EDP emerged as the winner of this year's Net zero progression of the year, Global award, as Sustainable Company Awards judges praised the energy company's detailed and comprehensive climate transition plan.

Published in 2023, the climate transition plan is built upon EDP's commitment towards achieving its net zero ambitions by 2040 and the results of internal work by the Net Zero Acceleration Taskforce. Using 2020 as a baseline year, EDP plans to cut emissions from thermal generation from over 50% of its total emissions to zero by 2030, including plans to decommission coal-fired power plants by 2025, which it says it is on track to achieve.

The climate transition plan is reviewed in each business plan cycle to ensure strategic alignment with its medium- and long-term goals.

Earlier this year, EDP published a progress report for the Climate Transition Plan– the first since the approval of its net zero target by the Science Based Target Initiative (SBTi) – which highlighted several key developments on its path to net zero.

The progress report registered an overall decrease of total emissions by 34% compared with 2022 levels, including direct and indirect emissions. Its Scope 1 emissions were down by 55%, influenced by the reduction of foal and combined cycle gas turbine. EDP's Scope 2 emissions, meanwhile, fell by 39% and Scope 3 emissions were down by 13%, year-on-year.

"The clear alignment with corporate climate targets and business strategy are key components to bring consistency and credibility to EDP’s Climate Transition Plan," said an EDP spokesperson

"Developing the plan can be equated to the tip of the iceberg of all the work that needed to be done up to this point. Is has been the work of many years, culminating with the alignment of the SBTi Net Zero targets approval and integration with the 2023-2026 business plan.

"As for the document in itself, since EDP was an early adopter, there were still many question marks on what comprised a complete and credible Transition Plan."