SSE PLC | Report on Net Zero Transition and frequency of voting
How other organisations have declared their voting intentions
| Organisation name | Declared voting intentions | Rationale |
|---|---|---|
| Ircantec | Against | SSE PLC aims to achieve carbon neutrality by 2040 for scopes 1 and 2, and by 2050 for scope 3. Its 2030 targets for scopes 1 and 2 are validated by the SBTi and aligned with a 1.5°C scenario. However, the scope 3 target for 2034 covers only the minority of emissions, and no post-2030 targets have been scientifically validated. The company plans to reduce scopes 1 and 2 emissions by 72.5% by 2030, and part of scope 3 by 50% by 2034. Despite this, absolute emissions (excluding full scope 3) have increased by 10.46% between 2023 and 2024. While the action plan is well-structured, it lacks transparency on the contribution of specific measures to scope 3 reductions and on the future energy mix. Notably, the Net Zero investment plan has been scaled back, with capacity targets reduced from 9 GW to 7 GW by 2027. Electricity generation from non-renewable sources rose from 11,159 GWh in 2023 to 13,740 GWh in 2024, while renewable generation increased only slightly from 10,004 GWh to 10,237 GWh. As of March 2025, renewable capacity reached 13,206 GWh, yet thermal generation also rose to 17,824 GWh, indicating a carbon-heavy energy mix with no clear improvement trend. SSE’s ambitions appear to be weakening, both in renewable capacity development and investment in decarbonization. The incomplete accounting of scope 3 emissions undermines the credibility of the climate plan, especially as absolute emissions and reliance on non-renewables continue to grow. The medium-term targets lack ambition. Nonetheless, the company demonstrates commendable transparency, including ESG-linked executive compensation and robust actions on scopes 1 and 2. SSE is encouraged to maintain transparency through a triennial advisory vote and to validate short and long-term emission reduction targets scientifically. For these reasons, Ircantec will vote against SSE PLC’s Say on Climate resolution, while acknowledging the positive steps taken toward transparency and encouraging further efforts. |
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