The Science Based Targets initiative has approved the near-term decarbonization targets set by NKT as an important step in the company’s journey to net-zero emissions.
Power cable solutions and accessories are vital for the infrastructure supporting the global transition to renewable energy and as a leading power cable provider, NKT has been a key driver in the dedicated focus on decarbonizing the power cable industry. In 2020, NKT joined the Science Based Target initiative (SBTi) as the first major power cable company, and now NKT has had its near-term decarbonization targets approved by SBTi defining the pathway for companies to reduce their greenhouse gas emissions.
- We are proud of the SBTi approval which confirms our commitment and proactive role in decarbonizing our own operations as well as leading the way for the industry. This is an important milestone in our journey to become a net-zero emissions company no later than 2050 and we continue our strong focus to reduce the carbon emissions from our products, operations and supply chain, says Claes Westerlind, President and CEO in NKT.
With the approval NKT Cables Group commits to:
- Reducing its absolute scope 1 and 2 greenhouse gas (GHG) emissions 90% by FY2030 from a FY2019 base year*
- Increasing the active annual sourcing of renewable electricity from 18% in FY2019 to 100% by FY2023 and to continue active annual sourcing of 100% renewable electricity through to FY2030
- Reduce absolute scope 3 GHG emissions from purchased goods and services and use of sold products 27.5% by FY2030 from a FY2019 base year
With the approval, SBTi determines that the scope 1 and 2 target and roadmap are in line with the 1.5ºC trajectory. The approved targets are confirming NKT’s strategic focus and ongoing initiatives dedicated to reducing the company’s carbon emissions. From 2019 until the end of 2022, NKT has reduced its scope 1 and 2 emissions with 79% via various initiatives such as having all factories running on renewable electricity, increased electrification of internal logistics and improving energy efficiency in the power cable and accessory production. NKT is committed to continuing executing its sustainability roadmap as a central pillar in the corporate strategy ReNew Boost with the aim to have net-zero emissions no later than 2050.
Learn more in NKT’s Sustainability Report 2022.
Facts: Science Based Targets initiatives
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes a clearly defined pathway for companies to reduce their greenhouse gas emissions. Over 4,000 companies have committed to set science-based emissions reduction targets.
*The target boundary includes land-related emissions and removals from bioenergy feedstocks.