Siemens Energy AG is a global energy technology company, spun off from Siemens AG in September 2020, operating across gas services, grid technologies, and transformation of industry, with its majority-owned Siemens Gamesa subsidiary covering the full wind power value chain. In fiscal year 2024 (ending September 30, 2024), the company generated revenue of €34.5 billion with approximately 99,000 employees in over 90 countries and an order backlog of €123.3 billion, the highest in its history. The company’s Sustainability Report 2024 was published in December 2024 alongside the Annual Report, covering all performance indicators verified by independent third parties under GHG Protocol, EU Taxonomy, and CSRD-aligned reporting standards.
Siemens Energy holds SBTi-validated near-term and long-term emission reduction targets, achieved 100% renewable electricity across all global operations for the second consecutive year in FY2024, and reduced Scope 1 and 2 emissions by 55% compared to its 2019 baseline. The company’s EU Taxonomy-eligible revenue reached 74.2% in FY2024, up from 73.4% in FY2023, reflecting the growing share of its portfolio classified as environmentally sustainable activities under the EU framework.
Source
https://www.siemens-energy.com/global/en/home/investor-relations/publications-ad-hoc.html
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
Sustainability Strategy and Goals
Siemens Energy’s sustainability strategy is organized around five energy transition pillars: scaling renewables, shifting power generation from coal and oil to gas and hydrogen, upgrading electricity grids, building hydrogen markets in hard-to-abate sectors, and securing critical mineral supply chains. The company ties its sustainability ambitions to the UN Global Compact and the Paris Agreement, with SBTi-validated near-term targets for Scope 1, 2, and Scope 3 downstream emissions. Unlike consumer goods peers, Siemens Energy’s most material sustainability contribution is the decarbonization impact delivered through its products and infrastructure solutions to utility, industrial, and grid customers globally.
Net Zero and Carbon Emissions
Siemens Energy targets climate neutrality in its own operations (Scope 1 and 2) by 2030, with a 2019 baseline. The SBTi validated this commitment in April 2021, making Siemens Energy one of the first major energy technology companies to receive this validation for operational climate neutrality on a near-term timeline.
- Scope 1 emissions FY2024: 175,000 tCO2e, up from 160,000 tCO2e in FY2023, due to higher natural gas and fleet consumption
- Scope 2 emissions FY2024 (market-based): 22,000 tCO2e, up from 20,000 tCO2e in FY2023
- Combined Scope 1 and 2: 197,000 tCO2e in FY2024 vs. 180,000 tCO2e in FY2023
- CO2 reduction from own operations: 55% vs. 2019 baseline by end of FY2024
- 100% of electricity consumed globally sourced from renewable sources in both FY2024 and FY2023
- Avoided emissions from renewable electricity: 207,000 tCO2e in FY2024
- Energy intensity: 1.72×10⁻⁴ GJ per euro of revenue in FY2024, improved from 1.76×10⁻⁴ in FY2023
The slight rise in absolute Scope 1 and 2 from FY2023 to FY2024 is driven by expanded operations and fleet growth. The 55% reduction since 2019 keeps Siemens Energy on trajectory toward its 2030 climate-neutral target, though the reversal of the downward trend in a single year warrants monitoring in the next reporting cycle.
Scope 3 and Customer-Enabled Emissions
Scope 3 downstream emissions represent the most strategically important climate metric for Siemens Energy, covering the emissions generated by customers using its turbines, compressors, grids, and other energy infrastructure over their entire operational lifetime. These emissions totalled 1,333,642,000 tCO2e in FY2024, a 21% increase versus FY2023, primarily driven by a larger order book rather than product efficiency regression.
