Danish offshore and onshore wind turbine maker Vestas has been named the most sustainable company in the world in Corporate Knight's 2022 ranking of the world’s 100 most sustainable corporations.
According to Corporate Knights, its ranking is based on a rigorous assessment of nearly 7,000 public companies with revenue over US$1 billion.
This year, Vestas came in first, jumping up the pecking order from the 21st spot secured in the 2021 ranking.
The company's compatriot and one of the world's largest offshore wind farm developers Ørsted, took seventh place this year, down from last year's second. Also, Spanish wind farm developer Iberdrola came in 25th this year, from last year's 19th place. See the full list here.
In a press statement announcing the news, Vestas said the ranking was linked "to the industry-leading progress of Vestas’ sustainability strategy.
"Launched in 2020, the strategy has established sustainability performance as a core priority across the entire value chain, including across its supplier network. As part of the strategy, Vestas recently launched an ambitious circularity roadmap and governance structure, along with having its carbon emissions reduction targets for internal operations validated by the Science Based Targets initiative, as being in line with the 1.5-degree scenario of the Paris Agreement," Vestas said.
"Vestas has successfully helped our partners avoid more than 1.7 billion tonnes carbon emissions over the past four decades. Building a more sustainable future for our planet, however, demands that we do more. As the energy transition accelerates, Vestas is dedicated to making sure this transformation unfolds sustainably, in close collaboration with our partners,” said Henrik Andersen, CEO, and President, Vestas.
"Improving our sustainability performance has been an opportunity for Vestas to create more value for our partners. Through establishing sustainability as a priority across our entire value chain, including our supplier network, we have created many more opportunities for collaboration, and for driving maturity and scale for the renewables industry. Although we still have a long journey ahead, we are proud to be paving the way for renewables to expand without compromising the interests of future generations”, said Lisa Ekstrand, Vice President and Head of Sustainability, Vestas.
"We are rapidly moving towards a future where leading sustainability performers like Vestas will drive more viable returns than their global corporate peers. This will form a strong foundation towards achieving a carbon-neutral economy in line with global climate goals”, said Toby Heaps, CEO, Corporate Knights.
Vestas' ongoing sustainability initiatives include circular product design initiatives, reducing CO2 emissions and waste production from manufacturing, alignment of sustainability goals with strategic suppliers, and replacing all combustion vehicles with electric vehicles in Service, as well as benefit cars.
According to info on the company's website, the company plans to reach carbon neutrality by 2030 without the use of carbon offsets.
"Carbon offsetting means that companies invest in environmental projects around the world to balance out their own carbon footprints. The problem with carbon offsets is it can be very difficult to ascertain that the projects invested in are real, measurable, permanent and that they would not have taken place without the finance provided by the sale of credits, We want to lead the transition to renewable energy and achieve net-zero emissions in our own operations," Vestas says on its website.
The company in 202 also committed to reducing the CO2 emissions from its supply chain by 45 percent per MWh generated by 2030.