Norsk Hydro ASA is a Norwegian company that operates in the aluminum sector. Founded in 1905, the company has grown to become one of the world's leading aluminum producers, with operations in over 40 countries. Norsk Hydro is committed to sustainability and decarbonization, and has made significant efforts to reduce its carbon footprint in recent years.
One of the key ways that Norsk Hydro is working to decarbonize its operations is through the use of renewable energy. The company has invested heavily in wind and hydroelectric power, and has set a goal of sourcing 100% of its electricity from renewable sources by 2020. This commitment to renewable energy has helped Norsk Hydro to significantly reduce its carbon emissions, and has also helped the company to become more competitive in the global marketplace.
Another important aspect of Norsk Hydro's sustainability strategy is its focus on corporate energy management. The company has implemented a number of initiatives to reduce energy consumption and improve efficiency across its operations. For example, Norsk Hydro has invested in energy-efficient equipment and processes, and has implemented a range of energy-saving measures such as lighting upgrades, insulation improvements, and HVAC system optimization. These efforts have not only helped to reduce the company's carbon footprint, but have also resulted in significant cost savings.
In addition to its focus on renewable energy and corporate energy management, Norsk Hydro has also been active in the corporate power purchase agreement (PPA) market. PPAs are long-term contracts between corporations and renewable energy developers, in which the corporation agrees to purchase a set amount of renewable energy at a fixed price over a specified period of time. By entering into PPAs, companies like Norsk Hydro can help to drive the development of new renewable energy projects, while also securing a reliable and cost-effective source of electricity.
Norsk Hydro has been particularly active in the Nordic PPA market, where it has signed a number of agreements to purchase renewable energy from wind and hydroelectric projects. These agreements have helped to support the development of new renewable energy infrastructure in the region, and have also helped Norsk Hydro to achieve its goal of sourcing 100% of its electricity from renewable sources.
Overall, Norsk Hydro is a company that is committed to sustainability and decarbonization. Through its focus on renewable energy, corporate energy management, and corporate PPAs, the company has made significant progress in reducing its carbon footprint and improving its environmental performance. As the world continues to transition towards a low-carbon economy, companies like Norsk Hydro will be well-positioned to succeed and thrive.