Ovako commits to Science Based Targets initiative
Ovako has high climate and sustainability ambitions: as of January 2022, steel production will be carbon neutral. As the next step, Ovako is committing its long-term climate targets to Science Based Targets initiative (SBTi).
Ovako wants to remain on the forefront of the transition towards a sustainable society. The company has reduced its carbon emissions by 55 percent since 2015. Using new technology and heating steel with fossil-free hydrogen are key aspects of ongoing efforts to cut emissions. By 2040, Ovako will reduce carbon emissions in own operations by 90 percent and in the value chain by 70 percent.
As the next step in its climate efforts, Ovako is committing to having its long-term climate targets validated by SBTi, a partnership between CDP, the UN Global Compact, the World Wide Fund for Nature (WWF) and the World Resources Institute (WRI). Climate targets and roadmaps validated by SBTi are aligned with science-based requirements to fulfill the Paris Agreement and limit global warming to 1.5°C.
“We want to continue driving development forward, and by committing to the Science Based Targets initiative our ambitious climate targets will be quality-assured and validated, which further strengthens our ambitious climate strategy and sustainability ambitions,” says Marcus Hedblom, President and CEO of Ovako.
Ovako will now be submitting targets and a roadmap for validation by the SBTi.
You can find out more about Ovako’s sustainability efforts at ovako.com/sustainability and about the road to carbon neutrality at ovako.com/H2.