Denmark-headquartered power cable company NKT has received approval from the Science Based Targets initiative (SBTi) for its near-term decarbonization targets, said to represent an important step towards becoming a net-zero emissions company by 2050.
NKT Cables Group commits to reducing its absolute scope 1 and 2 greenhouse gas (GHG) emissions by 90% by FY2030 from a FY2019 base year.
The Danish company is further pledged to increase 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, as well as to reduce absolute scope 3 GHG emissions from purchased goods and services and use of sold products 27.5% by FY2030.
With the approval, SBTi determines that the scope 1 and 2 target and roadmap are in line with the 1.5ºC trajectory.
From 2019 until the end of 2022, NKT said it had reduced its scope 1 and 2 emissions by 79% via various initiatives such as having all factories running on renewable electricity, increasing electrification of internal logistics and improving energy efficiency in the power cable and accessory production.
“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,” said Claes Westerlind , President and CEO of NKT.
“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.”
SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) which defines and promotes a clearly defined pathway for companies to reduce their greenhouse gas emissions.
NKT joined the initiative in 2020 as the first major power cable company. So far over 4,000 companies have committed to set science-based emissions reduction targets.
NKT recently signed a long-term contract with a European company for the supply of copper rod in the period 2023-2027 that will be used for cables destined for offshore wind projects.
In line with the purpose of connecting a greener world, the company also joined the Copper Mark to promote responsible copper mining and production.