Vattenfall’s Annual and Sustainability Report 2020 has been published. The report describes a year marked by a faster pace in the energy transition despite a tough and exceptional market situation. For Vattenfall the trend has been clear. That we talk about climate progress is no coincidence.
“I feel secure that Vattenfall’s strategic direction – to enable fossil-free living within one generation – is right. This is not our sustainability strategy, it is our business strategy. And it is sustainable,” says Vattenfall’s CEO and President Anna Borg in her statement.
The company’s full-year turnover for 2020 decreased by 5 per cent to SEK 158.8 billion (166.4) with a net profit of SEK 7.7 billion, a decrease from SEK 14.9 billion mainly attributable to write-downs connected to the German coal-fired heat plant Moorburg. The Board of Directors proposes a dividend of SEK 4.0 billion. The underlying operating profit increased somewhat to SEK 25.8 billion, from SEK 25.1 billion.
Vattenfall has adopted an investment plan for 2021-2022 of SEK 57 billion. Growth investments amount to SEK 32 billion, where the lion share is planned to be invested in wind power. Vattenfall will also invest in the electricity grid and in the expansion of district heating operations. Other growth investments include charging infrastructure, solar and battery projects, decentralised energy solutions and the HYBRIT project.
New targets for 2025
Vattenfall has set new strategic targets for the company’s financial and sustainability commitments until 2025. The targets are concerning driving decarbonisation with its customers and partners, securing fossil-free energy supply, delivering high-performing operations as well as empowering its people.
Vattenfall continues to phase out remaining fossil-based production according to its roadmap. Furthermore, heavy investments are made in renewable energy as well as developing new technology to aid the energy transition. The collaboration with our partners to phase out fossil fuels in sectors like industry and transport by using fossil-free electricity has intensified.
Read more about Vattenfall’s activity during 2020 and how the company’s strategy could contribute to UN’s global goals for sustainable development here