- Scope 3 downstream (Use of Sold Products): 1,333,642,000 tCO2e in FY2024 vs. 1,098,370,000 tCO2e in FY2023
- Scope 3 upstream (Purchased Goods, Services, transport and distribution): 9,238,000 tCO2e in FY2024
- Total Scope 3 up- and downstream: 1,342,880,000 tCO2e in FY2024
- Total Scope 1 through 3: 1,343,077,000 tCO2e in FY2024
- SBTi-validated Scope 3 target: 28% absolute reduction in downstream Scope 3 by 2030 vs. 2019
- Scope 3 downstream intensity: 0.027 tCO2e per euro of order intake in FY2024, up from 0.022 in FY2023 (increase driven by gas infrastructure order mix)
- Biogenic emissions reported separately outside Scope 3 inventory: 137,323,000 tCO2e in FY2024
Water Stewardship
Siemens Energy tracks water consumption and wastewater generation at the site level across its global manufacturing and service network, with FY2024 showing a meaningful improvement in both metrics.
- Total water consumption: 2.57 million cubic meters in FY2024, down 21% from 3.25 million in FY2023
- Fresh water consumption: 2.29 million cubic meters in FY2024, down from 2.73 million in FY2023
- Water intensity: 7.44×10⁻⁵ m³ per euro of revenue in FY2024, improved from 1.04×10⁻⁴ in FY2023
- Total wastewater generated: 2.47 million cubic meters in FY2024, down from 3.27 million in FY2023
- Zero significant environmental incidents in FY2024, compared to one in FY2023
Waste and Circular Economy
Siemens Energy tracks waste by category across its global manufacturing sites, including non-hazardous, hazardous, and construction waste streams. The company’s total recycling rate improved from 82% in FY2023 to 87% in FY2024.
- Total waste generated: 154,000 metric tons in FY2024, unchanged from FY2023 in absolute terms
- Total recycling rate: 87% of total waste in FY2024, up from 82% in FY2023
- Non-hazardous waste: 122,000 metric tons in FY2024
- Hazardous waste: 17,000 metric tons in FY2024, down 29% from 24,000 metric tons in FY2023
- Waste reused: 8,000 metric tons in FY2024, up from 2,000 metric tons in FY2023
- Waste sent for disposal: 27,000 metric tons in FY2024, down from 31,000 metric tons in FY2023
- Waste intensity: 4.47×10⁻⁶ metric tons per euro of revenue in FY2024, improved from 4.94×10⁻⁶ in FY2023
- Full-scale Life Cycle Assessments: 363 covering 75% of portfolio elements in FY2024, up from 73% in FY2023
- Environmental Product Declarations (EPDs): 263 published as of September 2024
Occupational Health and Safety
Siemens Energy’s safety performance showed improvement across injury frequency metrics in FY2024, with both the Total Recordable Injury Rate and Lost Time Injury Frequency Rate declining year on year. The fatality data is the most significant concern in this section.
- Total Recordable Injury Rate (TRIR): 2.35 in FY2024, down from 2.67 in FY2023
- Lost Time Injury Frequency Rate (LTIFR): 1.27 in FY2024, down from 1.40 in FY2023
- High-consequence injury rate: 0.052 in FY2024, up from 0.033 in FY2023
- Fatalities: 6 in FY2024 (2 employees, 4 contractors), up from 2 in FY2023
- Zero significant environmental incidents in FY2024
- Occupational illness frequency rate: 0.29 per million hours in FY2024
The tripling of fatalities from 2 in FY2023 to 6 in FY2024 is the most material safety concern in the FY2024 report. All six cases are within Siemens Energy’s sphere of responsibility, as the data excludes force majeure and third-party violence, requiring targeted intervention and transparent root-cause disclosure in the FY2025 report.
Human Rights and Responsible Sourcing
Siemens Energy manages approximately 30,000 suppliers with a total procurement volume of €23.5 billion in FY2024. Its supply chain sustainability program uses three instruments: sustainability self-assessments (SSAs), supplier quality audits with integrated sustainability questions, and external sustainability audits (ESAs).
