Siemens Energy Limited

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.

Siemens Energy achieved 100% renewable electricity consumption group-wide in fiscal year 2024, with Siemens Gamesa completing its conversion to 100% renewable electricity generation during the year. This builds on the SBTi-validated commitment (excluding SG) to reach 100% renewable electricity from fiscal year 2023 onwards, which was achieved in both FY2023 and FY2024.

Siemens Energy entered a joint development agreement with Saudi Aramco to build a Direct Air Capture (DAC) demonstration unit, delivered in FY2024 and to be commissioned in Dhahran, Saudi Arabia in Q1 FY2025, with a further FEED study for a larger DAC pilot facility planned for FY2025. The company also lists 'emission removal technologies, e.g. carbon capture and storage' as one of its key GHG reduction levers for its product portfolio, though it does not yet disclose specific removal volumes or distinguish removals from offsets.

• Own-operations climate neutrality by 2030

  Siemens Energy's stated goal is to achieve climate neutrality in its own operations globally by 2030, with 100% renewable electricity sourcing achieved as one component (met FY2023). No further Norway-specific operational levers (e.g. fleet electrification, building energy efficiency) are broken out numerically in this report.

• Hydrogen-ready turbines and e-fuels development

  The Group is developing alternative, environmentally friendly fuels such as hydrogen for its turbines, alongside e-fuels, positioning these technologies as foundational to next-generation low-emission energy solutions in both Norwegian and global markets.

• Operational climate neutrality by 2030

  Siemens Energy's stated goal is to achieve climate neutrality in its own operations by 2030, underpinned by having already achieved 100% renewable electricity consumption globally in FY2023. The Norway entity notes it has no direct pollution to air, water or soil and uses low-polluting chemicals in production.

• Wind turbine product circularity (RecyclableBlade, GreenerTower)

  Siemens Gamesa targets 100% recyclable wind turbines by 2040 via its RecyclableBlade technology (first fully recyclable commercial wind blade, installed at Kaskasi and other offshore farms, >300 sold) and GreenerTower technology, which lowers the CO2 footprint of tower steel production by more than 63% compared to conventional production.

• SF6 emissions reduction via Blue Portfolio

  Siemens Energy's Grid Technologies Business Area targets a 60% reduction in SF6 emissions by 2030 vs. 2019, achieving 72% reduction in FY2024 through the SF6/F-gas-free 'Blue Portfolio' based on air-insulation and vacuum switching technology, alongside improved technical standards and data transparency.

• Own-operations climate neutrality (Climate Neutral Program)

  Siemens Energy targets climate neutrality in its own operations (Scope 1+2) by 2030, having already achieved a 55% reduction vs. the 2019 baseline in FY2024 (SBTi target: -46% by 2025). Key levers include renewable electricity, energy efficiency/electrification projects (heat pumps, LED lighting, transformer drying process improvements), SF6 emissions reduction, biomethane use, and new mobility concepts targeting 100% CO2-neutral benefit cars by 2030.

• Use-of-sold-products (Scope 3 Cat.11) decarbonization

  Over 99% of Siemens Energy's GHG footprint stems from customer use of sold products (gas turbines, transformers, etc.). The company targets a 28% absolute reduction by 2030 vs. 2019 (SBTi validated), pursuing efficiency gains via digitalization, hydrogen co-firing (up to 100% by 2030), GHG-free products, carbon capture and storage maturation, and the November 2020 coal-exit decision.

• Grid Technologies SF6-free portfolio and HVDC transmission

  Grid Technologies is accelerating development of its SF6 (sulfur hexafluoride)-free 'Blue' portfolio and high-voltage direct current (HVDC) transmission and grid-stabilization technologies to support integration of renewable energy and resilient, decarbonized grids.

• Own-operations decarbonization (Scope 1+2)

  Key levers to reach climate neutrality in own operations by FY2030 include reducing energy consumption via substitution and efficiency measures, sourcing 100% renewable electricity, reducing SF6 emissions, and adopting new mobility concepts.

• Decarbonizing use of sold products (Scope 3 Cat 11)

  Since use of sold products makes up >99% of Siemens Energy's GHG footprint, the company targets a 28% absolute reduction by 2030 vs 2019 (SBTi validated) via efficiency gains and digitalization, offering GHG-free/hydrogen-ready products (targeting 100% H2 co-firing in gas turbines by 2030), enabling carbon capture and storage technologies, and having stopped bidding on new coal-fired projects since November 2020.

• Wind turbine portfolio expansion (Siemens Gamesa)

  Siemens Gamesa is developing next-generation onshore and offshore wind turbines, including the SG14-236 (30% more power than its predecessor), to reduce the Levelized Cost of Energy and enable seamless grid integration, while remediating quality issues on the 4.X/5.X onshore platforms.

