TIDMSVT
RNS Number : 2559T
Severn Trent PLC
24 March 2021
24 March 2021
Severn Trent Plc
Severn Trent to seek shareholder approval for climate change
action plan
The Severn Trent Plc Board today announces its intention to put
its climate change action plan before shareholders and seek a
non-binding advisory vote on the Company's approach at its AGM on 8
July 2021.
In recent years Severn Trent has increasingly considered how we
can both mitigate our own impact on climate change and adapt to the
challenges we face in bringing the sustainable provision of
services to our customers. We believe it is important that
shareholders have the opportunity to engage with the plans we have
developed, which we will set out in full ahead of the AGM.
Severn Trent has made a number of key commitments which lie at
the heart of our climate change plans:
-- In May 2019, we made our Triple Carbon Pledge - committing to
net zero carbon emissions, 100% renewable energy and an
all-electric vehicle fleet, by 2030.
-- In March 2020, to support our climate change plan and broader
sustainability agenda, we announced GBP1.2 billion of investment by
2025 in environmental initiatives including planting 1.3 million
trees and boosting the biodiversity of 5,000 hectares of land in
our region.
-- In January 2021, we submitted several project proposals to
Ofwat to invest hundreds of millions of pounds as part of the Green
Recovery initiative which, if approved, would enable us to deliver
new low carbon water sources, create thousands of new jobs and
enhance river quality and flood resilience in our region.
-- This week, we submitted our proposed Scope 1, 2 and 3
emissions targets to the Science Based Targets Initiative,
committing us to deliver significant reductions in our Greenhouse
Gas ('GHG') emissions by 2030. We look forward to finalising these
in the coming months.
Our Net Zero Pledge
Severn Trent has been accredited by the Carbon Trust since 2009
and during that time we have consistently reduced GHG emissions
from our operations, leading to a total reduction of 57% to the end
of 2019/20. Over the same period, we have increased our generation
of renewable energy to the equivalent of 491 GWh per year, or 51%
of our own energy consumption.
As part of our commitment to credible reduction in GHGs,
consistent with a 1.5 degree global warming scenario, we will:
-- Reduce our Scope 1 and Scope 2(1) emissions by 46% by 2030,
in line with the Science Based Targets Initiative's guideline;
and
-- Reduce our Scope 3 emissions by engaging with over 70% of our
supply chain to take action on their own emissions.
Working in partnership with the Commonwealth Games
Earlier this month we were pleased to announce our partnership
with the Birmingham 2022 Commonwealth Games to support its ambition
to create the most sustainable games yet. We are proud to lead on
making it the first carbon neutral games, through a range of nature
enhancing offset initiatives, including planting 2,022 acres of
forest in the Midlands and 72 mini forests representing each
competing nation. Like us, the Games has an ambition to leave a
lasting legacy for future generations and we look forward to
working with the organising committee in the exciting months to
come.
Liv Garfield, Severn Trent Plc CEO, said , "As a water company
we take care of one of life's essentials, so a healthy environment
is vital to the long term sustainability of our business. Taking
positive action to mitigate climate change and ensure we are
resilient to its impact is at the core of that goal. We have set
ourselves bold ambitions which we believe will benefit all our
stakeholders over the long term, which is why we're pleased to
offer this engagement opportunity to our shareholders at our
upcoming AGM."
Severn Trent will provide updates on our climate change action
plan throughout 2021, starting with the Annual Report and
Sustainability Report to be published in June ahead of our AGM on 8
July 2021. At a Capital Markets Day on 24 September 2021, we will
also outline our detailed roadmap to Net Zero. The Company will
seek an advisory vote every three years on any material changes
made or proposed to the climate change action plan.
Annual Results change of date
Severn Trent Plc will now present its annual results for the
year ended 31 March 2021 on 19 May 2021 (previously scheduled for
26 May 2021).
Enquiries
Investors & Analysts
Rich Eadie Severn Trent Plc +44 (0) 7889 806578
Head of Investor Relations & Sustainability
Selina Soma Severn Trent Plc +44 (0) 7976 938604
Investor Relations Manager
Media
Jonathan Sibun Tulchan Communications +44 (0) 207 353 4200
Press Office Severn Trent Plc +44 (0) 247 771 5640
(1) Scope 1, 2 and 3 emissions calculated in line with the
Greenhouse Gas Protocol. Scope 1 targets include Biogenic emissions
in line with methodology set by Science Based Targets
Initiative.
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to
be, 'forward-looking statements' with respect to Severn Trent's
financial condition, results of operations and business and certain
of Severn Trent's plans and objectives with respect to these
items.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would',
'should', 'expects', 'believes', 'intends', 'plans', 'projects',
'potential', 'reasonably possible', 'targets', 'goal', 'estimates'
or words with a similar meaning, and, in each case, their negative
or other variations or comparable terminology. Any forward-looking
statements in this document are based on Severn Trent's current
expectations and, by their very nature, forward-looking statements
are inherently unpredictable, speculative and involve risk and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance and no assurances can be given that the forward-looking
statements in this document will be realised. There are a number of
factors, many of which are beyond Severn Trent's control that could
cause actual results, performance and developments to differ
materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to: the
Principal Risks disclosed in our latest Annual Report and Accounts
(which have not been updated since the date of its publication);
changes in the economies and markets in which the group operates;
changes in the regulatory and competition frameworks in which the
group operates; the impact of legal or other proceedings against or
which affect the group; and changes in interest and exchange
rates.
All written or verbal forward-looking statements, made in this
document or made subsequently, which are attributable to Severn
Trent or any other member of the group or persons acting on their
behalf are expressly qualified in their entirety by the factors
referred to above. No assurances can be given that the
forward-looking statements in this document will be realised. This
document speaks as at the date of publication. Save as required by
applicable laws and regulations, Severn Trent does not intend to
update any forward-looking statements and does not undertake any
obligation to do so. Past performance of securities of Severn Trent
Plc cannot be relied upon as a guide to the future performance of
securities of Severn Trent Plc.
Nothing in this document should be regarded as a profits
forecast.
This document is not an offer to sell, exchange or transfer any
securities of Severn Trent Plc or any of its subsidiaries and is
not soliciting an offer to purchase, exchange or transfer such
securities in any jurisdiction. Securities may not be offered, sold
or transferred in the United States absent registration or an
applicable exemption from the registration requirements of the US
Securities Act of 1933 (as amended).
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END
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