- Supplier sustainability risk coverage rate: 44.5% in FY2024 (baseline year; no prior comparable)
- SSAs completed in FY2024: 4,300, down from 6,819 in FY2023
- Supplier quality audits with integrated sustainability questions: 546 in FY2024, down from 740 in FY2023
- External sustainability audits accepted: 752 in FY2024 vs. 71 in FY2023, a 10-fold scale-up of ESA acceptance
- Compliance cases reported: 147 in FY2024, up from 126 in FY2023
- Disciplinary sanctions: 104 in FY2024, up from 75 in FY2023, including 67 dismissals
- Employees completing Business Conduct Guidelines training: 96% in FY2024
Diversity, Equity, and Inclusion
Siemens Energy tracks gender representation at overall workforce and leadership levels, alongside pay equity data published in the FY2024 report.
- Women in total headcount: 21% in FY2024, up from 20% in FY2023
- Women in top leadership positions: 24% in FY2024, down from 26% in FY2023, a 2-percentage-point regression
- Women hired as share of total hires: 22% in FY2024
- Adjusted gender pay gap: 3.09% in FY2024, down from 4.81% in FY2023
- Unadjusted gender pay gap: 3.42% in FY2024, down from 4.57% in FY2023
- Employees with permanent contracts: 96% in FY2024
- Employees covered by collective bargaining agreements: 62% in FY2024
Governance and Transparency
Siemens Energy publishes an Annual Report and standalone Sustainability Report simultaneously each December, covering the fiscal year ending September 30. Its FY2024 Sustainability Report aligns with GHG Protocol, EU Taxonomy (CSRD-adjacent), and GRI standards.
- EU Taxonomy-eligible revenue: 74.2% in FY2024, up from 73.4% in FY2023
- EU Taxonomy-aligned revenue: 42.9% in FY2024, up from 37.5% in FY2023, a 5.4-percentage-point improvement
- EU Taxonomy-aligned capital expenditures: 64.7% in FY2024, up from 51.0% in FY2023
- SBTi-validated targets for Scope 1 and 2 (2030 climate neutrality) and Scope 3 downstream (28% reduction by 2030 vs. 2019) remain in effect
- R&D investment: €1.2 billion in FY2024, representing 3.5% of revenue
- Patents granted: approximately 19,200 by September 30, 2024
- Customer Net Promoter Score: 62 in FY2024, up from 57 in FY2023
Technology and Innovation
Siemens Energy’s product innovation agenda directly drives its Scope 3 downstream reduction trajectory. Every efficiency improvement in a turbine, transformer, or electrolyzer delivered to customers reduces the lifetime emissions counted in Scope 3 Category 11.
- SF6-free switchgear (Blue GIS 8VM1): In June 2025, Siemens Energy delivered its 2,000th SF6-free Blue GIS unit to the Hornsea 3 offshore wind farm in the North Sea, eliminating a gas with 23,500 times the global warming potential of CO2 from high-voltage grid infrastructure
- Offshore wind-powered hydrogen integration: a €120 million five-year joint development program between Siemens Gamesa and Siemens Energy targets a full-scale demonstration of an integrated offshore wind-to-hydrogen system at the 14 MW turbine level
- HYFLEXPOWER project in France: a real-world demonstration of a hydrogen-ready gas turbine blending green hydrogen with natural gas in power generation, advancing the path to 100% hydrogen-fuelled turbines
- Life cycle assessments: 363 full-scale LCAs covering 75% of portfolio elements, providing verified environmental impact data for customer Scope 3 Category 1 accounting
- Environmental Product Declarations: 263 EPDs as of September 2024
- Training investment: €91 million in employee development in FY2024, up from €80 million in FY2023, averaging 13 hours per employee per year
Global Partnerships and Advocacy
Siemens Energy positions itself as an active participant in the global energy transition dialogue, engaging with governments, multilateral institutions, and industry coalitions on policy, technology, and financing.
