SKF’s 2050 net zero target has been certified by SBTi and includes science-based short and long-term emissions reduction targets set by SKF. As a global organisation that empowers businesses and financial institutions to set ambitious emissions reduction targets that incorporate the latest climate science, SBTi’s recognition means that SKF’s targets meet the requirements of its standards and are consistent with climate science and the goals of the Paris Agreement.
SKF is committed to
Reduce Scope 1 and 2 GHG emissions by 95% in absolute terms by 12030 and Scope 3 emissions by at least 31% (both based on 2019);
220 to achieve net zero GHG emissions across the value chain by 2050, maintaining absolute reductions in Scope 1 and 2 GHG emissions of at least 95% between 2030 and 2050 (on a 2019 basis).
3 At the same time, SKF is committed to reducing Scope 3 absolute GHG emissions from purchased goods and services, fuel and energy-related activities, upstream transportation and the transport and use of products by 90% by 2050 (on a 2019 basis).
4 In addition, SKF will completely eliminate all residual emissions from its value chain, achieving net zero by 2050.
Magnus Rosen, Head of Sustainability at SKF, said: “The SBTi certification is very important to SKF and the SBTi monitoring, reporting and verification framework further enhances the accountability and credibility of our climate action. We have set out a clear pathway to net zero emissions by 2050. Our targets have been set based on our understanding of the entire life cycle, meaning we will prioritise actions that have the greatest positive impact, while avoiding negative impacts.”
Rickard Gustafson, President and Chief Executive Officer of SKF
Rickard Gustafson, President and CEO of SKF, said: “Science-based sustainability goals are essential and will lead businesses to an economically prosperous and environmentally sustainable future. By setting goals that are in line with the latest scientific findings, we will mitigate the effects of climate change, protect natural resources and create a better future for all. SKF is committed not only to contributing to this transition, but also to helping our customers on their sustainability journey, making a more visible positive impact and accelerating the process.”
SBTi is a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), and is part of the We Mean Business Coalition’s commitment. sBTi defines and promotes science-based goal-setting best practices, provides resources to reduce barriers to implementation and SBTi defines and promotes science-based goal-setting best practices, provides resources and guidelines to reduce barriers to implementation, and independently assesses and endorses business goals.
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