SKF has received validation of its Scope 1, 2 and 3 emissions reduction targets from the Science Based Target initiative (SBTi).
The SBTi has verified SKF’s net-zero target by 2050, validating both SKF’s near and long-term science-based emissions reduction targets. As the global body enabling companies and financial institutions to set ambitious emissions reductions targets in line with the latest climate science, SBTi validation means that SKF’s targets comply with their criteria and that targets are in line with both climate science and the goals of the Paris Agreement.
SKF has committed to reducing its absolute scope 1 and 2 GHG emissions by 95% by 2030 from a 2019 base year and to reduce its scope 3 emissions by at least 31% by 2030. In addition, SKF has committed to reach net-zero GHG emissions across the value chain by 2050. This includes a commitment to maintain at least 95% absolute reduction of scope 1 and 2 GHG emissions from 2030 to 2050 from a 2019 base year. Furthermore, SKF commits to a reduction in absolute scope 3 GHG emissions from purchased goods and services, fuel and energy related activities, upstream transportation and distribution and use of sold products 90% by 2050 from a 2019 base year. SKF also commits to neutralising any residual emissions in its value chain to reach net-zero by 2050.
Magnus Rosén, Head of Sustainability at SKF, says: “Validation from the SBTi is of great importance to SKF and increases accountability and credibility of our climate action through their monitoring, reporting and verification framework. We have set a clear and bold path to reach net-zero emissions in 2050. Our targets are based on an understanding of the complete life cycle, meaning we will prioritise actions that make the biggest positive impact, while avoiding negative trade-offs.”
Rickard Gustafson, President and CEO at SKF, says: “Science-based sustainability targets are critical in guiding businesses towards a future that is both economically prosperous and environmentally sustainable. By setting targets that align with the latest scientific research, we can help mitigate climate change, protect natural resources, and create a better future for all. At SKF we are determined to not only do our part in this transition, but also help our customers in their sustainability journeys, and thereby enabling as much impact and pace as possible.”
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.