In 2024 Vattenfall delivered a stable financial result, advanced its key projects and sustainability goals, despite global challenges. The Annual and Sustainability Report for 2024 shows how Vattenfall continues to enable the fossil-freedom that drives society forward, as well as introduces updated strategic targets for 2030, alongside updated financial targets.
Although big steps have been taken towards fossil freedom during the year, our society is still heavily dependent on fossil fuels. It not only endangers our climate, but also our energy supply and our way of life. Even though the effects of accelerating climate change are becoming increasingly evident for people around the world, the energy transition is not moving fast enough.
"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.
During 2024 Vattenfall has furthered its efforts through - out the entire energy system. A directional decision has been taken to extend the operating time of Forsmark and Ringhals reactors from 60 to 80 years. Vattenfall's share of fossil-free electricity generation has also increased to 90% this year, with Hollandse Kust Zuid and the Vesterhav projects in Denmark being large contributors.
For the years 2025 to 2029 Vattenfall has planned net investments amounting to SEK 170 billion, with the majority (61%) dedicated to growth investments.
Some facts from the Annual and Sustainability Report 2024:
- CO2 emissions from our own operations have been reduced by 53% between 2017 and 2024.
- SEK 30 billion was invested, of which 88 percent was eligible and aligned with the EU taxonomy regulation.
- The production of fossil-free electricity amounted to 99.6 TWh.
Included in the Annual and Sustainability Report for 2024 are Vattenfall's updated strategic targets for 2030, approved by Vattenfall's board of Directors, alongside updated financial targets which will be presented at the Annual General Meeting 2025 for approval. The updated targets reflect Vattenfall's ambition to lead the energy transition while maintaining a strong customer focus.
Key strategic updates include:
- Enhanced customer engagement targets: Increased targets for Net Promoter Score (NPS) to +20.
- A revised target on total absolute emissions: Target of 18.2 Mt. Absolute CO2 emissions including Scope 1, 2 and 3.
- Strengthened health & safety goals: Target of <2.0 total recordable injury frequency (TRIF+) with zero fatality threshold.
- Increased focus on employee engagement and diverse leadership: Increased employee engagement index to minimum target of 86 as well as a new target focusing on female representation in leadership roles measured by the Female Manager Ratio (40%)
The updated financial targets, pending AGM approval on April 28, include:
- Target on capital structure (FFO/AND): A minimum threshold of 25 percent, replacing the previous target range.
- Return on Capital Employed (ROCE): Now based on underlying EBIT, with a minimum target of 8 percent.
- Dividend Policy: 40-70% of adjusted net profit, ensuring alignment with future investment needs and capital allocation priorities.
These updates reflect Vattenfall's strategic focus on sustainable growth, operational efficiency, and profitability as a leading energy company.
Further details on the updated targets, as well as the complete Annual and Sustainability report, can be found here: [https://group.vattenfall.com/globalassets/com/sustainability/vattenfall-annual-and-sustainability-report-2024.pdf].
The information was submitted for publication, through the agency of the contact persons set out below, at 10.00 CET on March 25, 2025. This report has been prepared in both Swedish and English versions. In the event of discrepancies between the two versions, the Swedish version shall govern.
For further information, please contact:
Johan Sennerö, Vattenfall Media Relations +46-73 046 40 45
Johan.senneroe@vattenfall.com
