Energy Efficiency, GHG Emissions, Industrial - March 7, 2025
SKF Lowers Emissions 59%
SKF, a German manufacturer of bearings and seals, announced the company achieved a 59% reduction in emissions in 2024.
Details were provided in its annual and sustainability report that highlights the progress towards SKF's 2030 decarbonization target of a 95% reduction in Scope 1 and 2 emissions from a 2019 baseline.
The 59% reduction in emissions is well ahead of the verified Science Based Targets initiative (SBTi) trajectory of a 43% reduction.
SKF accelerated its decarbonization efforts in 2024 by achieving a year-on-year emission reduction for Scope 1 and 2 emissions of 32%, up from 18% in the previous year.
In addition to these efforts, SKF made significant strides in renewable energy adoption. In 2024, 72% of SKF's electricity use came from renewable sources, up from 64% in 2023. This is also important progress on SKF's commitment as part of the Renewable Energy 100 (RE100) initiative to source 100% of its electricity from renewable sources by 2030.
"Also in 2024, we diligently executed on our strategy to further strengthen us as a company. The initiated process to establish automotive as an independent business is one key example of these value-adding activities. I firmly believe that we today are in a better position to capitalize on profitable growth opportunities as demand recovers," says Rickard Gustafson, President and CEO, in a statement. "The progress we made in 2024 represents a significant achievement and underscores our commitment to achieve our long-term sustainability goals.”
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