SKF Unveils Annual Sustainability Report 2024
AB SKF has published its Annual and Sustainability Report for 2024, detailing the company's strategic transformation and operational achievements. This report showcases SKF's commitment to value creation for customers and shareholders as well as the broader community.
Decarbonization Milestone Achieved
In a notable accomplishment, SKF has made substantial progress towards its 2030 decarbonization target of reducing scope 1 and 2 emissions by 95% compared to a 2019 baseline. As of 2024, the company has achieved a 59% reduction, significantly exceeding the Science Based Targets initiative (SBTi) goal of 43% for this period. This reflects a commitment to not just meet, but to exceed industry standards for sustainability.
Year-on-Year Reduction in Emissions
In 2024, SKF recorded a remarkable 32% reduction in its emissions within the scope 1 and 2 categories, compared to an 18% reduction achieved in the previous year. This strategic acceleration showcases SKF’s dedication to aggressive sustainability goals.
Renewable Energy Commitment
Another highlight from the report is SKF's advancements in renewable energy adoption. A major step forward, 72% of SKF's electricity consumption in 2024 was sourced from renewable resources, a significant increase from the 64% noted in 2023. This progress aligns with SKF's commitment under the Renewable Energy 100 (RE100) initiative, aiming for 100% renewable electricity usage by 2030.
Leadership’s Perspective on Sustainability Achievements
Rickard Gustafson, President and CEO, expressed pride in these achievements, stating, "The progress we made in 2024 represents a significant achievement and underscores our commitment to achieving our long-term sustainability goals. These accomplishments are a direct result of the unwavering dedication and hard work from our employees across SKF."
Transfer to Independent Business Model
In line with its strategic goals, SKF is also initiating the process of establishing its Automotive segment as an independent business. This transformative move aims to enhance operational flexibility and growth. The restructuring reflects SKF's agility in adapting to market dynamics while positioning itself for future growth opportunities as demand recovers.
Download the Annual and Sustainability Report
The 2024 Annual and Sustainability Report is available for download on SKF's investor relations website. This publicly accessible document outlines not only financial performance but also the company's strategic initiatives aimed at sustainability.
Contact Information
For additional inquiries regarding the report, interested parties can reach out to the Press Relations department: Carl Bjernstam, available at +46 31-337 2517 or +46 722 201 893. Investor Relations inquiries can be directed to Sophie Arnius at +46 31-337 8072 or +46 705 908 072.
Frequently Asked Questions
What is the primary focus of SKF's 2024 report?
The report emphasizes SKF's progress towards its strategic transformation goals and highlights significant accomplishments in sustainability.
What decarbonization targets has SKF set for 2030?
SKF aims for a 95% reduction in scope 1 and 2 emissions based on a 2019 baseline by 2030.
How much has SKF reduced its emissions in the past year?
In 2024, SKF achieved a 32% reduction in scope 1 and 2 emissions compared to the previous year.
What percentage of SKF's energy usage comes from renewable sources?
As of 2024, 72% of SKF's electricity comes from renewable energy sources, up from 64% in 2023.
How can investors access SKF's Annual and Sustainability Report?
The report can be downloaded from SKF's investor relations website.