- Active member of the UN Global Compact, committing to its ten principles on human rights, labour, environment, and anti-corruption
- Siemens Gamesa and Siemens Energy jointly developing offshore wind-to-hydrogen systems and collaborating on critical mineral supply chain security for wind turbine production
- Five-point energy transition strategy publications guide policy engagement with governments on permitting acceleration, renewable auction design, CCS frameworks, and hydrogen regulation
- WEF partnership on energy transition financing for SMEs, targeting clean energy capital access in emerging markets
Source
https://www.siemens-energy.com/global/en/home/stories/partnering-for-sustainability.html
https://www.siemens-energy.com/global/en/home/energy-transition/strategies.html
https://www.siemens-energy.com/global/en/home/press-releases/science-based-targets-initiative-sbti-confirms-siemens-energys-co2-redu
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
https://www.siemens-energy.com/global/en/home/energy-transition/strategies.html
https://www.siemens-energy.com/global/en/home/investor-relations/publications-ad-hoc.html
https://www.siemens-energy.com/global/en/home/supplier/sustainability-in-the-supply-chain/decarbonization.html
Progress vs. Target Tracker
| Commitment | Target | Current Status (FY2024) | Assessment |
|---|---|---|---|
| Climate neutrality Scope 1 and 2 | 2030 (vs. 2019 baseline) | 55% reduction achieved; combined Scope 1+2 at 197,000 tCO2e in FY2024, up from 180,000 in FY2023 | On track (reversal in FY2024 warrants monitoring) |
| 100% renewable electricity | Ongoing (first achieved FY2023) | 100% for second consecutive year in FY2024; 207,000 tCO2e avoided | Achieved and maintained |
| Scope 3 downstream reduction | 28% absolute reduction by 2030 vs. 2019 | 1,333,642,000 tCO2e in FY2024, up 21% vs. FY2023; intensity 0.027 vs. 0.022 in FY2023 | At risk (absolute and intensity increase in FY2024) |
| EU Taxonomy-aligned revenue | Ongoing improvement | 42.9% in FY2024, up from 37.5% in FY2023 | On track |
| EU Taxonomy-aligned CapEx | Ongoing improvement | 64.7% in FY2024, up from 51.0% in FY2023 | On track |
| LCA portfolio coverage | Ongoing | 75% in FY2024, up from 73% in FY2023; 363 full-scale LCAs | On track |
| Total recycling rate | Ongoing improvement | 87% in FY2024, up from 82% in FY2023 | On track |
| Hazardous waste reduction | Ongoing improvement | 17,000 metric tons in FY2024, down 29% from 24,000 in FY2023 | On track |
| Water consumption reduction | Ongoing improvement | 2.57 million m³ in FY2024, down 21% from 3.25 million in FY2023 | On track |
| Zero significant environmental incidents | Annual | Zero in FY2024, down from one in FY2023 | Achieved |
| Safety: TRIR improvement | Ongoing improvement | 2.35 in FY2024, down from 2.67 in FY2023 | On track |
| Safety: Zero fatalities | Zero | 6 fatalities in FY2024 (2 employees, 4 contractors), up from 2 in FY2023 | Missed |
| Women in top leadership | Ongoing improvement | 24% in FY2024, down from 26% in FY2023 | At risk |
| Adjusted gender pay gap | Ongoing improvement | 3.09% in FY2024, down from 4.81% in FY2023 | On track |
| Supplier sustainability risk coverage | 100% of high-risk suppliers | 44.5% in FY2024 (baseline year) | Monitoring required |
Source
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
https://www.siemens-energy.com/global/en/home/press-releases/science-based-targets-initiative-sbti-confirms-siemens-energys-co2-redu
Key Sustainability Innovations and Technologies
Siemens Energy’s technology advantage is expressed through decarbonization of its product portfolio, enabling customers to reduce their operational and lifecycle emissions. Three areas define its current technology position.
