SSE announces preliminary full-year results and plans to drive a green economic recovery

SSE plc has today set out its full-year financial results for 2019/20, a year in which it delivered a solid recovery and strategic progress. You can view the full statement here on the SSE Group website.

SSE Thermal, which comprises the company’s Thermal Generation and Gas Storage businesses, made a total adjusted operating profit of £156.4m.

The Group also announced today it will invest over £7 billion in major low-carbon construction projects to support net zero and spur a green economic recovery.

The pledge comes as it signs up to a new series of science-based targets that will see the company strive to cut emissions further and faster.

Under the new series of carbon targets, SSE aims to reduce its direct emissions by 60% per gCO2e/kWh by 2030 from 2018 levels, stretching its previous 50% target.  It has also committed to working with its supply chain so that 50% of its suppliers, by spend, will have a science-based target by 2024; and will reduce absolute emissions from use of products sold by 50% by 2034 from 2018 levels.

Alistair Phillips-Davies, Chief Executive, said: “It’s easy to talk about a green recovery, but we’re putting our money where our mouth is with £7bn of low-carbon infrastructure projects that can deliver a win-win for climate and economy.

“The investment plans we’ve set out today underline our intentions as a British business providing a boost to the economy and we want to work with Government to make the green recovery and delivery of net zero a reality. The world is facing twin crises with the economic impact of coronavirus and the climate emergency and the only route forward is to unlock investment.

“Plenty of businesses talk a good game on climate action, but we’re serious. That’s why we will hold ourselves to account with new science-based emissions reduction targets, independently verified and underpinned by evidence.”

As part of its well-established strategy to recycle capital from mature assets in order to create further value from low-carbon investments, SSE also confirmed it will look to secure £2bn of non-core disposals up to 2021, focused on assets where it is not the principal operator or where they don’t align with the transition to net zero.