Scottish energy company SSE has revealed plans to invest £12.5bn by 2026 in renewable energy and electricity networks as part of its efforts to expedite the transition towards net zero.

The company said that to support the global push to decarbonisation, it will increase its capital investment by two thirds, which comes to £1bn more per year. Previously, SSE had announced an investment of £7.5bn by 2025 in its electricity network and renewables businesses.

The latest announced investment will be divided approximately 40-40-20 across networks, renewables, and other net-zero-aligned business of the group.

SSE chief executive Alistair Phillips-Davies said: “After all the commitments made at COP26, now is the time to deliver. Our Net Zero Acceleration Programme represents the next phase of SSE’s growth and involves a substantial ramping up of investment – equivalent to nearly £7m each day in low-carbon infrastructure – backed up by clear delivery and funding plans.”

Under the new programme, the company expects to facilitate delivery of more than 25% of the UK’s offshore wind target of 40GW by the end of this decade. For this, 2.5 times more capital has been allocated to the growth of its renewable energy capacity.

The Scottish energy company will aim to double its current net installed capacity of renewable power to 8GW as per the new net zero acceleration programme.

The company also aims to meet over 20% of the required investment in upcoming electricity networks in the UK apart from continuing its expansion in international markets.

The updated plan will allocate capital expenditure (capex) of £5bn towards its electricity networks.

Through the investment, SSE expects to increase the regulated asset value (RAV) of its electricity networks to nearly £9bn. This includes the company’s assumed sale of 25% stake each in SSEN Transmission and SSEN Distribution.

Close to 20% of the investment under the new programme will be used by the company on its other flexible generation, distributed energy, and customer businesses.

The company intend to focus its investments in carbon capture and storage, hydrogen and batteries with an aim to capture value in low-carbon flexibility markets.

SSE has also outlined targets for the 10 years to 2031. One of them is to achieve five times increase in renewables output to around 50TWh.

The company is aiming to have a sustained renewables pipeline in excess of 15GW by 2031. Its owned renewables capacity is targeted to grow more than three times from about 4GW to over 13GW.

Apart from that, SSE will aim to increase its electricity networks RAV to £11-13bn by 2031.

The company has also revised goals to bring down scope 1 GHG emissions by 78.2% per gCO2e/kWh from the financial year (FY) 2018 to FY30. It will also aim to achieve a 72/5% reduction in absolute scope 1 and 2 GHG emissions during the same period.