SBTi approves Sandvik's science-based emission reduction targets

Rhea-AI Summary

Sandvik's greenhouse gas (GHG) emission reduction targets have been validated by the Science Based Targets initiative (SBTi). The targets are aligned with the latest climate science and consistent with the goals of the Paris Agreement. Sandvik commits to reaching net-zero GHG emissions by 2050 at the latest. They also aim to reduce absolute scope 1 and 2 GHG emissions by 50% by 2030 and absolute scope 3 emissions by 30%. Sandvik plans to reduce absolute scope 1 and 2 GHG emissions by 90% by 2040.

STOCKHOLM, Sept. 1, 2023 /PRNewswire/ -- Sandvik's targets for reducing greenhouse gas (GHG) emissions have now been validated by the Science Based Targets initiative (SBTi) as aligned with the latest climate science and consistent with the goals of the Paris Agreement. Sandvik committed to set targets in line with SBTI's criteria in December 2021 and submitted the new targets for validation in November 2022.

With the new targets Sandvik commits to reach net-zero GHG emissions by 2050 at the latest. Sandvik also commits to reducing absolute scope 1 and 2 GHG emissions by 50% by 2030 with 2019 as the base year, and to reduce absolute scope 3 emissions by 30%. In addition, Sandvik commits to reduce absolute scope 1 and 2 GHG emissions by 90% by 2040.

"We are very pleased that our emission reduction targets have now been validated by SBTi, and we look forward to continue driving the shift towards strengthened sustainability and productivity in the industries we serve. We can have a big impact through our customer offerings, such as battery-electric and automated mining solutions, productivity-enhancing manufacturing and machining solutions, and energy-efficient rock processing solutions," says Stefan Widing, President and CEO of Sandvik.

The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008

The following files are available for download:

https://mb.cision.com/Main/208/3827819/2267930.pdf

SBTi approves Sandvik’s science-based emission reduction targets

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SOURCE Sandvik

FAQ

What are Sandvik's greenhouse gas (GHG) emission reduction targets?

Sandvik aims to reach net-zero GHG emissions by 2050 at the latest. They also plan to reduce absolute scope 1 and 2 GHG emissions by 50% by 2030 and absolute scope 3 emissions by 30%. Additionally, Sandvik aims to reduce absolute scope 1 and 2 GHG emissions by 90% by 2040.

Who validated Sandvik's emission reduction targets?

Sandvik's emission reduction targets have been validated by the Science Based Targets initiative (SBTi).

What is the Science Based Targets initiative (SBTi)?

The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). It focuses on accelerating companies worldwide to halve emissions before 2030 and achieve net-zero emissions before 2050.

How can Sandvik have an impact on emission reduction?

Sandvik can have an impact through their customer offerings, such as battery-electric and automated mining solutions, productivity-enhancing manufacturing and machining solutions, and energy-efficient rock processing solutions.