Norsk Hydro
Cool aluminium
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In our view, the firm is well-positioned to benefit from increased appetite for low-carbon aluminium and meet growing regulatory scrutiny of emissions.
Norsk Hydro produces low-carbon aluminium by using green energy and scrap metal. A major producer of hydroelectric power, it is the only large-cap aluminium firm with fully integrated energy and metal procurement.
Aluminium is lightweight, durable and recyclable – making it the material of choice for energy-efficient buildings, fuel-efficient mobility and recyclable packaging.
Norsk Hydro
Cool aluminium
3,4
The company has a decarbonisation target for scopes 1 and 2 emissions of 30% by 2030 from a 2018 baseline.
Based on our ITR methodology, Norsk Hydro has an overall temperature of 1.7°C, which is far lower than the average of 3.6°C for the metals and mining industry.
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Norsk Hydro
Cool aluminium
This is important because scope 3 accounts for more than half of the company’s emissions. Once this target is incorporated into our ITR methodology, we are confident Norsk Hydro’s temperature will likely decrease further.
In 2022, Norsk Hydro also set a target to reduce upstream scope 3 emissions per ton of aluminium delivered to the market by 30%, also from a 2018 baseline.
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