• Own operations decarbonization (energy efficiency, renewable electricity, SF6, mobility)

  Siemens Energy's key levers for achieving climate neutrality in its own operations by FY2030 are reducing energy consumption via substitution and efficiency measures, sourcing 100% renewable electricity, reducing SF6 emissions, and adopting new mobility concepts for its vehicle fleet.

• Own operations Climate Neutral Program

  Siemens Energy targets climate neutrality in its own operations by 2030 through four main levers: using 100% renewable electricity (achieved), reducing energy consumption and increasing electrification (heat pumps, LED lighting, vapor phase ovens), reducing SF6 emissions by 60% by 2030 (72% achieved in FY2024 vs 2019), and transitioning to new mobility concepts including 100% CO2-neutral benefit cars by 2030.

• Product portfolio decarbonization (use of sold products, Scope 3 Cat.11)

  As use of sold products accounts for over 99% of Siemens Energy's overall GHG footprint, the company's primary decarbonization lever is transforming its product portfolio: hydrogen-capable gas turbines (up to 75% hydrogen, with a 100% hydrogen pilot demonstrated in 2023), an SF6-free 'Blue Portfolio' for grid equipment, electrolyzers and heat pumps, and coal exit (no new pure coal-fired power plant tenders since Nov 2020).

• Hydrogen-capable and low-emission gas turbine portfolio

  Gas Services is expanding hydrogen-burning capability in its gas turbine portfolio (individual turbines approved for up to 75% hydrogen; 100% renewable hydrogen combustion demonstrated in a 2023 pilot plant) and developing carbon-neutral products and services, addressing the dominant Scope 3 use-of-sold-products category.

• Industrial process decarbonization via Transformation of Industry portfolio

  The Transformation of Industry Business Area focuses on reducing energy consumption and GHG emissions in industrial processes, supporting customers in oil & gas, chemicals, petrochemicals and shipping to reach individual decarbonization targets via electrolyzers, industrial heat pumps and Power-to-X solutions. Siemens Energy and Air Liquide opened a gigawatt-scale electrolyzer manufacturing facility in Berlin (production began H2 2023), targeting at least 3 GW of annual electrolysis capacity by 2025.

• SF6 emissions reduction via Blue Portfolio

  Grid Technologies faces a particular challenge from sulphur hexafluoride (SF6) leakage, a gas with 23,500x the GWP of CO2 that makes up over 50% of Scope 1+2 emissions. Siemens Energy is transitioning to an SF6-free Blue Portfolio based on technical air insulation and vacuum switching technology, targeting a 60% reduction in SF6-related emissions by 2030 vs. 2019; 57% was achieved by FY2023.

• Energy efficiency and electrification of operations

  Siemens Energy reduced primary energy consumption by 15% in FY2023 through reduced gas turbine testing, energy efficiency measures, and consolidation of locations. Site-level projects include process electrification (e.g., power-to-heat at the Linz factory replacing natural gas), LED lighting conversion, and optimized ventilation scheduling.

• Fleet decarbonization / new mobility concepts

  Siemens Energy is implementing a global car policy aiming for 100% CO2-neutral benefit cars by 2030, addressing fleet-related emissions which made up a notable share of Scope 1 emissions (25,000 tCO2e in FY2023, down from 32,000 in FY2022).

• Portfolio transformation toward low-/zero-emission power generation and grid technology

  Because Scope 3 downstream emissions (dominated by use of sold products) represent more than 99% of Siemens Energy's carbon footprint, its primary decarbonization lever is transforming its product portfolio around three pillars: low-/zero-emission power generation (hydrogen-capable gas turbines, up to 75% hydrogen co-firing currently, carbon-separation partnerships targeting up to 100% emissions cuts), transport and storage of electricity (SF6-free grid technology, hydrogen infrastructure), and reducing GHG footprint in industrial processes. Scope 3 use-of-sold-product emissions fell 27% versus the 2019 baseline to 1.1 billion tCO2e in FY2023.

• Own-operations decarbonization: energy efficiency, renewable electricity, SF6, mobility

  The strongest levers for reaching climate neutrality in Siemens Energy's own operations (excluding Siemens Gamesa) are reducing energy consumption via substitution and efficiency measures, sourcing renewable electricity (100% achieved in FY2023), reducing SF6 emissions, and adopting new mobility concepts. Total energy consumption fell 11% year-on-year to 5.2 million gigajoules in FY2023, and Scope 1+2 emissions fell to 182 thousand tCO2e, a 59% reduction versus the 2019 baseline.

