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National Grid Increases Emission Reduction Targets
Last week the National Grid utility company announced plans to reduce emissions by 80% by the year 2050. The company, which operates in the UK and the US, was previously aiming for a 60% reduction, but recent predictions regarding climate legislation have prompted the revised target.
It seems likely that future legislation, particularly in the US, may include a compulsory cap-and-trade scheme or carbon tax. In anticipation of these changes, National Grid are set to introduce carbon budgets over the next year – a move that will allow the company to accurately determine a shadow price for carbon which can then be factored in to it’s future ongoing operations.
National Grid aim to have these carbon budgets in place by April next year and used as a means to determine carbon cost for future projects around design, construction, investment, and maintenance.
A spokesperson for National Grid is quoted as saying: "We have already reduced our greenhouse gas emissions by 35% but we need to do more. Adopting carbon budgets and integrating them into our business performance process will encourage our employees to identify new ways to achieve the challenging 80 percent reduction target, and ensure emissions reductions remain at the heart of our operational decision-making."
Over the next 12 months the company will review operations with the aim of developing a carbon footprint for each division. This will enable National Grid to set 5 year emission goals for each area, keeping the 80% reduction target firmly in sight.
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