Vattenfall

Vattenfall has a 2040 net-zero target covering Scope 1, 2 and 3 emissions included within its SBTi-validated target boundary. The 2030 strategic target table states that the 18.2 MtCO₂e target covers Scope 1, 2 and 3 as covered by Vattenfall’s 2040 net-zero targets validated by SBTi.

Vattenfall has a clear 2030 absolute emissions target of 18.2 MtCO₂e, covering Scope 1, 2 and 3. The 2025 outcome was 23.2 MtCO₂e, down from 24.6 MtCO₂e in 2024, mainly due to more fossil-free electricity sales in the Netherlands.

Vattenfall discloses Scope 1, 2 and 3 emissions. Scope 3 is broken down into categories including purchased goods and services, fuel- and energy-related activities, electricity sales, use of sold products / sold fossil fuels, and other Scope 3 categories. In 2025, Scope 3 emissions were 19.8 MtCO₂e, with sold fossil fuels at 11.0 MtCO₂e and the rest of Scope 3 at 4.3 MtCO₂e.

Vattenfall’s 2026–2030 net investment plan totals SEK 165bn, with SEK 92bn / 56% allocated to growth investments. Around SEK 59bn is allocated to development and construction of new wind farms, including Nordlicht I & II in Germany and Zeevonk in the Netherlands. The plan also identifies total Wind net capex of SEK 62bn.

Vattenfall reported 33.0 gCO₂e/kWh CO₂e emissions intensity in 2025, compared with 50.0 gCO₂e/kWh in 2024 in the strategic target table. The broader sold-electricity intensity including relevant value-chain emissions was 48.3 gCO₂e/kWh.

Vattenfall reduced total Scope 1–3 emissions by 56% since 2017, from 52.9 MtCO₂e to 23.2 MtCO₂e in 2025. The CEO message also states that Vattenfall has reduced greenhouse gas emissions from its own operations by 73% since 2017.

Vattenfall provides quantitative EU Taxonomy disclosure. In 2025, taxonomy-aligned capex was SEK 26,417m / 85%, taxonomy-aligned turnover was SEK 83,066m / 35%, and taxonomy-aligned opex was SEK 6,294m / 82%. Wind power alone accounted for SEK 7,961m taxonomy-aligned capex, equal to 26% of the taxonomy capex KPI.

Vattenfall reports water withdrawals, discharges, consumption and water-risk assessment. In 2025, total water withdrawals were approximately 7.97bn m³, total water discharges were approximately 7.97bn m³, and total water consumption was approximately 1.12m m³. Assets are assessed annually using the WRI Aqueduct Water Risk Atlas. This is supporting environmental-management evidence rather than a core OSW metric.

Vattenfall discloses strong OSW asset-level evidence. Nordlicht I is a 980 MW offshore wind project expected to be operational in 2028, with estimated CO₂ reduction of 1,067 kt and total investment of EUR 2,724m. Nordlicht II is 630 MW, expected in 2029, with estimated CO₂ reduction of 686 kt and total investment of EUR 1,877m. The Green Bond table also lists Hollandse Kust Zuid 1–4: 1,509 MW / 50.5% interest, Kriegers Flak: 604 MW, and Vesterhav projects: 344 MW. Official Vattenfall Green Bond materials also confirm Nordlicht’s 980 MW + 630 MW capacity, expected ~6 TWh annual production, and 2028/2029 operational timeline.

Hollandse Kust Zuid provides Vattenfall’s strongest OSW marine-ecology evidence. The project includes nature-inclusive design with water replenishment holes in 139 turbine foundations, rock reefs at nine seabed locations, bird and bat monitoring cameras, thermal-camera bird-collision trials, and underwater video monitoring. This gives Vattenfall project-level evidence on marine habitat support, bird/bat monitoring and fish/fauna observation.

Vattenfall provides biodiversity actions and assessments, including biodiversity hotspot assessment for the supply chain and biodiversity-related supplier assessments using GIST Impact. However, the report does not present a clear quantified Group-wide “nature-positive by X year” target. This should therefore be recorded as strong biodiversity management evidence, but no formal Group-wide nature-positive target found.

Vattenfall has strong wind-specific circularity evidence. It targets 100% circular outflow for turbine composite materials by 2030, covering blades, nose cones and nacelle covers. It also applies an immediate landfill ban for blade composite materials and has a 100% circular outflow commitment for permanent magnets from 2030.

Vattenfall has strong low-carbon materials evidence. It commits to 10% near-zero steel and 10% near-zero concrete in annual procurement by 2030. Through SteelZero, Business Area Wind targets 50% low-emission steel by 2030 and 100% by 2040. For Nordlicht I, Vattenfall reports that 56 of 112 turbines will use scrap-based low-emission steel, with around 66% emissions reduction for that steel. The report also references the world’s first dam gate made with 120 tonnes of fossil-free steel, expected to reduce the climate footprint by around 100 tonnes.

Vattenfall reports robust supplier governance. In 2025, it had 22,882 goods and services counterparties, conducted 8,864 screenings, and carried out 36 sustainability site audits. Screening applies to suppliers above EUR 10,000 estimated spend, while suppliers in high-risk categories or countries with contracts above EUR 100,000 are subject to sustainability audits. This is Group-level supplier evidence rather than OSW-only supplier mapping.

Vattenfall has SBTi validation and broad external ESG validation. The report is prepared under ESRS, and the statutory sustainability statement is assured by auditors. Vattenfall’s ESG ratings include CDP A, EcoVadis Platinum / top 1% in the energy sector, ISS ESG B– Prime, MSCI AAA, Sustainalytics Medium Risk, and World Benchmarking Alliance ACT Core B. Vattenfall’s official ESG ratings page also confirms CDP A and EcoVadis Platinum among its current ESG assessment