Nokian Tyres commits to net-zero greenhouse gas emissions – Continuation of the company’s long-term work on sustainability
Nokian Tyres plc Company Release March 28, 2023, at 12.10 p.m.
Nokian Tyres announces its commitment to further reduce greenhouse gas emissions, aiming to achieve the Net-Zero Standard by 2050. The company also publishes its Corporate Sustainability Report 2022 disclosing the latest development on its work on sustainability, for which the net-zero commitment is a natural continuation.
Nokian Tyres has committed to set near- and long-term emission reductions in line with the science-based net-zero targets of the Science Based Targets initiative.
“Achieving the net-zero commitment by 2050 may feel distant, but in practice it means that actions and innovation are needed today. Committing to net-zero is a natural continuation of our work for the environment and our aim to be the leader in sustainability in tire industry,” says Teppo Huovila, Vice President, Quality and Sustainability at Nokian Tyres.
An important factor in achieving the net-zero target will be the new factory that Nokian Tyres is building in Oradea, Romania. It will be the first zero CO2 emission factory in tire industry. The construction will begin soon, and commercial tire production is expected to start in early 2025.
Corporate Sustainability Report 2022 published
Sustainability is one of the cornerstones of Nokian Tyres’ strategy, and the net-zero commitment builds on the sustainability work that has been done for years regarding the entire product life cycle and all of the functions.
In the Corporate Sustainability Report 2022 Nokian Tyres describes the company’s latest work on sustainability in terms of product liability and safety as well as social, economic, and environmental responsibility. The report has been published at nokiantyres.com/company/sustainability/.
Highlights include that 2022 was the first complete year when there was zero waste to landfill from production. It was also a record year in occupational safety, as the lost time incident frequency was at all-time low. The greenhouse gas emission intensity from Nokian Tyres factories has decreased by 43% compared to year 2015. Additionally, the company was again included in the Dow Jones Sustainability Europe index.
“Our sustainability work is driven by our company culture: we care about the environment, but also about our customers, employees, consumers and partners. The net-zero goal inspires us to drive innovation to address climate change – and succeed together. Taking action today will future-proof our business,” says Huovila.
The Corporate Sustainability Report 2022 has been prepared in accordance with the GRI Standards, and it has been assured by an independent third party.
Science Based Targets in brief
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. All participating companies are listed on the Science Based Targets website.
As a pioneering company in the industry, Nokian Tyres was the first tire company to have its science-based targets for reducing greenhouse gas emissions approved by the Science Based Targets initiative in 2020. The new goal to reach net zero by 2050 incorporates additional targets to reduce emissions and commitment to SBTi's most ambitious guidelines to limit the increase in global warming to 1.5°C in line with the Paris Climate Agreement.
Further information:
Teppo Huovila, Vice President, Quality and Sustainability, tel. +358 10 401 7701
Learn more about Nokian Tyres’ work on sustainability
Nokian Tyres develops and manufactures premium tires for people who value safety, sustainability and predictability. Our purpose is to empower the world to drive smarter. Inspired by our Scandinavian heritage, we craft innovative products for passenger cars, trucks and heavy machinery that give you peace of mind in all driving conditions. Our Vianor chain provides tire and car services. In 2022, our segments net sales totaled EUR 1,350 million. At the end of 2022 we employed some 4,500 professionals. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com.
