Global warming places life on earth in danger, threatening fresh water, food, and energy supplies. Greenhouse gas (GHG) emissions are the primary cause of global warming. Carbon dioxide (CO2), methane (CH4), and nitrogen oxides (NOx) are GHGs produced by the combustion of oil, fossil fuels, and other sources.
The energy supply sector is one of the most significant contributors to global greenhouse gas emissions, responsible for approximately 35% of total emissions. The Covid-19 pandemic impacted the energy demand in 2020, reducing global CO2 emissions by 5.2%. However, the rapid economic recovery in 2021 increased the energy demand. The most significant increase in CO2 emissions by sector in 2021 occurred in electricity and heat production, where they jumped by more than 900 million tonnes CO2 equivalent (MtCO2eq), which accounted for 46% of the global increase in emissions.
Iberdrola SA (Iberdrola) is an energy utility. It constructs, operates, and manages power generation plants, transmission, and distribution facilities. In 2021, the energy company reported total GHG emissions of around 68.8 MtCO2eq, down 5% from 2020.
Scope 1, 2, and 3 emissions are the three categories of GHG emissions. Scope 1 emissions result from energy production of the company’s controlled assets. Indirect GHG emissions during the production of purchased electricity, and grid losses, are referred to as Scope 2. Scope 3 emissions refer to the company's other indirect emissions beyond the company’s direct operations and occur in the company’s value chain, including upstream and downstream activities, such as gas sales, gas consumption by customers, and business trips.
Scope 3 emissions account for most of Iberdrola’s overall GHG emissions, accounting for 78.3% of total GHG emissions (53.9 MtCO2eq) in 2021. In 2021, the company's Scope 1 emissions (12.7 MtCO2eq) increased by 2%, and Scope 2 emissions (2.2 MtCO2eq) increased by 16%.
Iberdrola has committed to reducing absolute GHG emissions at the global level for Scopes 1, 2, and 3 by 2030; this goal is aligned to achieving the 1.5º C limit and is recognized as science-based by the Science Based Targets initiative (SBTi).
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