SF6-Free Switchgear (Blue Portfolio) is the most commercially deployed product-level decarbonization innovation. Siemens Energy delivered its 2,000th SF6-free Blue GIS 8VM1 unit in June 2025, with the milestone unit installed at the Hornsea 3 offshore wind farm in the North Sea. SF6-free switchgear eliminates one of the most potent greenhouse gases from electricity grid infrastructure, a direct Scope 3 reduction benefit flowing to utilities and grid operators globally.
Offshore Wind-Integrated Green Hydrogen represents the long-duration strategic bet on hard-to-abate sector decarbonization. The joint Siemens Gamesa and Siemens Energy program, with €120 million in committed development investment over five years, targets placing electrolyzers at the point of offshore wind generation to produce green hydrogen without grid dependency. Siemens Gamesa’s roadmap calls for cost-competitive green hydrogen from onshore wind by 2030 and from offshore wind by 2035.
Full-Scale Life Cycle Assessment Infrastructure. With 363 LCAs covering 75% of its product portfolio and 263 Environmental Product Declarations as of FY2024, Siemens Energy has built one of the most comprehensive product-level environmental transparency programs in the energy equipment sector. This gives customers verified, third-party-backed data for their own Scope 3 Category 1 accounting, directly supporting their decarbonization reporting.
HYFLEXPOWER is a real-world hydrogen power plant demonstration project in France that blends green hydrogen with natural gas in an existing gas turbine, providing the engineering data needed to validate the path to 100% hydrogen combustion in power generation.
- 2,000th SF6-free Blue GIS delivered in June 2025 (Hornsea 3, North Sea)
- Offshore wind-to-hydrogen program: €120 million, five-year development; cost-competitive targets 2030 (onshore) and 2035 (offshore)
- LCAs: 363 full-scale assessments; 75% portfolio coverage in FY2024
- EPDs: 263 published as of September 2024
- R&D investment: €1.2 billion in FY2024; 19,200 patents granted
Source
https://www.zacks.com/stock/news/2759005/ge-vernova-vs-siemens-energy-which-clean-energy-stock-has-more-upside
https://www.siemens-energy.com/us/en/home/press-releases/siemens-gamesa-and-siemens-energy-unlock-new-era-offshore-green-hydroge
https://matrixbcg.com/blogs/growth-strategy/siemens-energy
Measurable Impacts
Siemens Energy’s FY2024 data reveals a mixed picture: operational efficiency and waste metrics improved meaningfully, while Scope 1 and 2 absolute emissions and Scope 3 downstream totals both increased, and fatalities rose.
- Scope 1 + 2 combined (FY2024): 197,000 tCO2e vs. 180,000 tCO2e in FY2023, a 9% absolute increase
- CO2 reduction from own operations vs. 2019 baseline: 55%
- 100% renewable electricity for second consecutive year; 207,000 tCO2e avoided through renewable sourcing
- Scope 3 downstream: 1,333,642,000 tCO2e in FY2024 vs. 1,098,370,000 tCO2e in FY2023 (+21%)
- Scope 3 upstream: 9,238,000 tCO2e in FY2024, essentially flat vs. 9,230,000 in FY2023
- Total carbon footprint (Scope 1 through 3): 1,343,077,000 tCO2e in FY2024
- Water consumption: 2.57 million m³ in FY2024, down 21% from 3.25 million in FY2023
- Total waste recycling rate: 87% in FY2024, up from 82% in FY2023
- Hazardous waste: 17,000 metric tons in FY2024, down 29% from 24,000 in FY2023
- Zero significant environmental incidents in FY2024
- TRIR: 2.35 in FY2024, down from 2.67 in FY2023
- LTIFR: 1.27 in FY2024, down from 1.40 in FY2023
- Fatalities: 6 in FY2024 vs. 2 in FY2023
- EU Taxonomy-aligned revenue: 42.9% in FY2024, up from 37.5% in FY2023
- Order backlog: €123.3 billion in FY2024, up from €111.6 billion in FY2023
- Training investment: €91 million in FY2024, up from €80 million in FY2023
- Customer Net Promoter Score: 62 in FY2024, up from 57 in FY2023
Source
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
https://www.siemens-energy.com/global/en/home/energy-transition/strategies.html
Challenges and Areas for Improvement
Siemens Energy faces challenges that span its own operations, its Siemens Gamesa subsidiary, and the structural tension between growing its gas and grid infrastructure portfolio while simultaneously reducing Scope 3 downstream emissions.
