Geneva – Ethos and the members of the Ethos Engagement Pool International (EEP International) are launching a multi-year engagement program urging eight European electric utilities to develop ambitious climate strategies to facilitate the transition to a low-carbon economy.
As the Paris Agreement asks for massive greenhouse gases (GHG) emission reductions, the business model of electric utilities has to change rapidly and significantly. For these reasons, Ethos and the EEP International have launched a multi-year engagement program at the beginning of June urging eight European electric utilities to prepare themselves to a low-carbon future.
Ethos and the EEP International have defined five concrete demands for the utilities, namely:
- Set GHG emission reduction targets in line with the level of decarbonization required to keep global temperature increase below 2 degrees.
- Decarbonize their power generation mix shifting from coal to gas to renewables.
- Commit to responsible advocacy on climate policies.
- Rethink the business model e.g. by moving downstream the value chain and look at Smart Home solutions and energy services.
- Provide corporate disclosure in line with the final recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The engagement program has been launched with formal letters to each chairman of the board of the eight targeted electric utilities.
Image credit: Chris Hunkeler via Flickr