Our common future

The world is still grappling one of its most pressing and urgent challenges - the need for an energy transition that will enable all nations to rely on clean, affordable, and reliable energy. COP28 is once again an opportunity for all parties to put forth their best efforts, proposals, and decisions in support of a better future.

Even though we are witnessing a surge in the adoption of renewable energy sources, it is evident that we will surpass the 1.5°C threshold unless everyone delivers an even stronger commitment towards achieving net-zero emissions. Energy transition needs to be accelerated even more. It is crucial that COP28 reinforces the urgency to tackle climate change and sends a clear signal that we must cease our reliance on fossil fuels to expedite progress. 

At EDP, we will continue to join forces with companies, governments, and communities. We will continue to deploy our investment plan of 25 billion euros by 2026, developing cutting-edge solutions for renewable energies, from the roof of a building to the top of a mountain or the aridity of a desert, tapping the full potential of solar, wind, and hydro power. And we will continue to invest in our energy grids, side by side with our customers, aiming to be all green by 2030 and net zero by 2040. 

As active participants in COP28, we look forward to participating in relevant debates on the ground - with business leaders, policymakers and the climate community - regarding what is needed to move the energy transition forward. We will also demonstrate that energy transition solutions exist, that they are increasingly accessible and that they can reach even the most remote communities or the most energy-intensive sectors. We are also advocating for a pledge to triple the targets for renewable capacity to a minimum of 11,000 GW by 2030.

In 2023, while temperatures in Arizona exceeded 43ºC for 31 consecutive days, EDP supplied a 23 MWp solar project to benefit 36,700 members of the Mohave Electric Cooperative in the region. In the middle of the desert, the arrays of 54,000 solar panels combined with a 15 MW battery make it possible to accumulate 4 hours of energy and substantially reduce the use of gas, offsetting the emission of 36,000 metric tonnes of CO2 per year.

On the small island of Pulau Ubin, in the North of Singapore - which until recently needed 100,000 litres of diesel a year to feed the electric grid with generators – clean energy from the sun now supports 95% of the consumption needs of the community, thanks to a solar and battery storage system installed by EDP.

Both these examples, and numerous others, illustrate how EDP is driving the energy transition at different levels, across the 29 markets where we are already operating, with many projects in distributed solar, hybridization, green hydrogen and energy storage, not to mention the growing expansion of offshore wind and floating solar.

Along the way, we remain committed to promoting energy accessibility and a fair energy transition while protecting biodiversity. That is why EDP was once again recognized as the most sustainable electricity company in the world by the S&P Global Corporate Sustainability Assessment (CSA) Scores. This recognition, among 256 companies, reinforces our leadership in the sector and reaffirms our conviction that good sustainability practices can be a transformative force.

We Choose Earth. We aim for a bright, fair and safe future for all.

Miguel Stilwell d’Andrade, CEO