The unimaginable events of 2020 have jolted us all into rethinking, reimagining, and resetting how we want to do things in the future. Priorities changed overnight for individuals, organizations, governments, and entire regions. Synopsys emerged with an even stronger focus on environmental, social, and governance matters. As a result, we developed a Corporate Social Responsibility strategy focused on a future that is sustainable, secure, and fair. We have a clear vision of the road to a more sustainable future, and it is lined with widespread adoption of ambitious emissions reduction targets and innovative agreements to enable business to procure renewable energy.
Last year, Synopsys announced a pledge to reduce its Scope 1 and 2 greenhouse gas emissions by 25% by 2024, in line with the Paris Agreement’s goal to limit global temperature rise within 1.5 degrees Celsius above pre-industrial levels. These goals are central to Synopsys’ Corporate Social Responsibility (CSR) commitment to a future powered by the efficient use and responsible management of all resources.
As part of our drive to reduce our direct emissions, Synopsys has joined one of the largest corporate aggregated clean energy procurement agreements to accelerate the development of renewable energy. Bundling our energy demand with three other companies, including fellow CEBA member Akamai, is allowing us to serve as an anchor tenant for Enel Green Power’s Azure Sky Wind Project in Texas. The Azure Sky Wind Project is a 350 MW wind and 137 MW battery storage project currently under construction and expected to begin operations in the first half of 2022. The breakthrough aggregated virtual power purchase agreement demonstrates how accessible it now is to acquire credible bundled Renewable Energy Certificates for an enterprise of any size.
Under the 12-year agreement, Synopsys has contracted 15 MW of wind generation capacity, an amount that can meet the annual electricity demands of roughly 5,000 average U.S. homes. This landmark agreement is instrumental to Synopsys’ ability to mitigate approximately 70% of our projected North American emissions, leading to new renewable energy on the grid and displacing fossil fuels.
After a year of dramatic events that underscored humanity’s reliance on and the vulnerability of the Earth’s ecosystems, we’re at a critical juncture for taking climate action. We hope our recent actions become a part of mass mobilization on the part of business, where renewable energy options are fully leveraged to deliver on emissions reduction targets. As a new member to CEBA, we are excited to partner with others to further accelerate clean energy transactions for a more sustainable future.
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