Outokumpu acknowledged for the second time as a Climate Leader in Europe by Financial Times

Rhea-AI Summary

Outokumpu, a global leader in sustainable stainless steel, has been recognized for the second time as a Climate Leader in Europe by the Financial Times. This acknowledgment highlights Outokumpu's significant reduction in Scope 1 and 2 greenhouse gas emissions intensity by 27% from 2016 to 2023. The company achieved this through increased use of recycled materials, low-emission electricity, and operational changes. Additionally, Outokumpu has made investments in biocoke production and explored carbon capture technology. By 2030, the company aims to cut emissions intensity by 42% from the 2016 baseline. Outokumpu's commitment to sustainability has also led to its inclusion in the Climate Leadership Coalition and its ranking among the top 50 companies globally by Corporate Knight's Clean200 list.

Positive

• Outokumpu reduced its Scope 1 and 2 GHG emissions intensity by 27% from 2016 to 2023.
• The company uses 95% recycled material in its production processes.
• Outokumpu is investing in biocoke production and exploring carbon capture technology.
• Recognized by Financial Times as a Climate Leader in Europe for the second time.
• Ranked among the top 50 companies globally by Corporate Knight's Clean200 list.
• Joined the Climate Leadership Coalition to influence global climate regulation.
• Committed to reducing Scope 1, 2, and 3 emissions intensity by 42% by 2030 from a 2016 baseline.

Negative

• Meeting ambitious Net Zero targets relies on external factors such as global carbon pricing and green investments.
• Increased operational and financial commitments to sustainability may impact short-term profitability.
• Future reliance on unproven technologies like carbon capture could pose risks.

HELSINKI, May 16, 2024 /PRNewswire/ -- Outokumpu, the global leader in sustainable stainless steel, has again been included in the Financial Times' list of Europe's Climate Leaders in 2024. Financial Times and research company Statista's list recognizes European companies that are leading the way in emissions reduction as well as transparency and commitment to global climate-related initiatives.  

The fourth edition of Europe's Climate Leaders — compiled by the Financial Times in partnership with data provider Statista — shows that growing number of European companies are already making headway in cutting greenhouse gas (GHG) emissions. Under the EU's Green Deal, which aims to make Europe "the first climate-neutral continent" by 2050, companies must contend with carbon pricing, tougher sustainability targets, and broader reporting requirements. 

The list focuses primarily on businesses that have achieved the greatest reduction in their Scope 1 and 2 GHG emissions intensity over a five-year period (2017-2022). In addition, transparency on Scope 3 emissions and collaboration with sustainability assessors, such as CDP and the Science Based Targets initiative (SBTi), are considered.  

"Outokumpu, being highly committed to science-based climate targets aligned with 1.5 ºC, accelerates the green transition with the lowest carbon footprint in the industry. Being acknowledged as one of the climate leaders in Europe shows our commitment and the long-term work in reporting and reducing our emission intensity throughout the value chain. We are on track with our climate targets – by the end of 2023, we improved our emission reduction by 27%, compared to 2016 baseline. This was achieved by increasing our recycling material content up to 95%, by using low-emission electricity and by operational changes. To further reduce our emissions, we made the first investments to biocoke production, built partnerships with suppliers on low-emission raw materials and started to explore carbon capture as a potential future technology. To reach the ambitious Net Zero targets, we will also need global pricing for carbon, green investments across public and private sector and demand for low-emission steel", says Johann Steiner, Executive Vice President, Sustainability, People & Communications at Outokumpu. 

Outokumpu is committed to reducing emission intensity from direct (Scope 1), indirect (Scope 2) and supply chain (Scope 3) by 42% by 2030 from a 2016 base year. In January, Outokumpu joined the Climate Leadership Coalition to drive change in global regulation mitigating climate change. In March, the company was ranked among the top 50 companies in the world by Corporate Knight's list of Clean200 companies.  

Read more:  
Europe's Climate Leaders 2024: interactive listing (ft.com) 
Outokumpu acknowledged as a Climate Leader by Financial Times (2023)  
Outokumpu to join Climate Leadership Coalition to drive change in global regulation mitigating climate change | Outokumpu 
Outokumpu ranked among the top 50 companies in the world on Corporate Knight's list of Clean200 | Outokumpu 
 
Outokumpu Corporation 

More information:
Outokumpu media desk, tel. +358 40 351 9840, e-mail media@outokumpu.com

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FAQ

What is Outokumpu's stock symbol?

Outokumpu's stock symbol is OUTKY.

Why was Outokumpu recognized by the Financial Times?

Outokumpu was recognized for its significant reduction in greenhouse gas emissions and its transparency and commitment to climate initiatives.

What are Outokumpu's climate targets for 2030?

Outokumpu aims to reduce its Scope 1, 2, and 3 emissions intensity by 42% by 2030 from a 2016 baseline.

How much did Outokumpu reduce its emissions intensity by 2023?

Outokumpu reduced its emissions intensity by 27% from its 2016 baseline by 2023.

What notable investments has Outokumpu made to reduce emissions?

Outokumpu has invested in biocoke production and is exploring carbon capture technology.