Novo Nordisk, AF Gruppen and Kempower winner of
Carnegie Sustainability Award 2023

Since 2019 Carnegie has awarded companies for their sustainability work with the purpose of shining a light on sustainability metrics that create shareholder value and presenting good examples to inspire companies and investors.
“Companies with ESG integrated into their business models and with ambitious sustainability targets continue to capture investor interest. Several new regulations aiming for market transparency will impact investor decisions even more in the future and make companies like the winners of the 2023 award attractive investments,” says Lena Österberg, Head of Sustainability Strategy & Advisory.

“The winners of the 2023 award are good examples of companies that are not only
successful in integrating sustainability in their business model, but they have also shown a high ambition to make a positive impact and reduce their environmental footprint,” Österberg continues.

The winners for 2023

Large cap: Novo Nordisk
Novo Nordisk is a global healthcare company specialising in the treatment of diabetes and other serious chronic diseases, such as obesity and rare blood and endocrine diseases. Today, one in every 11 people has diabetes, a figure projected to rise to one in nine by 2045. Diabetes places a great burden on patients as well as on health systems. Novo Nordisk has taken on the challenge to defeat diabetes by working to prevent the rise of type 2 diabetes and obesity, providing access to affordable care for vulnerable patients in every country and driving innovation to improve lives. Today, the company serves 40 million people globally. The company has set a net zero emissions target across its entire value chain by 2045 at the latest and is working to reduce the environmental footprint of its products by improving recycling rates and using non-plastic materials. The company leverages its size to make an impact (96% of CO2 emissions are scope 3) and has a 2030 target to have all its 60,000+
suppliers on 100% renewable power when supplying Novo Nordisk.

Small cap: AF Gruppen
The construction sector contends with daunting sustainability challenges, such as emissions, waste generation and adverse biodiversity impacts. AF Gruppen is at the forefront of the industry with its sustainability work, having its own recycling and recovery centres. CO2 savings from its environmental centres and demolition activities correspond to ~150% of its own climate emissions. The company has ambitious sustainability targets and it leads the industry in recycling, with waste source separation rates of 88% in its construction operations, 90% in its rehabilitation business and 96% in its demolition business. This compares with the EU’s recycling target rate of 70% for construction and demolition waste, and the current EU average rate of 50%. Between 2019 and 2021, the company cut its CO2 emissions by 20%.

Best newcomer: Kempower
Kempower is one of the main players in the Nordic DC charging markets, serving both
commercial vehicles and private cars. By enabling and facilitating charging of electric
vehicles, Kempower contributes to climate change mitigation. On average, an electric
passenger car emits 86% less CO2/100km than a car with an internal combustion engine. Kempower’s chargers are built with modular technology, allowing for cost-efficient and scalable assembly, as well as circularity through reusable components. The company is committed to carbon neutrality by 2035 and full recyclability in its own operations by 2025.

About the award:
Carnegie established the Carnegie Sustainability Award in 2019. The winners in three
categories are chosen from among the ~420 listed companies covered by Carnegie Research, representing approximately 95% of the stock market value in the Nordics, and the purpose is to highlight good examples of sustainable companies and to inspire others. The award will be presented at the Carnegie Sustainability Seminar, on 24 May 2023 in Copenhagen.

Previous winners:

Large cap:
• 2022 SCA
• 2021 Ørsted
• 2020 Neste
• 2019 Nibe
Small cap:
• 2022 Vaisala
• 2021 Camurus
• 2020 Scatec Solar
• 2019 Thule
Best Newcomer:
• 2022 OX2
• 2021 Pexip
• 2020 K2A
• 2019 NCAB

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