Sandvik AB has reported that its targets for reducing greenhouse gas (GHG) emissions have been validated by the Science Based Targets initiative (SBTi). These targets are now confirmed to be in line with the latest climate science and consistent with the goals of the Paris Agreement. Sandvik made a commitment to establish targets that meet SBTi’s criteria in December 2021, and submitted the new targets for validation in November 2022.
Sandvik’s new target is to achieve net-zero GHG emissions by 2050 at the latest. As part of these targets, Sandvik aims to reduce absolute scope 1 and 2 GHG emissions by 50% by 2030 (based on 2019 levels), and to decrease absolute scope 3 emissions by 30%. Furthermore, Sandvik is committed to reducing absolute scope 1 and 2 GHG emissions by 90% by 2040.
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“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,” stated 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). Its main objective is to accelerate companies worldwide in reducing emissions by 50% before 2030 and achieving net-zero emissions by 2050.
In a further announcement, the company introduced a change to its visual branding. The new logo is said to draw inspiration from the 1962 Sandvik logo, paying tribute to the company’s heritage and history. Additionally, a new symbol has been introduced as the primary representation of the Sandvik brand and corporate purpose. It symbolises “progress” and “circularity,” visually encapsulating Sandvik’s commitment to advancing the world through engineering.