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European Climate Pact
private sectorRed Eléctrica Corporación, S.A.

Red Eléctrica Corporación, S.A.

Overview

Location

Spain

Sector

Electric utilities

Organisation type
Business

Company Information

Red Eléctrica Group (RE) is a global operator of essential infrastructure, managing electricity transmission grids and telecommunication networks (dark fibre and satellites). It is publicly listed and headquartered in Municipality of Alcobendas, Spain. In 2021, the company reported a total of 2,117 employees and a revenue of 2.0 billion Euro.*

*Source

 

Our progress towards decarbonization

 

GHG Emissions

North Star

  • Red Eléctrica Corporación, S.A. has a target to reduce absolute scopes 1 and 2 CO2e emissions 55% by 2030 from a base year of 2019

Pledge: Have an officially validated short-medium term science-based GHG emissions reduction targets aligned with a 1.5°C scenario (scope 1+2) in line with the SBTi Criteria and Recommendations

MRV: Pact MRV in place

Status date: Submitted (28/07/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Join the Business Ambition for 1.5°C and publicly commit to have a long-term science-based target to reach net-zero value chain GHGs emissions by no later than 2050 in line with the SBTi Net-Zero Standard 
  • Have an internal price on carbon 
  • Have an initiative in place to drive GHG emissions reduction focusing on fugitive emissions reductions
  • Have scope 1+2+3 GHG emissions verified through a third party verification or assurance process 

​​​​​​​MRV: Pact MRV in place

Status date: Submitted (28/07/2022)

Data source: CDP Climate Change 2022

 

Energy

Our actions – the Pathway

  • Red Eléctrica Corporación, S.A. has a target to consume 90% of electricity from renewable sources by 2024 from a baseline of 0% renewable electricity consumption in 2015​​​​​​​​​​​​​​

​​​​​​​​​​​​MRV: Pact MRV in place

Status date: Submitted (28/07/2022)

Data source: CDP Climate Change 2022

 

Governance & Strategy

Our actions – the Pathway

  • Publicly disclose climate and environmental data to investors and customers through a public platform
  • Have board-level oversight of climate-related issues
  • Have a process for identifying, assessing, and responding to climate-related risks and opportunities
  • Have an employee engagement strategy to support and contribute to achieving the company's climate and environmental goals

​​​​​​​​​​​​MRV: Pact MRV in place

Status date: Submitted (28/07/2022)

Data source: CDP Climate Change 2022

 

Buildings

Our actions – the Pathway

  • Have an initiative in place to drive GHG emissions reduction through energy efficiency in buildings

​​​​​​​​​​​​MRV: Pact MRV in place

Status date: Submitted (28/07/2022)

Data source: CDP Climate Change 2022

     

    Value chain engagement

    North Star

    • Red Eléctrica Corporación, S.A. has a supplier engagement target to get 54.0% of its suppliers by procurement spend to set a science-based emission reduction target

    Pledge: Have a supplier engagement target in order to reduce scope 3 GHG emissions, to get a share of our suppliers by procurement spend set science-based GHG emissions reduction targets in line with the SBTi Criteria and Recommendations

    ​​​​​​​​​​​​MRV: Pact MRV in place

    Status date: Submitted (28/07/2022)

    Data source: CDP Climate Change 2022

    How we want to achieve this – our roadmap

    • Have an ongoing and transparent dialogue with our value chain around climate-related issues

    ​​​​​​​​​​​​MRV: Pact MRV in place

    Status date: Submitted (28/07/2022)

    Data source: CDP Climate Change 2022