- Higher interest rates, tighter capital markets, and cost escalations slowed market momentum in the second half of 2023
- Project qualification and maturation became more challenging
- Execution challenges in industrialization of both Fueling and Electrolyser divisions
- High personnel and other operating costs due to investments in growth
- Significant inefficiencies and cost overruns in project execution
- Low order intake environment in Fueling division
- High quality costs negatively impacting gross margin in Fueling division
- Uncertainty associated with the timing and pace of growth in the hydrogen industry
Nel ASA
Greenhouse gas emissions & sustainability report data
In its 2023 reporting, Nel ASA disclosed greenhouse gas emissions of 32.0K tCO2e/year. By scope: Scope 1: 373 tCO2e/year; Scope 2: 1.2K tCO2e/year (location based); Scope 3: 30.3K tCO2e/year (without Capex). Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
32.0K tCO2e/year
2023
Water Usage
12.2K m3/year
2023
Waste
2.6M kg/year
2023
Energy Use
14.7K MWh/year (non-renewable)
2023
📊 Emissions by Scope (2023)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 373 tCO2e/year |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 1.2K tCO2e/year (location based) |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 30.3K tCO2e/year (without Capex) |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2023 | 32.0K tCO2e/year |
| 2021 | 1.7K tCO2e (scope 1 and 2) |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- Reduced GHG intensity (excluding scope 3) to 0.95 tCOe2/net revenue in NOK million from 1.64 in 2022
- Recycled non-hazardous waste at 48% (target >50%)
- Increased Overall equipment effectiveness (OEE) for Alkaline production to 67% (target ~78%) and PEM production to 91% (target ~90%)
🎯 Climate & Sustainability Targets
🔜 Short-term
- Reduce LTIR rate to 5.2
- Reduce TRIR rate to 10.2
- 100% completion of obligatory safety training
- Recycling rate above 50%
📅 Medium-term
- Reduce GHG emissions per produced unit by 50% by 2035 (compared to 2020)
- Achieve >80% OEE for Alkaline and >90% for PEM electrolyser production by 2025
🔭 Long-term
- Net zero emissions by 2050
- Reduce GHG emissions per produced unit by 100% by 2050 (compared to 2020)
🌱 ESG Focus Areas
Climate changeProduct SafetyResponsible Supply ChainOccupational Health and SafetyGovernanceInnovation and R&D