Climate
Through the development of renewable energy projects, OX2 aims to reduce the energy sector’s dependency on fossil fuels and thereby addressing climate change. OX2 is committed to the Paris Agreement and limiting climate change to 1.5 degrees Celsius above pre-industrial levels.
The increase of global average temperature, climate change, is caused by the combustion of fossil fuels. 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.
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.
| Scope | Avoided GHG emissions, million tCO2e |
|---|---|
| Projects commissioned in 2006-2022 | 20.2 |
| Projects commissioned in 2023 | 10.2 |
See calculation methodology in the Annual and Sustainability Report for 2023.
Decarbonizing our business
The development of renewable energy projects gives rise to greenhouse gas emissions through material extraction, manufacturing, transportation, construction, operational, and dismantling activities. In relation to other forms of energy, this impact is relatively small. The rapid technological advancements and innovation within the renewable energy industry indicate potential to reduce these greenhouse gas emissions. Together with customers and suppliers, OX2 aims to reduce the greenhouse gas emissions stemming from its projects.
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 revenue, tCO2e/SEK m | 64.5 | 50.7 | 27.5 |
| 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).
Targets
- Increase renewable energy generation
- Reduce our climate footprint in line with the Paris Agreement and the 1.5°C ambition (validated by the Science Based Target initiative).
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