Novo Nordisk

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

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Since 2020, all Novo Nordisk production sites source 100% renewable electricity via a mix of Power Purchase Agreements (PPAs), Renewable Electricity Certificates (RECs), and Guarantees of Origin (GOs). Affiliates reached 99% renewable electricity coverage in 2024. Over 1,800 suppliers have committed to transitioning to renewable power as part of scope 3 decarbonisation. Steam/heat from biomass is conservatively excluded from renewable classification. Total energy from contractual renewable sources reached 54% in 2024.

Beyond 2033, Novo Nordisk expects to use carbon removals to neutralise residual CO2e emissions of up to 10% of the baseline towards the net zero 2045 target, aligned with SBTi requirements and IPCC guidance. Exploring both nature-based and technology-based solutions for removing and storing GHG. Removals are not used to meet the 2033 scope 3 (-33%) interim target.

• Circular production processes and ethanol/water reuse at API sites

  Internal reuse of ethanol at the two largest API production sites reduces use of new ethanol by ~90%. At Kalundborg, ethanol waste and yeast slurry are turned into energy and fertiliser via the Kalundborg Symbiosis. District cooling project (operational 2026) expected to save ~400,000 m³ water/year. Wastewater treatment capacity at Kalundborg being doubled by 2026.

• Renewable electricity and heat/steam electrification in own operations

  Maintained 100% renewable electricity at production sites. Converting steam and heat in production processes to renewables by electrifying processes and covering US natural gas with biogas certificates. District cooling ring under construction at Kalundborg site (completion 2026), expected >20,000 MWh/year savings. Continuing transition away from fossil-based vehicles to BEV/PHEV.

• Reusable injection devices and weekly-vs-daily dosing to cut plastic

  Targeting 30% reduction in plastic footprint per patient by 2033 (from 0.35 kg/patient in 2024). Converting from disposable single/multi-use pens to reusable devices (new reusable device launching 2026). Weekly basal insulin Awiqli reduces plastic ~two-thirds vs daily injection. ReMed take-back scheme for used pens operating in 7 markets (Denmark, Brazil, France, Italy, UK, Japan, Germany) with 32% return rate in Danish industry-wide scheme.

• Supplier renewable energy and lower-carbon raw materials (Cat 1+2)

  Categories 1 and 2 represent ~80% of scope 3. Strategy is three-pronged: (1) converting to lower-carbon raw materials and feedstocks for devices/drugs and construction; (2) process optimisation to reduce material use; (3) requiring tier 1 suppliers to transition to renewable energy. Over 1,800 suppliers committed to renewable power. Industrial partnership for e-methanol-based lower-carbon plastic in injection devices launched in 2024.

• Lower-emission upstream and downstream distribution (Cat 4 + 9)

  Decarbonising distribution emissions across three modes: (1) air freight – converting upstream air freight to sea freight where feasible and securing Sustainable Aviation Fuel (SAF) via long-term off-take agreements; (2) sea – securing Sustainable Marine Fuel (SMF) in upstream distribution; (3) road – low-carbon road freight solutions upstream and downstream. Cat 4 fell 6% in 2024 partly due to SAF/SMF procurement curbing growth.