GlobalData offers a comprehensive analysis of Vestas, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Vestas’s ESG performance. GlobalData’s company profile on Vestas offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Vestas, a leading wind turbine manufacturer, has set net-zero targets to combat climate change and its impacts. The company has avoided the emission of 1.9 billion tonnes of CO2e with 164 GW of installed wind energy. Vestas has taken a strong public stance to hasten the transition to renewable electricity to meet Paris Climate Targets. By the end of 2022, the company has collaborated with its closest stakeholders to install wind turbines in 87 countries, adding up to a total capacity installed of more than 164 GW. Vestas sourced 100 percent of its electricity consumption from renewable sources in 2022. In 2022, the company’s Scope 1 emissions amounted to 98,000 tonnes of carbon dioxide equivalent, Scope 2 location-based emissions amounted to 59,000 tonnes of carbon dioxide equivalent, Scope 2 market-based emissions amounted to 2,000 tonnes of carbon dioxide equivalent, and Scope 3 emissions amounted to 8,177,000 tonnes of carbon dioxide equivalent. Vestas’ latest filings mentioned the keywords ‘Emissions’ and ‘Renewable’ most number of times in relation to ‘Net Zero’.
Vestas has taken steps to achieve its net-zero targets and scope 1, scope 2, and scope 3 emissions targets. The company aims to achieve net-zero Scope 1 and 2 emissions and a 45% reduction in Scope 3 emissions by 2030. The company has the ambition to build zero-waste wind turbines by 2040 and launched its Circularity Roadmap, which includes its commitment to landfill less than 1 percent and recycle more than 94 percent of waste by 2030.
Vestas has contributed to achieving UN targets related to sustainable consumption and production patterns, sustainable management and efficient use of natural resources, and waste reduction. The company's Circularity Roadmap is the first holistic plan for circularity in the wind industry. Vestas has the ambition to create a value chain that generates no waste materials. The company values transparent communication with its stakeholders and provides information about its sustainability strategy and performance in its Annual Sustainability Report.
In conclusion, Vestas continues to engage with government and public stakeholders to promote their interests in green and renewable energy in a transparent manner. The company has set specific objectives to boost the clean energy transition aligned with the objective of the Paris Agreement and to increase their contribution wind energy makes towards achieving the target.
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