SKF has received top sustainability ratings

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by KnowESG,

AB SKF (publ)

Skf has top sustainability score

SKF has achieved a Platinum Medal from EcoVadis, one of the world's most trusted providers of sustainable ratings for use in supply chains. The firm has received an A- Climate Change rating from the CDP, the largest climate and environmental disclosure system for companies.

EcoVadis, one of the world's most trusted providers of sustainable ratings for use in supply chains, has awarded SKF a Platinum Medal. This is the third year that SKF has received the Platinum medal, and the company now ranks in the top 1% of all companies assessed by EcoVadis.

Furthermore, SKF has received an A- Climate Change rating from the CDP, a global non-profit organization that operates the world's largest climate and environmental disclosure system for companies, cities, states, and regions.

"We are proud to have received the EcoVadis Platinum Medal for the third year in a row, as well as an A- Climate Change rating from CDP, allowing us to be recognized as one of the top performing companies assessed in both schemes," says Magnus Rosen, SKF's Head of Sustainability.

"These ratings emphasize our commitment and progress toward our 2030 and 2050 net zero targets, as well as how we collaborate with our suppliers, partners, and customers to drive the sustainability agenda and achieve positive change."

EcoVadis assesses 21 sustainability criteria across four key themes: the environment, labor and human rights, ethics, and sustainable procurement.

The business sustainability ratings are based on international sustainability standards such as the UN Global Compact's Ten Principles, ILO conventions, Global Reporting Initiative (GRI) standards, and the ISO 26000 standard. The ratings provide an evidence-based performance analysis as well as an actionable roadmap for continuous improvement.

The CDP Climate Change score provides a snapshot of a company's environmental performance and disclosure. The scoring methodology generates a market-wide comparable dataset.

Companies must demonstrate environmental leadership by disclosing climate change action to earn leadership recognition (A/A-). They must exhibit best practices in strategy and action, as defined by frameworks such as the TCFD and others.

SKF has committed to achieving net zero greenhouse gas emissions for all of its operations by 2030 and a supply chain with net zero greenhouse gas emissions by 2050.

As evidence of solid progress toward these goals, scope 1 and 2 emissions were reduced by 3.2% year on year in 2021, amounting to a 45% absolute reduction since 2006. In addition, by 2021, SKF will have achieved a 50% share of renewable electricity used at its global facilities.

Source: SKF news

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