Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola
Will Gardiner, Drax Group CEO said:
“The IPCC is right to highlight the scale of the challenge ahead if we are to tackle climate change. Net zero carbon emissions by 2050 will be required to limit global warming to 1.5 or 2 degrees and Drax is focused on creating a zero carbon, lower cost energy future.
“Since we converted two thirds of the power station in Yorkshire to use biomass instead of coal, we have transformed the business to become the biggest decarbonisation project in Europe – delivering carbon savings of more than 80% and enough renewable power for around four million homes. At the same time we are supporting sustainable forestry and improving the world’s long-term forest carbon sinks. But we’re not stopping there.
“We are now investing in a bioenergy with carbon capture and storage (BECCS) pilot project – the first of its kind in Europe, which is due to get underway this autumn.
“This technology has the potential to make the electricity we generate carbon negative, reducing the CO2 accumulating in the atmosphere and helping to mitigate the impacts of climate change.
“Today’s IEA Market Report confirms bioenergy must play a critical role in delivering a secure and sustainable energy system of the future – it can support the grid as more renewables come online and has the potential to help other sectors such as transport and heat to decarbonise – vital if we are to meet the challenge set out by the IPCC.”