EDF to invest nearly £5billion in renewable energy infrastructure

EDF plans to invest £4.5bn this year to support the development and upkeep of the country’s Net Zero infrastructure.

The announcement accompanied the release of EDF’s annual update, showing the progress it has made in an overall £50billion investment in helping achieve the UK’s goal of carbon neutrality by 2050. 

Earlier this year, EDF reached a milestone when it its carbon intensity at point of generation reached 0gCO2/MWh, which means that it now only generates zero carbon electricity.

In the report, EDF outlines its progress in helping customers reduce carbon emissions. It assisted in avoiding 0.5 million metric tons of CO2 in 2022 through initiatives like smart meters, EV chargers, heat pumps, and solar panels. Future investments in renewable energy projects include solar and wind farms, while also expanding nuclear power. The company says it has reduced its own carbon emissions by 17%, with most emissions occurring indirectly in its supply chain. 

Simone Rossi, CEO at EDF, said: “Much has happened since we set out our purpose to help Britain to achieve Net Zero three years ago. Two years of energy crisis have been a stark reminder that progress to Net Zero must also deliver secure and affordable energy for homes and businesses.

“Action at scale and pace is needed. At EDF we are unwavering in our commitment because we are clear what’s good for Net Zero is good for Britain’s energy security and protects customers from volatile energy prices. A just transition also creates massive economic opportunity for businesses and communities up and down the country.”

The full report can be found here.