Konecranes presents new climate targets in line with limiting global warming to 1.5°C

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The latest climate research proves an urgent need to cut emissions in order to limit global warming to 1.5°C. Konecranes wants to be a part of the solution and has today announced new climate targets that will target emissions in both its own operations and its value chain. The new targets support Konecranes’ efforts to cut emissions, further develop its low-carbon portfolio and mitigate climate risks.

The new targets follow Konecranes’ signing of the Science Based Targets initiative (SBTi) commitment in December 2020. The targets have been validated by SBTi as being in line with limiting global warming to 1.5°C.

Konecranes commits to reduce its Scope 1 and 2 emissions by 50% by 2030. This is achievable by investing into renewable electricity and improving fleet fuel efficiency and the energy efficiency of production processes. For Scope 3, Konecranes aims to reduce absolute carbon emissions by 50% by 2030, encompassing the use of sold products and steel-related purchases. The targets cover over 70% of Konecranes’ value chain emissions. As a supportive action, Konecranes will also fully offset flight emissions.

“Konecranes is a sustainability pioneer in the industry, and the new targets take our ambitions even further. We are in a unique position to help our customers transition towards a low-carbon future by providing solutions that accelerate decarbonization and advance electrification,” says Teo Ottola, CFO and Interim CEO at Konecranes.

Konecranes incorporates climate requirements in smart product design, continues to seek new technologies that cut the dependency on fossil fuels, optimizes material flows with digital solutions, cooperates with suppliers to reduce the overall emissions related to steel, and invests in renewable electricity as well as overall energy efficiency.

“Emission levels need to be halved by 2030 to limit global warming to 1.5°C. Konecranes is fully committed to do its share and to be transparent about its actions and progress going forward,” says Anniina Virta-Toikka, Head of Sustainability at Konecranes.

About the Science Based Targets initiative (SBTi)

The Science Based Targets initiative (SBTi) helps companies establish science-based targets to reduce greenhouse gas emissions.

Targets adopted by companies to reduce greenhouse gas emissions are considered to be science-based if they are in line with the latest climate science on meeting the goals of the Paris Agreement to limit global warming to well below 2°C compared to pre-industrial levels and to pursue efforts to limit global warming to 1.5°C. SBTi is a collaboration between CDP, United Nations Global Compact (UNGC), World Resources Institute (WRI) and World Wildlife Fund (WWF).

A strong focus on customers and commitment to business growth and continuous improvement make Konecranes a lifting industry leader. This is underpinned by investments in digitalization and technology, plus our work to make material flows more efficient with solutions that decarbonize the economy and advance circularity and safety.

Further information:

Anniina Virta-Toikka, Head of Sustainability, Konecranes

Email: anniina.virta-toikka@konecranes.com or phone: +358 40 722 2823

Further information for investors and analysts:

Kiira Fröberg, Vice President, Investor Relations, Konecranes

Email: kiira.froberg@konecranes.com or phone: +358 20 427 2050

This press release is available at our website konecranes.com

About Konecranes

Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2020, Group sales totaled EUR 3.2 billion. The Group has around 16,500 employees in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).