse gas emissions 80% by 2030, 90% by 2040, and to net zero by 2050 from a 1990 baseline.
The FTSE 100 power grid operator wants to cut scope 3 greenhouse gas emissions - being indirect emissions - for the electricity and gas sold to customers, making up 80% of scope 3 emissions, by 20% by 2030.
The company will share its climate transition action plan ahead of its annual general meeting in July 2022. The first year the vompany will report on its annual progress against the plan will be 2022.
"We welcome this increased transparency with our shareholders and hope it will improve the understanding of our strategy and environmental commitments. Engagement with our key stakeholders has been a crucial part of defining our net zero commitments and ambition and it has helped us better understand their expectations to develop a path we believe is consistent with the Paris Agreement and consistent with the Task Force on Climate-related Financial Disclosures," said Chief Executive John Pettigrew.
Fellow FTSE 100 constituent HSBC last week proposed to phase out all coal power financing by 2040 and affirmed its aim of committing up to USD1 trillion in green financing and investments.
It comes after the lender faced pressure from investors and campaign group ShareAction who back in January filed a climate change resolution for HSBC's upcoming annual general meeting. ShareAction was acting on behalf of investors including French asset manager Amundi Asset Management and London-listed Man Group PLC.
Shares in National Grid were up 0.8% at 844.80 pence in London on Monday.
By Lucy Heming;Â lucyheming@alliancenews.com
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National Grid (NG.)