Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]1. EDPs' corporate strategy is focus on the decarbonization commitments and climate change, leading the energy transition to create superior value on a path aligned with the ambition of the Paris Agreement to limit the increase of the global average temperature to 1,5ºC and to accomplish the European Union's obligations. The visibility of EDP's climate strategy was further reinforced with: i) the company's direct participation, at CEO level, in COP21 Climate Conference (December 2015) and subsequent COPs; ii) the announcement of five ambitious climate-related targets addressing emissions reduction, renewable electricity generation, smart grids expansion, energy services for clients and clean technologies R&D (December 2015); iii) the announcement of a GHG reduction science-based target validated by the Science Based Target Initiative; iv) the Strategic Update 2021-2025 with a bold and ambitious commitment, an unprecedented acceleration of growth in renewables building on EDP track record as a leader in the energy transition to become an all-green company by 2030.
2. Based on the Strategic Update 2021-2025 and to support the climate transition, EDP plans to invest €24 billion, of which 80% in renewables. Therefore, for a sustainable business growth, EDP aims to ensure that, by 2025, 70% of its turnover is aligned with the new EU Taxonomy, rising this figure to over 80% by 2030.
3. This position has been stressed in all the fora and trade associations in which the company participates, as well as with all regulatory bodies EDP interacts with. EDP has dedicated structures in each geography that manage the relation with the supervisory bodies of the energy sector:
- Portugal: Competition and Energy Policy Global Unit, , Stakeholder Relations Department
- Spain: Regulation Management Department
- EDP Renewables (Europe and North America): Regulations & Markets, Global Risk Strategy and Investor Relations and Sustainability Departments
- Brazil: Regulatory Issues Department, Environmental Department and Sustainability Department
These structures ensure the overall alignment of EDP's climate policy engagement activities with the corporate climate strategy.
4. In 2022, EDP held several meetings with European and national policy makers within the scope of energy transition, decarbonization and climate change. EDP regularly contributes with specific inputs to the association's common position papers and answers to consultation processes.