Nel ASA

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

Nel's core product — water electrolysis equipment — is a foundational technology for green hydrogen and directly enables industrial decarbonisation at scale, having delivered over 3,500 electrolyser solutions to more than 80 countries; however, the actual climate impact is contingent on customers sourcing renewable electricity, and Nel does not claim or verify avoided-emissions outcomes in its reporting.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

Nel has no validated SBTi targets and no CDP disclosure score on record; third-party data confirms the absence of documented reduction targets or commitments to the SBTi framework, and while the company conducts a Double Materiality Assessment aligned with EFRAG guidance, it has not converted this into quantified, time-bound, science-based decarbonisation commitments for its own operations.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Nel discloses Scope 1 (171 tCO2e), Scope 2 (8,002 tCO2e), and partial Scope 3 (37,548 tCO2e) emissions for 2024, conducts a formal Double Materiality Assessment per EFRAG methodology, and has an Audit, Risk and Sustainability Committee on its board; however, independent third-party ratings are poor (DitchCarbon 21/100, Mycelium 0.1/10), Scope 3 Category 11 'use of sold products' — estimated at ~58% of total emissions — is not disclosed, and labour/social disclosures in the annual report are limited in quantitative depth.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

Nel publishes annual reports with integrated ESG sections and discloses all three Scope emissions categories, but a Mycelium transparency score of just 1.5/100 and the absence of CDP submission or third-party assurance on emissions data indicate that disclosures are self-reported and lack independent verification; the most material Scope 3 category (use of sold products) is not disclosed at all.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

Nel faced a USD 7.5 million lawsuit from Iwatani Corporation of America over hydrogen fuelling stations in California (filed February 2024), which was ultimately settled; a CEO departure in 2025 added governance uncertainty; and a 24% drop in order backlog reflects commercial challenges, though there is no evidence of environmental violations, fossil-fuel lobbying, or major governance scandals.