SKF’s Annual and Sustainability Report 2024 Released
AB SKF has unveiled its Annual and Sustainability Report for 2024 on the Group’s website, emphasizing its commitment to creating value for customers and stakeholders. This report reflects on the strategic transformation, operational advancements, and financial achievements of the company.
Key Highlights from the Report
Among the critical updates included in the report is a revamped Remuneration Report aimed at increasing transparency. SKF’s President and CEO, Rickard Gustafson, expressed confidence in the company's strategic direction, particularly mentioning the establishment of Automotive as an independent business entity. He stated that this restructuring allows SKF to capitalize on emerging profitable growth prospects as market demand rebounds.
Decarbonization Efforts Ahead of Targets
The Annual Report notably discusses SKF's progress towards reaching its ambitious 2030 decarbonization goal, aspiring for a remarkable 95% reduction in scope 1 and 2 emissions based on a 2019 baseline. The company reported an impressive achievement of a 59% decrease in emissions by 2024, far surpassing the target set by the Science Based Targets initiative (SBTi), which aimed for a 43% reduction during the same timeframe. This notable improvement demonstrates SKF’s commitment to environmental stewardship and sustainable manufacturing practices.
Investment in Renewable Energy
In line with its strategy for sustainability, SKF is making significant investments in renewable energy solutions. The report highlights that in 2024, 72% of the electricity consumed by SKF originated from renewable sources. This increase from 64% in 2023 illustrates SKF’s commitment under the Renewable Energy 100 (RE100) initiative, aiming to fulfill its pledge of sourcing 100% of its electricity needs from renewable energy by the year 2030.
Reflections on Employee Contributions
Gustafson further acknowledged the dedication and hard work of SKF employees across the globe throughout the years, stating that these achievements in sustainability efforts would not have been possible without their relentless commitment. The success noted in the report is a testament to SKF's robust corporate culture and its focus on long-term sustainability objectives.
Availability of the Report
The SKF Annual and Sustainability Report is now accessible for download on the official SKF investor relations website, providing stakeholders with a comprehensive overview of the company's performance and future strategies.
Contact Information
For more information, interested parties can reach out to the Press Relations team, with Carl Bjernstam as a primary contact or connect with the Investor Relations department led by Sophie Arnius.
Frequently Asked Questions
What does the SKF Annual Report 2024 outline?
The report outlines SKF's value creation activities and highlights its strategic transformation, financial performance, and sustainability goals.
How does SKF plan to achieve its decarbonization targets?
SKF aims for a 95% reduction in scope 1 and 2 emissions by 2030, having already achieved a 59% reduction in 2024 by enhancing operational efficiency and increasing renewable energy use.
What percentage of SKF's electricity comes from renewable sources?
As of 2024, 72% of SKF's electricity usage is sourced from renewable energy, indicating strong progress towards sustainability.
Who is the CEO of SKF?
Rickard Gustafson serves as the President and CEO of SKF, leading the company through its recent strategic developments.
Where can I access the SKF Annual Report?
The SKF Annual Report can be downloaded from the official SKF investor relations website, providing full insights into the company’s performance and initiatives.
