By Dominic Chopping

Nokia committed to reducing its total global greenhouse gas emissions to net zero by 2040, accelerating its previous target by 10 years, it said.

The new target also puts it ahead of the Paris Agreement target of net zero by 2050.

The Finnish network gear maker said it will also double down on its existing near-term target. Having already committed to halving its greenhouse gas emissions across Scope 1,2 and 3 by 2030 from a 2019 baseline, it will further accelerate the decarbonization of its own operations, it said Monday.

Scope 1 emissions relate to emissions that a company creates directly, scope 2 to indirect emissions, mostly from purchased electricity, while scope 3 relates to all emissions that the company is indirectly responsible for.

"With today's announcement Nokia reiterates its existing near-term target to reduce its greenhouse gas emissions by 50% across its value chain, accelerates the decarbonization of its own operations as part of its near-term targets by decarbonizing its car fleet and facilities faster than previously planned, and explicitly sets a new long-term target to reach net zero by 2040 by 2040," the company said in statement.

Nokia said the key areas it will focus on to help reduce emissions across its value chain include product design and innovation, low-carbon electricity, energy and material efficiency, and carbon removals.

Write to Dominic Chopping at

(END) Dow Jones Newswires

02-26-24 0214ET