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Francesco Starace: the Net Zero Company Benchmark, objectives reached

Enel is the first company to be fully aligned with the Climate Action 100+ criteria: CEO Francesco Starace’s comments

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Enel has been recognized as the first company to fully align its corporate disclosures with the Climate Action 100+ Net Zero Company Benchmark, and CEO Francesco Starace rightly calls this a “great achievement” for the Group. The initiative, which includes around 700 investors globally and is responsible for over $68 trillion in assets under management, aims to ensure that the world’s largest corporate greenhouse gas emitters take concrete action on climate change.

The Net Zero Company Benchmark was launched in March 2021 by Climate Action 100+ with a view to defining key indicators of success for business alignment with a net-zero emission future and the goals of the Paris Agreement. It therefore provides the foundation for investors to engage with “focus companies” through Climate Action 100+, as it calls for clear and comparable information on how companies are realigning their business strategies and operations in this area.

“This shows that a clear climate-related strategy and a constructive dialogue between companies and shareholders can lead to meaningful progress toward reaching Net Zero commitments in line with the Paris Agreement”

Francesco Starace, Enel CEO

National Trust, abrdn, and Robeco, who are working alongside Enel as part of the initiative, acknowledged the Group’s compliance with the criteria underlying the Benchmark’s disclosure indicators, as a result of “its efforts toward providing climate-related disclosures that are fully aligned with the expectations of our investors.” Starace added that “this shows that a clear climate-related strategy and a constructive dialogue between companies and shareholders can lead to meaningful progress toward reaching Net Zero commitments in line with the Paris Agreement.

Enel has committed to decarbonization in line with a 1.5 °C pathway and also intends to reach the Net Zero target by 2040. In particular, its strategy consists of shifting toward renewable energy generation and storage systems, phasing out coal power generation by 2027 and natural gas, in both power generation and sales to clients, by 2040.

We look forward to continuing our cooperation with Climate Action 100+ and hope that Enel’s achievement will encourage other companies to increase their efforts in the fight against climate change,” Starace said in conclusion.

 

Enel editorial staff