Siemens Gamesa Quality Crisis and Financial Losses. The Siemens Gamesa onshore wind quality crisis, which surfaced in 2023 across its 4.X and 5.X turbine platforms, resulted in €1.6 billion in charges in 2023. By FY2025 (ending September 2025), Siemens Gamesa’s wind division posted an operating loss of €1.36 billion, confirming that the division’s financial recovery is not yet complete. Siemens Energy’s CEO stated in November 2025 that there are limited synergies between the onshore and offshore wind units, introducing uncertainty about the future organizational structure of the division.
Scope 3 Downstream Emissions Rising, Not Falling. The 28% Scope 3 downstream reduction target by 2030 versus 2019 faces structural headwinds. Downstream Scope 3 rose 21% from FY2023 to FY2024, driven by large gas infrastructure and grid orders. Every major gas turbine or compression train that Siemens Energy delivers adds to Category 11 lifetime emissions, creating a fundamental tension between near-term revenue growth (anchored partly to gas infrastructure) and the 2030 Scope 3 target.
Fatality Rate Increase. The tripling of worker fatalities from 2 in FY2023 to 6 in FY2024, including 4 contractor deaths, is the most acute social performance failure in the FY2024 report. No root-cause breakdown or corrective action plan is published in the FY2024 Performance Indicator Overview, which limits external accountability for this metric.
- Siemens Gamesa FY2025 operating loss: €1.36 billion
- Siemens Gamesa quality crisis charges in 2023: €1.6 billion
- Scope 3 downstream absolute rise: 1,098,370,000 tCO2e (FY2023) to 1,333,642,000 tCO2e (FY2024), a 21% increase
- Scope 3 downstream intensity: increased from 0.022 to 0.027 tCO2e per euro of order intake
- Fatalities: 6 in FY2024, up from 2 in FY2023; no corrective action plan published in the performance data supplement
- Women in top leadership: declined from 26% to 24% year on year
- SSA audits completed: fell from 6,819 in FY2023 to 4,300 in FY2024, a 37% reduction, weakening supplier transparency coverage
- Scope 1 and 2 absolute: reversed improvement trajectory from FY2023 to FY2024
Source
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
https://www.siemens-energy.com/global/en/home/press-releases/siemens-energy-quantifies-charges-ramp-challenges-siemens-gamesa.ht
https://brazilenergyinsight.com/2025/11/14/siemens-energy-sees-limited-synergies-between-onshore-and-offshore-wind/
Future Plans and Long-Term Goals
Siemens Energy’s 2030 and 2050 roadmap is structured around operational climate neutrality, Scope 3 product-portfolio decarbonization, and full EU Taxonomy alignment. The five energy transition strategies the company published in 2025 signal its intent to lead in grid modernization, industrial decarbonization, and hydrogen commercialization through the end of the decade.
By 2030, Siemens Energy aims to achieve climate neutrality in its own operations (Scope 1 and 2), deliver a 28% absolute reduction in Scope 3 downstream emissions versus 2019, and increase EU Taxonomy-aligned revenue well above the current 42.9%. The hydrogen technology roadmap, jointly developed with Siemens Gamesa, targets cost-competitive green hydrogen production from onshore wind by 2030 and from offshore wind by 2035.
