Scatec 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.

Core business is 100% renewable power generation; the company avoided ~4.0 million tCO2e in 2023 across all ownership-stake projects, and in Q1 2025 alone avoided 1.0 million tonnes of GHG, with a large pipeline including a 1.1 GW solar-plus-storage deal in Egypt.

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

Near-term and net-zero targets were validated by SBTi in January 2023, aligned with 1.5°C, targeting minimal direct emissions by 2030 and net-zero across the value chain by 2040; as of 2024 the company reported being ahead of schedule on its value chain reduction target at 67.4% of planned reduction, and a detailed Net Zero Roadmap with six initiatives and board-level governance oversight was published in 2025.

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

Sustainalytics rates Scatec as low ESG risk (12.8), MSCI AA, and EcoVadis Gold (top 5%); the company has board-level Audit and Sustainability Committee oversight, ESG metrics tied to executive bonuses, a supplier EcoVadis screening programme (45 suppliers assessed in 2023), and active human-rights due diligence under Norway's Transparency Act — though the solar supply chain's inherent Xinjiang polysilicon exposure is an unresolved sector-wide labour risk.

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

Scatec publishes an integrated annual report compliant with CSRD/ESRS (first issued for FY2024), a standalone TCFD report, a GRI-indexed sustainability report with PwC limited assurance on all GRI disclosures, a Green Finance impact report with IEA-sourced emission factors, and a CDP climate disclosure; the 2022 annual report listed CDP 'A list' status, representing best-in-class climate reporting.

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

No material corruption or governance scandals were found specific to Scatec; however, operational exposure in high-risk frontier markets (Honduras PPA dispute resolved via amended agreement, Pakistan regulatory tariff reassignment) and the broader solar sector's Xinjiang polysilicon supply chain risk — which Scatec acknowledges and is actively mapping — moderately reduce the integrity score.