Scatec’s net zero climate targets approved by Science Based Targets initiative
Oslo, 22 March 2023: Scatec ASA’s climate targets were approved by the Science Based Targets initiative (SBTi) in January 2023, showing the company’s commitment to drive sustainable growth by setting ambitious, science-based emissions reduction targets.
“We are very pleased to have received the approval of our science-based net zero target by SBTi. We set our climate ambitions in line with the latest climate science from the IPCC to limit warming to 1.5 degrees, requiring Scatec to minimise direct emissions by 2030 and achieve net zero emissions across our value chain by 2040. We now look forward to continuing this critical journey and playing our role as a key renewable energy company in emerging markets,” says Scatec CEO Terje Pilskog.
Our commitment:
Near-Term Targets (from a 2019 base year)
- Scatec commits to reduce absolute scope 1 GHG emissions 95% by 2030.
- Scatec commits to increase annual sourcing of renewable electricity to 100% by 2030 (scope 2).
- Scatec commits to reduce scope 3 GHG emissions 55% per kWh by 2030.
Long-Term Targets (from a 2019 base year)
- Scatec commits to maintain at least 99% absolute scope 1 and 2 GHG emissions reductions from 2030 through 2040.
- Scatec commits to reduce scope 3 GHG emissions 97% per kWh by 2040.
“During 2022, we focused on internal communication of the climate targets, integrating climate requirements into existing development and procurement processes, as well as identifying and analysing emission reduction activities across the existing project portfolio. Our net zero strategy details key initiatives within scope 1, 2 and 3 to reach these targets, and we are ready to do the work needed to reach these ambitions,” says Scatec EVP Sustainability, HSSE & Quality Roar Haugland.
Scatec’s Scope 1 emissions comprise fuel for vehicles and generators, and emissions from electrical equipment on project sites. Scope 2 emissions include electricity usage from the grid for operations and maintenance buildings, corporate offices, and auxiliary services. Scatec’s most material Scope 3 categories include the purchase of components, upstream transportation, and hydropower investments. In 2019, Scatec’s emissions (CO2e) were: 1,987 tonnes in scope 1, 6,669 tonnes in scope 2 (market-based), and 345,035 tonnes in scope 3.
The Science Based Targets initiative has verified Scatec’s net-zero science-based targets by 2040. The Target Validation Team concluded that the near and long-term targets against the SBTi net-zero criteria are in line with a 1.5°C trajectory.
The initiative is a collaboration between the CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature, and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
Find out more about our climate efforts in our Net Zero Strategy and our digital ESG Performance Report 2022, both published today.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959, meera.bhatia@scatec.com
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 4.6 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our close to 800 passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.