- Climate-neutral own operations (Scope 1 and 2): 2030
- Scope 3 downstream: 28% absolute reduction by 2030 vs. 2019
- Cost-competitive green hydrogen from onshore wind: 2030; from offshore wind: 2035
- SF6-free switchgear (Blue Portfolio): continued scale-up for global grid decarbonization
- Full LCA portfolio coverage: ongoing improvement beyond 75% in FY2024
- Net zero full value chain: 2050 ambition aligned with SBTi long-term framework
Siemens Energy leads GE Vernova on EU Taxonomy alignment and Scope 3 downstream target specificity, but GE Vernova achieved a 51% Scope 1 and 2 reduction versus 2019 by 2024, matching Siemens Energy’s 55% on the same baseline, with a much lower absolute combined Scope 1 and 2 footprint of 428,213 tCO2e versus Siemens Energy’s 197,000 tCO2e. GE Vernova also avoided approximately 27 million metric tons of CO2 from new generating capacity brought online in 2024, compared to which Siemens Energy does not publish an equivalent customer-enabled avoidance metric.
Source
https://www.siemens-energy.com/global/en/home/energy-transition/strategies.html
https://www.siemensgamesa.com/global/en/home/press-releases/210608-siemens-gamesa-press-release-unlocking-the-green-hydrogen-rev
https://matrixbcg.com/blogs/growth-strategy/siemens-energy
Comparisons to Industry Competitors
Siemens Energy, GE Vernova, and Vestas represent the three principal publicly traded energy technology and wind power peers with comparable sustainability frameworks and published 2024 or FY2024 data.
GE Vernova’s 51% Scope 1 and 2 reduction since 2019 closely mirrors Siemens Energy’s 55%, but GE Vernova does so with a higher absolute footprint (428,213 tCO2e vs. 197,000 tCO2e for Siemens Energy), reflecting GE Vernova’s larger manufacturing base. GE Vernova’s 2024 Sustainability Report also introduces a circularity rate that jumped from 23% to 38% year on year, indicating faster circular economy progress from a lower base than Siemens Energy’s already-established 87% recycling rate. On product lifecycle transparency, Siemens Energy’s 75% LCA coverage of portfolio elements leads GE Vernova’s 53%, giving Siemens Energy a verifiable advantage in enabling customer Scope 3 Category 1 data quality.
Source
https://www.gevernova.com/news/press-releases/ge-vernova-releases-2024-sustainability-report
https://in.marketscreener.com/quote/stock/GE-VERNOVA-INC-167654523/news/GE-Vernova-Sustainability-Report-GE-Vernova-Sustainabili
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
What to Watch: 12 to 18 Month Indicators
Three forward-looking signals will most clearly shift Siemens Energy’s sustainability standing through the end of 2026.
Scope 3 Downstream Trajectory in FY2025 Data. Siemens Energy’s Scope 3 downstream emissions rose 21% from FY2023 to FY2024, driven by a growing gas infrastructure and grid order book. The FY2025 Sustainability Report (due December 2025, covering the fiscal year ending September 30, 2025) will confirm whether this is a one-year order-mix anomaly or the start of a structural divergence from the 28% reduction target. A second consecutive increase would make the 2030 SBTi-validated target mathematically very difficult to achieve without a major shift in product portfolio mix. Practitioners should track not only the absolute figure but the tCO2e per euro of order intake intensity metric, which rose from 0.022 to 0.027 between FY2023 and FY2024.
Siemens Gamesa Onshore Wind Recovery and Organizational Decision. Siemens Gamesa posted a €1.36 billion operating loss in FY2025, and the CEO flagged limited synergies between the onshore and offshore wind units in November 2025. The organizational decision on whether to separate, restructure, or continue integrating the two wind units will have direct implications for the wind segment’s sustainability reporting coverage, capital availability for offshore wind-to-hydrogen development, and the long-term Scope 3 reduction trajectory. A formal restructuring announcement in 2026 would be the most impactful near-term signal.
