Scatec, a renewable energy company, has set net-zero targets by 2040 to reduce its greenhouse gas (GHG) emissions. Scatec has specific goals related to scope 1, scope 2, and scope 3 emissions, which are the direct emissions from owned or controlled sources, indirect emissions from the generation of purchased energy, and all other indirect emissions, respectively.

According to ESG report, in 2022 the company’s emission for scope 1 was 3,131 tCO2e, Scope 2 (market based) was 800 tCO2e and scope 3 was 1,468,943 tCO2e. Emissions in Scope 1 and 2 witnessed a 55% decrease from 2021 to 2022, attributed to the increased utilization of renewable energy sourced from both self-generated electricity on-site and the procurement of I-RECs for grid electricity consumption. In 2022, the company surpassed its 2022 target, achieving an 83% consumption of renewable electricity, exceeding the set goal of 65%. However, the emissions intensity for produced energy experienced an increase due to heightened activity, rising from 8 tonnes CO2e/GWh in 2021 to 410 tonnes CO2e/GWh in 2022.

Scatec has taken steps to reduce its emissions and achieve its net-zero targets. The company has made investments in environmentally sustainable activities, such as solar panels and heat pumps. These investments contribute to reducing emissions and align with the EU taxonomy for environmentally sustainable activities. The company has also engaged in afforestation, which involves planting trees to absorb carbon dioxide and mitigate climate change.

In terms of reporting and assurance, Scatec has conducted interviews with data owners and internal stakeholders to understand the key processes and control activities for measuring, recording, and reporting ESG (environmental, social, and governance) data. The company has also obtained limited assurance from independent auditors on its sustainability performance indicators, including GHG emissions.

Scatec engages with various stakeholders, including investors, industry associations, media, local communities, suppliers, and customers. The company responds to investor questionnaires, participates in investor meetings, and ensures compliance with ESG requirements. Scatec also collaborates with industry peers and organizations to address common challenges and contributes to the general debate through media engagement. The company engages with local communities, supports the green transition, creates jobs, and promotes biodiversity in its areas of operation. Scatec maintains dialogue and partnerships with suppliers to meet sustainability requirements and reduce CO2 emissions in the value chain. The company also engages with customers through sales and marketing channels, customer clubs, and initiatives like the Solar School to understand their challenges and support their sustainability goals.

Scatec has established targets for achieving net-zero emissions and specific goals for reducing its greenhouse gas (GHG) emissions. Scatec pledges to attain a minimum of 99% absolute reduction in Scope 1 and 2 greenhouse gas (GHG) emissions from 2030 to 2040. Additionally, Scatec commits to achieving a 97% reduction in Scope 3 GHG emissions per kWh by the year 2040. The company has taken steps to invest in environmentally sustainable activities and engage with various stakeholders to achieve its emission reduction plans.

Premium Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies representing the world’s largest industries. This analysis is combined with crucial details on strategic and investment priorities, innovation strategies, and CXO insights to provide comprehensive company profiles.