Nordex SE

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.

Core product avoids ~81–92 million tonnes of CO₂e annually (2024–2025) at lifecycle intensities of ~4.7–4.9 gCO₂e/kWh vs. 1,140 g for lignite; EU Taxonomy confirms 100% of revenues are environmentally sustainable activities — the impact case is authentic and among the strongest possible for a manufacturer.

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

SBTi validated in August 2024: −42% Scope 1&2 and −25% Scope 3 by 2030, and net-zero across all scopes by 2050 (−90% absolute), both aligned with 1.5°C; Scope 1&2 already down 36.6% since 2022 base year; CDP B score in 2025; however, the 2050 net-zero date is the furthest permissible horizon and relies on offsets for residual emissions, and rotor-blade recyclability target (2032) remains undelivered.

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

EcoVadis Platinum (85/100) and MSCI BBB in 2025; LTIF of 1.2 in 2023 beating its own <1.5 target; German Supply Chain Due Diligence Act (GSCA) compliance achieved 2024; however, production landfill rate worsened from 16% (2022) to 31% (2023), anti-corruption training covered only 46% of employees in 2023, and women in management at 18.9% still trails the 25% target.

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

Annual sustainability reports published since 2016, CSRD-compliant from 2024 onwards (prepared under ESRS and EU Taxonomy), independently assured by KPMG under ISAE 3000; LCA studies externally audited by DEKRA and ICMQ; multiple ESG ratings (CDP, MSCI, EcoVadis, ISS, S&P, Sustainalytics) allow cross-verification; slight deduction because LCA studies for newer turbine models were not always in scope of PwC/KPMG audit in the same reporting year.

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

No material litigation, fossil-fuel lobbying, conflict-zone involvement, or governance scandals identified in public record; ISO 37001 (anti-bribery) certification was postponed; anti-corruption training reached only 46% of employees (2023); Acciona (major shareholder) provides EUR 1.3 bn credit facility creating related-party concentration risk; no independent red flags from NGOs or regulators found.