NKT reports that it has become the first major power cable manufacturer to join an initiative to become a net-zero emissions company.
A press release said that NKT has already committed to annually reducing its own greenhouse gas (GHG) emissions by 5%, in line with the Paris climate agreement to keep global warming to 1.5°C above pre-industrial levels. “Now, the company commits to the Science Based Targets initiative (SBTi) with the aim to set its net-zero deadline as soon as possible, with 2050 as the ultimate close.” To that end, the company 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,” said NKT President & CEO Alexander Kara. He noted that last year, the company announced that all its power cable plants will run on electricity from renewable energy sources, reducing CO2 emissions from its annual energy consumption by 66%, or over 48,000 tons compared to 2019.
Separately, NKT runs several decarbonization initiatives, including reduction of fuel consumption and dedicated projects to increase the energy efficiency of the cable manufacturing industry. It also recycles materials such as XLPE and metals from the production of power cables, which helps reduce emissions from traditional waste management.
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature. Over 1,000 companies have committed to set science-based emissions reduction targets.