• Fleet and mobility electrification

  The third lever of the Climate Neutral Program targets vehicle fleet emissions and fuel costs, with an appropriate car policy under development. SGRE is separately rolling out a Mobility and Transportation Policy country by country to make e-mobility the preferred option for internal transportation and to transition service vehicles to electric drivetrains.

• Operational energy efficiency (Climate Neutral Program)

  As the first lever of its Climate Neutral Program targeting 2030 climate neutrality, Siemens Energy runs energy efficiency projects at its own sites, including LED lighting with dimmers and motion sensors, smart meters for consumption transparency, and building automation systems for heating, ventilation and air conditioning.

• Portfolio decarbonization framework (efficiency, fuel shift, full decarbonization)

  Siemens Energy's biggest lever to reduce value-chain GHG emissions is its product portfolio, clustered into three areas: Efficiency increase (improving conventional product efficiency), Fuel shift/Hybridization (transition to alternative fuels or combined renewable/conventional generation), and Full/Deep decarbonization (zero or negative emission technologies). This portfolio approach generated €19.3 billion of Environmental Portfolio revenue in FY2020, reducing customer annual GHG emissions by 35 million metric tons of new installations (522 million cumulative).

• Hydrogen technology and green hydrogen electrolyzers

  Siemens Energy is developing gas turbines with hydrogen combustion capability (current fleet burns 30-60% hydrogen blends, targeting 100% by 2030), green hydrogen electrolyzer systems for Power-to-X applications, and pilot projects such as the Salzgitter PEM electrolysis plant for hydrogen-based steelmaking and the Haßfurt H2/CO2-to-methanol pilot, aiming to decarbonize customers' use-of-sold-product emissions.

• Maritime electrification and battery/fuel-cell propulsion

  Siemens Energy AS innovates diesel-electric and all-electric propulsion systems for ships and ferries at its digitalized Trondheim factory, aimed at reducing fuel consumption and emissions in the maritime sector. It participates in government-backed projects (ZeroKyst, DCX, SHIP-AH2OY) developing zero-emission powertrains combining batteries, hydrogen fuel cells (PEMFC) and liquid organic hydrogen carriers (LOHC) for fishing, aquaculture and offshore service vessels, targeting up to 50% emissions reduction from fishing/aquaculture vessels by 2030.

• SF6-free switchgear (clean-air technology)

  Siemens Energy is developing technically clean-air alternatives to sulphur hexafluoride (SF6), a potent greenhouse gas used in electrical switchgear, ahead of a mandatory EU phase-out requirement starting in 2030, addressing embedded emissions in customers' grid infrastructure.

• Alternative fuels and hydrogen for turbines (oil & gas decarbonisation)

  The Group is developing alternative, environmentally friendly fuels such as hydrogen for its turbines, positioned as a crucial factor in unlocking new opportunities in the challenging oil and gas rotating-equipment market, supporting customer decarbonisation of upstream operations.

• Customer decarbonisation via electrification, hydrogen and SF6-free technology

  Siemens Energy AS Norway develops and delivers emission-reducing solutions for the oil & gas and power sectors, including electrification, electrified shipping, digitalization, hydrogen-ready turbines, diesel-electric and all-electric ship propulsion systems produced at its Trondheim factory, and SF6-free switchgear ('technically clean air') ahead of the EU's 2030 statutory SF6 phase-out. These technologies primarily reduce customers' downstream/use-of-sold emissions rather than the company's own footprint.

• Electric and hybrid marine propulsion systems

  The Company produces diesel-electric and all-electric propulsion and advanced battery systems for ships and ferries at its fully digitalized factory in Trondheim, aimed at reducing fuel consumption and emissions for maritime customers in both Norwegian and global markets.

• Grid electrification and SF6 replacement technology

  Siemens Energy AS offers digital solutions to improve management of critical electricity grid infrastructure and is developing technology to replace the potent greenhouse gas SF6 with 'technically clean air' in grid equipment, anticipating an EU statutory requirement from 2030. The Company has secured major framework agreements to support grid upgrades driven by electrification of society.

• Digital solutions to reduce offshore installation and vessel emissions

  Siemens Energy AS is investing in digital solutions—including remote platform control from land—designed to streamline operations and minimize emissions from offshore installations and vessels, with plans to scale these solutions to global markets.

• Offshore digitalisation and remote operations to cut installation/vessel emissions

  Siemens Energy AS is investing in digital solutions and automation equipment packages for offshore installations, including remote platform control from land, designed to streamline operations and minimize emissions from both installations and vessels in offshore oil & gas operations, with plans for global rollout.

• Digitalization and remote services to improve customer fleet efficiency

  Across all businesses, Siemens Energy focuses on digitalization -- e.g., remote operations and remote services -- to improve performance throughout the product and equipment life cycle and enable more efficient operation with lower emissions at customer sites, although resulting emissions reductions from service upgrades are not currently included in the company's reported Scope 3 footprint.

