The Impaakt Team
7 min Read Time | March 18th 2022
Our article of the week selects the top published pieces on the Impaakt platform that week. We assess how companies impact the planet and society through their products, processes, and even their ideas. Ultimately creating data and reports for financial institutes to use when decision making.
The winner this week is:
Written by: Olu Omo
Company: Vestas
SDG 10: Climate Action
Read the full article below.
Globally, about 34.81 billion (Bn) tonnes (t) of CO2 emissions were released into the environment in 20201. Climate change is one of the biggest environmental problems that occur worldwide2. About 800 million (M) people are presently in danger due to climate impacts such as droughts, floods, heatwaves, and extreme weather changes, which have wreaked havoc on ecosystems3. One way to reduce global CO2 emissions is the use of wind power4. In 2020, about 1,081GW of wind power generated worldwide avoided 1.6 BntCO2e, expected to prevent 3.2 BntCO2e in 20305;p2.
Vestas Wind Systems engages in the designs, manufacturing, installs, and services of wind turbines worldwide6,7;p10. In 2020, the company had a global dominant market share of 14.8% in the wind turbine market8. That same year, the company delivered 17.1GW of wind power solutions to 40 countries, of which 8.9GW was delivered to 9 countries in the Americas, 5.3GW to 23 countries in Europe, the Middle East, and Africa, and 2.9GW to 8 countries in the Asia-Pacific region 7;p30. Also, Vestas delivered 117GW of power services in 72 countries7;p36. Cumulatively, in 2020, the company had installed 129GW of wind power and avoided 186MtCO2e7;p5. Between 1981-2020, Vestas' power solutions have prevented 1.5 BntCO2e from entering the atmosphere7;p20.
Vestas' total installed wind capacity makes up nearly 12% of global wind power.
For comparison, Goldwind, with a market share of 12.4%8, is one of the competitors of Vestas. Goldwind delivered 12.9GW of wind power solutions in 2020- avoiding 19MtCO2e (assuming 1GW avoids 1.5MtCO2e5;p2) 9;p21. Vestas' avoided emissions are nine times Goldwind's avoided emissions compared to their 2020 baseline.
Vestas' power solutions save a significant amount of CO2 and prevent it from entering the atmosphere, minimizing climate change.
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