Nordic Semiconductor recognized for milestone in greenhouse gas emission reduction targets

Nordic Semiconductor, a leading provider of low power wireless IoT connectivity solutions, today announces that its ambitious greenhouse gas (GHG) emission reduction targets have been validated by the Science Based Targets initiative (SBTi). In its validation letter, the SBTi commends Nordic Semiconductor's net-zero target by 2050, which is currently the most ambitious designation available through the SBTi process.

"Receiving validation from the SBTi is a significant achievement for Nordic Semiconductor," says Ola Bostrøm, Senior Vice President of Quality, Nordic Semiconductor. "It confirms that our climate strategy and commitment to greenhouse gas emissions reduction are in line with the Paris Agreement's goal of limiting global warming to 1.5°C. The SBTi validated targets provide a clear, science-based path to what level we must reduce our greenhouse gas emissions in both our own operations, and in our value chain."

In the near-term, Nordic Semiconductor commits to reduce its direct and indirect GHG emissions from energy usage ('Scope 1' and 'Scope 2') by 60 percent by 2030, with 2019 being its base year. Nordic will also reduce its emissions intensity (emission by value added) for other indirect emission ('Scope 3') by 60% percent by 2030, with 2019 being its base year. Nordic aims to achieve this by reducing energy consumption and increasing renewable energy in its own operations, while engaging with stakeholders in the value chain.

In the longer-term, Nordic Semiconductor commits to a 2050 net-zero target, meaning any residual GHG emission in its value chain will be neutralized at that point in line with SBTi criteria.

Further detailed information on Nordic's commitment to its SBTi and GHG emission reduction targets is included in the company's latest Annual Report 2023.

About the targets set by Nordic Semiconductor:

1. Nordic Semiconductor commits to reduce absolute scope 1 and 2 GHG emissions 60% by 2030 from a 2019 base year. Nordic Semiconductor also commits to reduce scope 3 GHG emissions 60% per million USD value added* within the same timeframe.
   
2. Nordic Semiconductor commits to reduce absolute scope 1, 2 and 3 GHG emissions 90% by 2050 from a 2019 base year.
   
3. Nordic Semiconductor commits to reach net-zero greenhouse gas emissions across the value chain by 2050.

*Value added = sales revenue - cost of goods and services purchased from external suppliers

About the Science Based Targets initiative

The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science. The goal of SBTi is to accelerate companies across the world to support the global economy to halve emissions before 2030 and achieve net-zero before 2050. The SBTi offers resources, guidance, and validation services to assist companies in developing and implementing science-based targets.

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