"We are honored to receive the EcoVadis Platinum Award for the third year in A row, as well as the CDP A - rating for Climate Change, which marks SKF's place among the leading environmental companies recognized by two institutions," said Magnus Rosen, Head of Sustainability at SKF. These ratings highlight the hard work and significant progress we have made in our pursuit of net zero emissions by 2030 and 2050, and our commitment to work with suppliers, partners and customers to drive the Sustainable Development agenda and bring about positive change."

 

The EcoVadis assessment assesses 21 sustainability criteria from four dimensions: environment, Labour and human rights, ethics and sustainable procurement. Its corporate sustainability ratings are assigned based on international sustainability standards such as the Ten Principles of the United Nations Global Compact, the International Labour Organization (ILO) Convention, the Global Reporting Initiative (GRI) standard and the ISO 26000 standard. The rating provides evidence-based performance analysis and a feasible roadmap for continuous improvement.

 

The CDP climate change score provides an overall picture of a company's disclosure and environmental performance. This scoring method provides a comparable data set for the entire market. To receive A leadership rating (A/A-), companies must demonstrate environmental leadership and disclose climate change actions. In terms of strategy and action, they must demonstrate best practices endorsed by frameworks such as TCFD.

 

SKF has committed to achieving net zero emissions across all of its operations by 2030, and net zero emissions across its supply chain by 2050. The company is making steady progress towards these goals, and has achieved phased results: In 2021, emissions in areas 1 and 2 were reduced by 3.2% year-over-year; Since 2006, the cumulative absolute emission reduction has reached 45%; In 2021, the use of renewable electricity in SKF facilities around the world reached 50%.