Energy Efficiency, GHG Emissions, Industrial - March 10, 2023
SKF Emission Reduction Targets Approved by SBTi
The SBTi verified SKF's net-zero target by 2050, validating both SKF's near and long-term science-based emissions reduction targets.
SKF, a manufacturer of rolling bearings and related technologies including sealing solutions, lubrication systems and services, 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 reaching net-zero GHG emissions across the value chain by 2050. This includes a commitment to maintaining at least 95% absolute reduction of Scope 1 and 2 GHG emissions from 2030 to 2050 from a 2019 base year.
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 neutralizing any residual emissions in its value chain to reach net-zero by 2050.
"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,” said Magnus Rosén, Head of Sustainability at SKF, in a statement. “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 prioritize actions that make the biggest positive impact while avoiding negative trade-offs."