Dec 15, 2020
As the first major power cable manufacturer NKT officially signs up for the Science Based Target initiative to become a net-zero emissions company. Already now NKT commits to reducing its own greenhouse gas (GHG) emissions by 5% on average annually in line with the Paris climate agreement to keep global warming to 1.5°C above pre-industrial levels.
Power cable solutions and accessories are vital for the infrastructure supporting the global transition to renewable energy. With an increased electrification of society, NKT plays a key role in providing future generations with clean and renewable energy. Now, the company commits to the Science Based Targets initiative with the aim to set its net-zero deadline as soon as possible, with 2050 as the ultimate close. As an important first step, NKT commits to reduce its CO2 emissions by 5% on average annually.
- I am proud that we are the first major power cable manufacturer to commit to this verified and approved method for responsible climate actions, and it is a strong signal to our stakeholders that we are fully committed to accelerate the sustainability journey. Power cables are essential to transition to renewable energy and as it is our company purpose to connect a greener world it is natural for us to take further responsibilities to become a net-zero emissions company, says Alexander Kara, President & CEO of NKT.
Decarbonization activities have already started
Signing up for the Science Based Targets initiative is a natural next step in the sustainability journey of NKT. Earlier this year, it was announced that the company runs all its power cable plants on electricity from renewable energy sources, reducing CO2-emissions from its annual energy consumption by 66%, or over 48,000 tons compared to 2019. Furthermore, NKT runs several decarbonization initiatives, including reduction of fuel consumption and dedicated projects to increase the energy efficiency of the cable manufacturing. Also, NKT recycles materials such as XLPE and metals from the production of power cables which help reducing emissions from traditional waste management.
The NKT Science Based Targets addresses Scopes 1 and 2 (own impact) and Scope 3 (value chain) emissions. Committing to the 1.5°C ambition also means that NKT joins the ‘We Mean Business’, a coalition of organizations working with thousands of the world’s most influential businesses and investors, catalyzing business action and driving policy ambition to accelerate the zero-carbon transition.
Facts: Science Based Targets
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 1,000 companies have committed to set science-based emissions reduction targets.