Fatality Root-Cause Disclosure in FY2025 Report. The FY2024 report recorded 6 fatalities (up from 2 in FY2023) with no published root-cause analysis or corrective action plan in the Performance Indicator Overview. The FY2025 Sustainability Report will reveal whether the fatality rate returned toward the FY2023 level or increased further. Transparency on causes and interventions will be the key quality indicator, not just the headline number.
- Scope 3 downstream: 1,333,642,000 tCO2e in FY2024, up 21% vs. FY2023; 2030 target requires 28% absolute reduction vs. 2019
- Siemens Gamesa FY2025 operating loss: €1.36 billion; CEO flagged limited onshore-offshore synergies
- Fatalities: 6 in FY2024 vs. 2 in FY2023; no corrective action plan published in FY2024 Performance Indicator Overview
Source
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
https://brazilenergyinsight.com/2025/11/14/siemens-energy-sees-limited-synergies-between-onshore-and-offshore-wind/
https://www.siemens-energy.com/global/en/home/energy-transition/strategies.html
Siemens Energy has built a credible and data-rich sustainability disclosure framework, with SBTi-validated near-term and long-term targets, 100% renewable electricity for two consecutive years, strong water and waste performance improvements in FY2024, and an LCA transparency program that leads most energy equipment peers. Its EU Taxonomy-aligned revenue growing from 37.5% to 42.9% in one year is one of the most commercially meaningful ESG metrics in this article, reflecting genuine portfolio shift rather than disclosure reframing.
The structural vulnerabilities are concentrated in two areas: Scope 3 and Siemens Gamesa. The 21% rise in Scope 3 downstream emissions in FY2024 is not a data quality issue or a baseline adjustment. It reflects the reality that Siemens Energy’s most profitable near-term business, gas services, adds more lifetime customer emissions than its renewable and grid businesses can offset. The Siemens Gamesa situation introduces a further complication: the wind division that was meant to anchor the Scope 3 reduction story through clean energy deployment is generating sustained operating losses and organizational uncertainty. The fatality increase from 2 to 6, without published root-cause transparency, is a social governance failure that sits in sharp contrast to the otherwise strong quantitative safety trend improvements.
Three strategic takeaways for practitioners benchmarking or replicating this approach:
- Siemens Energy’s LCA and EPD architecture, covering 75% of the product portfolio with third-party-verified lifecycle data, is the most complete product-level environmental transparency program in the energy equipment sector. Any industrial manufacturer seeking to enable customer Scope 3 Category 1 reporting should treat this as the benchmark architecture for what verified environmental product data looks like at scale.
- The 100% renewable electricity achievement, maintained for two consecutive years across all global operations, demonstrates that operational Scope 2 elimination is achievable for a large, globally dispersed industrial manufacturer. The mechanism, power purchase agreements and energy attribute certificates applied at the country level, is documented in the Sustainability Report and provides a replicable playbook for similarly distributed manufacturers.
- The Scope 3 downstream tension at Siemens Energy is the most instructive case study available in 2024 and 2025 for any energy technology company designing its SBTi submission. The 28% by 2030 downstream Scope 3 target was validated against a 2019 baseline when gas infrastructure revenue was the dominant order driver. Practitioners building Scope 3 Category 11 targets must model product-mix scenarios that account for revenue growth in fossil-adjacent segments, not just the incremental efficiency of each product delivered. Failing to account for this creates the exact structural gap that now puts Siemens Energy’s 2030 Scope 3 target at risk.
Source
https://assets.siemens-energy.com/dam/1a9bbb81-16b6-479a-b7b2-b2430132be08/se-sr-2024-esg-performance-pdf_Original%20file.pdf
https://www.siemens-energy.com/global/en/home/energy-transition/strategies.html
https://brazilenergyinsight.com/2025/11/14/siemens-energy-sees-limited-synergies-between-onshore-and-offshore-wind/
