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European Climate Pact

Overview

Location

Sweden

Sector

Manufacturing

Organisation type
Business

Company Information

SKF is a global supplier of solutions for rotating equipment with product portfolio around bearings, seals, lubrication management, condition monitoring and maintenance services. The company's headquarter is in Göteborg, Schweden. In 2021, SKF has reported 42,602 employees and a net sales of 20.98 billion SEK.*

*Source

Our progress towards decarbonization

 

GHG Emissions

Our actions – the Pathway

  • Join the Business Ambition for 1.5°C and publicly commit to have a long-term science-based target to reach net-zero value chain GHGs emissions by no later than 2050 in line with the SBTi Net-Zero Standard
  • SKF has a target to reduce absolute scopes 1 and 2 CO2e emissions 100% by 2030 from a base year of 2019. This is a year-on-year reduction rate of 9.1% over the next 9 years.
  • Have a short-medium term GHG emissions reduction target (scope 1+2) with a 2.1% year-on-year reduction at a minimum
  • Have an internal price on carbon 
  • Have an initiative in place to drive GHG emissions reduction through energy efficiency in production processes
  • Have an initiative in place to drive GHG emissions reduction through low-carbon energy generation
  • Have scope 1+2+3 GHG emissions verified through a third party verification or assurance process 

MRV: Pact MRV in place

Status date: Submitted (19/07/2022)

Data source: CDP Climate Change 2022

 

Governance & Strategy

North Star

  • SKF have a publicly available 1.5°C aligned low-carbon transition plan

MRV: Pact MRV in place

Status date: Submitted (19/07/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Have a publicly available 1.5°C aligned low-carbon transition plan
  • Publicly disclose climate and environmental data to investors and customers through a public platform
  • Have board-level oversight of climate-related issues
  • Have a process for identifying, assessing, and responding to climate-related risks and opportunities
  • Have an employee engagement strategy to support and contribute to achieving the company's climate and environmental goals

MRV: Pact MRV in place

Status date: Submitted (19/07/2022)

Data source: CDP Climate Change 2022

 

Value chain engagement

North Star

  • SKF has a supplier engagement target to get 38.0% of its suppliers by procurement spend to set a science-based emission reduction target

Pledge: Have a supplier engagement target in order to reduce scope 3 GHG emissions, to get a share of our suppliers by procurement spend set science-based GHG emissions reduction targets in line with the SBTi Criteria and Recommendations

MRV: Pact MRV in place

Status date: Submitted (19/07/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Have an ongoing and transparent dialogue with our value chain around climate-related issues
  • Have a supplier/customer engagement strategy to drive best practices in tackling environmental and climate-related issues

MRV: Pact MRV in place

Status date: Submitted (19/07/2022)

Data source: CDP Climate Change 2022