As GREEEEEEEEN as POSSIBLE,,,,,,,,,,,,,,,,,!!!!!!!!!!!!!!!! TransAlta Recognized at COP26 Powering the World Past Coal Event
CALGARY, AB, Nov. 5, 2021 /CNW/ - As the world gathers at COP26 to take action on the threat of climate change and keep the Paris Agreement goal of limiting temperature rise to 1.5°C within reach, TransAlta Corporation (TSX: TA) (NYSE: TAC) ("TransAlta" or the "Company") was pleased to participate at the Powering the World Past Coal event at COP26, in Glasgow, Scotland. At the event, TransAlta and 27 new members joined the Powering Past Coal Alliance (the "Alliance") where the new members were announced by the governments of Canada and the United Kingdom, Co-Chairs of the Alliance.
The Alliance is a global organization of governmental and private sector organizations working to take action on reducing greenhouse gas emissions from coal-fired electricity generation and accelerate the energy transition.
TransAlta's President and CEO, John Kousinioris, stated, "Our decision to join the Powering Past Coal Alliance is a natural extension of the Company's commitment to delivering clean energy solutions for our customers, strong returns for our investors, and reliable energy for the communities that we serve. Our growth plan will expand our renewable electricity fleet by two gigawatts over the next five years and deploy energy storage at a much larger scale. We look forward to continuing our contribution to global efforts to deliver an accelerated clean energy transition."
TransAlta has already reduced its greenhouse gas emissions by 61 per cent over 2005 levels and has a 2030 target that equates to a 70 per cent reduction compared to 2005 levels.
TransAlta's transition away from coal-fired generation started in 2019 and by the end of 2021, the Company will end coal-fired generation in Canada. Through this process, TransAlta will eliminate 2,135 megawatts of coal-fired generating capacity from its fleet and will have converted a further 1,259 megawatts to gas-fired generation, consistent with the regulatory frameworks set out by the governments of Canada and Alberta. The Company's sole remaining coal-fired unit in the U.S. will also cease operations at the end of 2025. By that time, the Company will have also delivered on its plan to grow its leading renewable portfolio by two gigawatts, which will result in 70 per cent of the Company's EBITDA being generated by renewables.
The Company is well positioned to leverage its significant expertise across a variety of geographies and technologies. TransAlta's ongoing focus is to be a leading provider in the renewables space, bringing solutions that work for its customers and the communities that it serves. TransAlta's success will enable it to continue its role as a leader in the energy transition and to reach the critical goals set out at COP26.