Red Electrica Corporacion : Eléctrica updates its Climate Change Action Plan in line with the Paris Agreement

• Consolidating the main courses of action established and extending the horizon of the actions

Red Eléctrica has updated its commitment to the fight against climate change, formalised in 2011, with the renewal of the 2015-2020 action plan, adapting it to the many changes that have arisen both in the international scenario, mainly through the Paris Agreement, and in the Company's own management.

The 2015-2020-2030 Climate Change Action Plan determines the targets and goals to be reached and the actions proposed to achieve them by consolidating the main courses of action already being carried out in Red Eléctrica, such as the contribution to a more sustainable energy model; the reduction of the carbon footprint; the communication and disclosure of the Company's commitment on this matter, and the adaptation to climate change, including innovation in the plan as a new cross-cutting course of action.

One of the main changes to the plan is that the horizon of action has been extended. In addition to reviewing the targets and goal to be achieved in 2020, the plan now also sets out the main challenges for the 2030 horizon.

Regarding the contribution to a more sustainable energy model, the new action plan consolidates Red Eléctrica's commitment to achieving a low-carbon model, as it now not only considers the actions that need to be carried out to achieve the 2020 European targets (20-20-20) in the field of emission reduction, integration of renewables and energy efficiency, but it also includes those established for the 2030 horizon (40-27-30).

Similarly, it introduces a change in the definition of the carbon footprint reduction targets associated with the Company's activity in line with the Paris Agreement target of limiting the global temperature increase to below 2C, as reflected in the International Science Based Target initiative (SBTi).

The application of this criteria implies a change in scope as well as in the reference year, whereby the overall reduction objectives are completely modified, and which are now defined as: reduction or offsetting of 1.5% of the total direct and indirect emissions in 2020, and 7% in 2030.

In order to achieve these targets, partial objectives are defined, highlighting the actions planned for the reduction of SF (sulphur hexafluoride) emissions, setting a maximum quota for the duration of the plan; efficiency measures to reduce electricity consumption by 85% in 2020 and by 90% in 2030. Also noteworthy is the work connected with the Sustainable Mobility Plan for the reduction of 15% of the emissions associated with the use of Red Eléctrica's vehicles in 2020 and of 30% in 2030, as well as the promotion of measures to reduce the emissions associated to business trips and employee commutes.

Lastly, the Company undertakes the commitment to offset a minimum of 20,000 tonnes of CO per year through the Red Eléctrica Forest project, in addition to all the emissions that it is unable to reduce according to the goals set out in this action plan.

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