Sandvik has confirmed the Science Based Targets initiative (SBTi) has validated the company’s targets for reducing greenhouse gas (GHG) emissions.
The approval means the outlines are 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. The company has also committed 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,” said President and CEO Stefan Widing.
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.