Climate
The energy sector stands for the majority of the global greenhouse gas emissions, as fossil-based energy powers industrial processes, transportation, and buildings. Decarbonizing the energy industry is therefore key to addressing climate change.
OX2's contribution to the low-carbon transition derives from what technologies we have in our portfolio, where we operate, and how we work.
Targets
Our long-term target is to increase renewable energy production and reduce GHG emissions in line with the Paris Agreement.
Increase renewable energy production
- 1,500 MW sold per year on average during the period 2023–2024
- 2,000 MW per year starting in 2025
- Operating revenue growth (CAGR) of >25% in 2023-2027
- Return on capital employed (ROCE) >25%
Decarbonizing our business
- Reduce GHG emissions with 42% between 2022 and 2030 (Scope 1 and 2)
- Measure and reduce emissions between 2022 and 2030 (Scope 3)
- Deliver projects with a GHG intensity below 10 gCO2e/kWh in 2024 (Scope 3 category 1 attributable to our projects and 11)
Increase resilience to the impacts of climate change
- 85% of eligible income must be compatible with the EU Taxonomy in 2024
- 100% of covered revenue must be compliant with the EU Taxonomy annually from 2025
Increase renewable energy porduction
To phase out society's dependence on fossil fuels, we strive for our mission to accelerate
access to renewable energy. We do this by developing and managing projects that generate renewable electricity and balance the electricity grid. We are targeting markets where we see potential to shut down facilities for fossil energy production and markets where we see an increasing demand for electricity due to the electrification of society.
Enablement of avoided greenhouse gas emissions
Increased access to renewable energy means that fossil fuels can be avoided to a larger extent. OX2 aims to increase renewable energy production, and thereby increase the enablement of avoided greenhouse gas emissions.
Read our calculation methodology for enablement of avoided GHG emissions
| Scope | Avoided GHG emissions, million tCO2e |
|---|---|
| Projects commissioned in 2023 | 10.2 |
Decarbonizing our business
Renewable energy is key to mitigate climate change, but no energy source is free from greenhouse gas emissions. The development of renewable energy projects gives rise to greenhouse gas emissions through material extraction and processing, manufacturing, transportation, construction, maintenance, and dismantling activities. We aim to reduce the greenhouse gas emissions stemming from our projects together with our customers and suppliers.
Science-based targets
We intend to reduce greenhouse gas emissions stemming from how we operate as a company. OX2 has committed to reducing absolute scope 1 and 2 emissions by 42% by 2030 and to measure and reduce Scope 3 emissions.
The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) that drives ambitious corporate climate action by enabling companies to set science-based greenhouse gas emissions reduction targets. Find a list of companies taking action on the SBTi website.
GHG emissions intensity
Greenhouse gas emission intensity is used to measure the climate impact of certain activities and processes, for example companies and electricity. We measure GHG emissions intensity to monitor our performance.
| Emissions intensity | 2023 | 2022 | 2021 |
|---|---|---|---|
| Emissions intensity1 based on employees, tCO2e/employee | 1,017.3 | 1,058.2 | 495.6 |
| Emissions intensity2 based on electricity generation, gCO2e/kWh | 9.6 | 9.2 | - |
1 Includes all GHG emissions (scope 1, 2 and 3.).
2 Includes GHG emissions from our projects (scope 3 category 1 including LULUC emissions and category 11).
Increase resilience to the impacts of climate change
Increasing resilience is key to ensuring the production of renewable energy no matter what the future holds. To contribute to a resilient and renewable energy system, we provide a variety of technologies for electricity production as well as balancing and storage options. Climate-related risks are assessed to identify and implement risk management measures that increase the resilience to the effects of climate change in our projects.
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