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.

• · berkeley_voluntary_registry
• · gold_standard

Novo Nordisk has transitioned to 100% renewable electricity for all production sites since 2020, using Power Purchase Agreements (PPAs), Renewable Electricity Certificates (RECs), and Guarantees of Origin (GOs). Almost all of Novo Nordisk's electricity consumption was procured from renewable sources in 2024. Affiliates reached 99% coverage. Renewable energy accounted for 54% of total energy consumption. More than 1,800 suppliers have committed to transitioning to renewable power. Plans to electrify heat and steam where possible and cover US natural gas consumption with biogas certificates.

Beyond 2033, Novo Nordisk expects to use carbon removals to neutralise residual CO2e emissions of up to 10% of baseline emissions toward net zero 2045, in line with SBTi requirements and IPCC guidance. Exploring opportunities involving both nature-based and technology-based solutions. Estimates residual emissions after decarbonisation levers to be 150 thousand tonnes CO2e. Does not currently use biodiversity offsets as part of nature roadmap.

• Renewable electricity & heat/steam electrification (Scope 1+2)

  Decarbonising own operations through 100% renewable electricity sourcing, energy efficiency programmes (e.g. district cooling ring at Kalundborg expected to save >20,000 MWh/year from 2026), converting steam and heat to renewable energy, electrifying processes, and covering natural gas consumption with biogas certificates. In 2024, energy savings of 13,740 MWh achieved. Target: zero scope 1 and 2 emissions by 2030, with 131 ktCO2e of expected reductions across scope 1+2 by 2030.

• Reusable injection devices & plastic footprint reduction

  Targeting 30% reduction in plastic per patient by 2033 (baseline 0.35 kg/patient 2024). Transitioning from disposable to reusable devices, developing once-weekly rather than once-daily formulations. Scaling ReMed device take-back scheme to 7 markets with >4 million returned pens. Lower-carbon plastic partnership using e-methanol begins production in 2025.

• Lower-carbon materials & feedstock substitution

  Switching to low-carbon materials and feedstock across production network including device materials, drug manufacturing inputs, and lower-carbon construction materials. Industrial partnership to purchase e-methanol to produce lower-carbon alternative to one of Novo Nordisk's top two plastic types, with production starting 2025. Explore use of low-impact glucose alternatives in production processes.

• Supplier renewable energy transition (Scope 3 cat 1 & 2)

  Working with suppliers to convert tier 1 suppliers to renewable energy. More than 1,800 suppliers have committed to transition to renewable power. Categories 1 (purchased goods) and 2 (capital goods) account for ~80% of scope 3 emissions. Also converting to lower-carbon raw materials and feedstock for device and drug manufacturing, lower-carbon construction materials, and process optimisations to lower material use.

• Distribution decarbonisation: SAF, SMF and low-carbon road freight

  Lowering distribution emissions through: (1) air freight reduction by converting upstream air freight to sea, plus Sustainable Aviation Fuel (SAF) via long-term off-take agreements; (2) sea freight using Sustainable Marine Fuel (SMF) in upstream distribution; (3) low-carbon road freight solutions both upstream and downstream. Targeting scope 3 categories 4 and 9 to 2033.