Vattenfall has reconfirmed its desire to expand its renewable mission.; In its Annual and Sustainability Report for 2024, states that it is looking to “enable the fossil-freedom that drives society forward” and has introduced updated strategic targets for 2030, alongside updated financial targets.

Key strategic updates include a revised target on total absolute emissions with a target of 18.2 Mt absolute CO2 emissions including Scope 1, 2 and 3.

“Vattenfall's focus remains firm; the goal is to achieve net-zero emissions by 2040 and we are working towards a future where everyone can move, make and live fossil-free. This is not only our sustainability strategy, but also our business strategy, and central to both Sweden's and Europe's competitiveness,” says Vattenfall’s CEO and President Anna Borg.

The report comes as the company has announced plans for Germany’s largest offshore wind farm, having made the final investment decision on the Nordlicht 1 and 2 offshore wind farms.

Construction is planned to begin in 2026, and the wind cluster will have a net capacity of more than 1.6 GW with Nordlicht 1 is set to become Germany’s largest offshore wind project. The wind farms are expected to be operational in 2028. Both wind farms will feature wind turbines towers partially made with low-emission steel, reducing their overall carbon footprint by 16 per cent.

Vattenfall will repurchase the shares in the Nordlicht cluster that BASF acquired in 2024. At the same time, BASF has secured access to long-term supply of renewable electricity, continuing the collaboration. This agreement will secure renewable power for BASF’s chemical production in Europe at a time when such additional supply will be needed.

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