Revealling the move at the company’s 2007 annual general meeting, Vattenfall’s president and chief executive Lars G Josefsson said: “Vattenfall wishes to take the lead on the climate issue,” adding: “We have already achieved a reduction of 30% since 1990, and our goal will thus be to cut emissions by a further 20% by 2030.”
Vattenfall’s climate strategy is based on a three tiered approach including a global agreement on the reduction of greenhouse-gas emissions, increasing its efforts to help consumers save energy and continuously reducing CO2 emissions by upgrading existing power plants, ensuring that future plants are highly efficient and employing forms of emission free energy production.
According to a statement from the company the single most important field is carbon capture and storage (CCS). “The construction of Vattenfall’s pilot plant for a lignite-fired power plant equipped with technology for the sequestration of carbon dioxide began in May 2006. The plant, which is being built next to the Schwarze Pumpe power station in eastern Germany, represents a milestone in the development of new technology. Vattenfall is investing approximately SEK 600 million ($89 million) in the pilot plant, which will be commissioned in 2008,” said Josefsson.
Over the next four years, the company will also invest a total of SEK 134 billion ($19 billion) in the development of its energy production and distribution systems with a large proportion going towards the long-term objective of reducing emissions of carbon dioxide from Vattenfall’s plants to zero.
“This is a radical change, but it will pay off if a global price is set for carbon dioxide. Staying ahead of the demands set by society will also give us an advantage over our competitors,” Josefsson concluded.
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