• Joint customer/value-chain decarbonization (TenneT grid alliance)

  Siemens Energy and grid operator TenneT partnered to reduce emissions from their shared grid infrastructure supply chain by 30% by 2030, using recycled/greener copper, steel and aluminum. Supplying transformers with 100% recycled copper windings is projected to save ~6,500 tons of emissions from a single action, with potential savings of up to 14 million metric tons of GHG emissions if scaled to all power transformers needed for global grid expansion by 2040.

• Supply chain (Scope 3 upstream) decarbonization

  Siemens Energy targets a 30% reduction in relative Scope 3 GHG emissions from purchased goods/services and transportation by 2030 vs. 2018, via the Carbon Reduction@Suppliers Program and decarbonization due diligence assessments (DDA), which in FY2024 covered suppliers representing over 75% of the supply chain carbon footprint (>3,400 suppliers encouraged to report emissions-reduction measures).

• Customer/joint-venture decarbonization partnerships

  Siemens Energy partners with customers and industry players to decarbonize shared value chains, including a joint declaration with grid operator TenneT to cut combined grid-business supply chain CO2 footprint by 30% by 2030 (e.g., 100% recycled-copper transformers), and a joint venture with Air Liquide operating the Gigawatt Electrolyzer Factory to scale green hydrogen production for customers.

• Joint ventures for novel industrial decarbonization technology

  Siemens Energy is piloting industrial process-heat decarbonization with partner AES via a 7.5MW molten-salt heater intended to validate conversion of a 500MW AES coal power plant to 100% green electricity, alongside the Saudi Aramco DAC joint development, reflecting a dependent, partnership-based route to decarbonizing customer and joint-venture assets.

• Supply chain decarbonization (Carbon Reduction@Suppliers Program)

  Siemens Energy runs a Carbon Reduction@Suppliers Program with an external service provider, targeting a 30% reduction in relative Scope 3 emissions from purchased goods/services and transportation & distribution per procurement volume (€ spent) by FY2030 versus a 2018 baseline. In FY2024, more than 3,400 suppliers covering over 75% of the supply chain carbon footprint were encouraged to participate in a Decarbonization Due Diligence Assessment.

• Supply chain decarbonization via Carbon Reduction@Suppliers Program

  Siemens Energy runs a Carbon Reduction@Suppliers Program with an external service provider using spend-based input/output modeling; in FY2024 it encouraged more than 3,400 suppliers covering over 75% of its supply-chain carbon footprint to complete a Decarbonization Due Diligence Assessment. The company targets a 30% reduction in relative Scope 3 emissions from purchased goods/services and transportation per procurement euro spent by FY2030, from a 2018 baseline.

• Supply chain decarbonization and supplier engagement

  Siemens Energy targets a 30% relative reduction in Scope 3 supply-chain GHG emissions by 2030 (vs. 2018 baseline), with 19% progress achieved. In China, procurement teams engaged over 300 suppliers, requesting at least 70% green electricity coverage; about 52% of suppliers had implemented decarbonization measures by FY2023, supported by negotiated I-REC pricing and training for ~130 suppliers.

• Use-of-sold-products decarbonization via portfolio innovation

  Siemens Energy has an SBTi-committed target to reduce GHG emissions from the use of sold products by 28% by 2030 (2019 baseline), with 27% progress achieved. This is pursued through technology innovation such as hydrogen co-firing in gas turbines, 100% bio-methanol turbine fuel trials, and green-steel-enabling substations for electric arc furnaces.

• Supplier engagement and science-based target adoption in the supply chain

  Through its Carbon Reduction@Suppliers Program, Siemens Energy encouraged more than 3,000 suppliers—covering over 75% of its supply-chain carbon footprint—to complete a Decarbonization Due Diligence Assessment and report on their decarbonization measures in FY2023. The company targets a 30% reduction in relative Scope 3 emissions from purchased goods/services and transportation/distribution per unit of procurement spend by 2030 (vs. 2018 baseline); Siemens Gamesa separately commits that 30% of its suppliers by spend will have SBTi-validated targets by 2025.

• Supply chain carbon engagement (Carbon Reduction@Suppliers)

  To advance carbon neutrality across the value chain, Siemens Energy initiated a Carbon Reduction@Suppliers pilot project in 2020 with an external service provider to build an economic model identifying the CO2 footprint of suppliers, encouraging 35 global focus suppliers to share implemented and planned CO2 reduction measures (80% response rate). SGRE separately plans to engage key suppliers, particularly logistics providers, to reduce their Scope 1 and 2 emissions and move away from fossil fuels.