Ready, set, engage: Xcel Energy
An example from the Climate Report on Nordea pushing companies to accelerate decarbonization is Xcel Energy, a major electric power company that supplies electricity and natural gas to retail customers in the United States. When NAM started its engagement, 60% of the electricity generation was based on coal and other fossil fuels. Just nine months later, Xcel committed to delivering 100% emission-free electricity by 2050, the first utility in the US to do so.
The ongoing dialogue with the company is currently focused on the company’s efforts in the 2020-2030 period, and the concrete possibilities for realising earlier-than-planned closures of coal-fired power plants and adding more renewables capacity.