Thursday, 18 November 2021
SSE, part of the Big Six energy suppliers in the UK, has unveiled an ambitious £12.5bn (net) capital investment plan which would see doubling of its existing renewables net installed capacity to 8GW by 2026.
The company, which is currently building more offshore wind than anyone in the world including the world’s largest offshore wind farm at Dogger Bank, and owns and operates three of Britain’s electricity networks, will increase its capital investment by two thirds – £1bn more annually – to support the global push to decarbonise.
The new programme will see SSE enable the delivery of over a quarter of the UK’s 40GW offshore wind target by 2030 and over 20% of the necessary upcoming electricity networks investment in the UK, as well as continuing its international expansion.
SSE’s Net Zero Acceleration Programme aims to deliver, by 2026:
Looking further ahead, SSE has set out a series of ambitious targets for the next decade to 2031. These include delivering a fivefold increase in renewables output, increasing renewable and other low-carbon generation capacity to more than 16GW, including new flexible technologies such as carbon capture and storage, hydrogen, and batteries.
SSE has also confirmed revised greenhouse gas emission targets aligned with a 1.5°C pathway, backed by the Science-Based Target Initiative. Its new targets for Scope 1 and 2 absolute emissions cut in half the previously planned emissions for 2030.
Reacting to these developments Alistair Phillips-Davies Chief Executive of SSE plc said
"After all the commitments made at COP26, now is the time to deliver. Our Net Zero Acceleration Programme represents the next phase of SSE’s growth and involves a substantial ramping up of investment – equivalent to nearly £7m each day in low-carbon infrastructure – backed up by clear delivery and funding plans."