Veidekke ASA: Adopts ambition to reach climate neutrality by 2045

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Climate is central to Veidekke's strategy, as will be announced at the group’s capital markets update today. In light of the updated strategy, Veidekke has resolved to raise its climate ambition, aiming to achieve climate neutrality by 2045. The ambition involves cutting greenhouse gas emissions from Veidekke’s own operations and its value chain to net zero before 2045, in line with an emissions pathway of limiting global warming to 1.5oC.

“Veidekke plans to take on an active role in realising the Green Shift, and will consecutively seek opportunities to reduce greenhouse gas emissions in the value chain and throughout its projects’ life cycles. Through our own innovation, the use of expertise and by collaborating closely with customers, suppliers and other partners, we can help curb negative impact on climate and the environment, while at the same time creating added value,” says Jimmy Bengtsson, Group CEO of Veidekke.

Climate neutrality (net zero emissions) means removing at least as the same amount of CO2e from the atmosphere as is emitted. For Veidekke, this requires reducing the maximum amount of emissions possible from the company’s value chain and neutralising any residual emissions through methods, such as carbon capture, that permanently remove CO2 from the atmosphere.

To achieve climate neutrality, Veidekke must limit and eventually stop using fossil fuels and carbon-intensive materials in its construction and civil engineering operations. That includes reducing emissions resulting from the purchase and use of goods, such as concrete and concrete elements, steel and bitumen, and services, such as groundworks and the transportation of aggregates.

For Veidekke, the ambition to achieve climate neutrality initially requires monitoring greenhouse gas emissions throughout the value chain, developing a credible strategy for cutting emissions in line with Paris Agreement obligations, and posing strict requirements to suppliers and partners to cut emissions.

Veidekke endorsed the UN's 2oC target as early as 2015, as one of the first to do so among companies listed on the Oslo Stock Exchange. Continued through the Paris Agreement, the 2oC target was since stepped up to 1.5oC. In 2017, Veidekke undertook to reduce its own greenhouse gas emissions by 50 percent by 2030 and 90 percent by 2050. From 2021, Veidekke has set a greenhouse gas budget for its operations. The greenhouse gas budget goals will be monitored and followed up on in line with financial goals and OHS goals, and are also included in the incentive programme for the company's top management group. The ambition of reaching climate neutrality throughout the value chain by 2045, which the company has now adopted, is the next step on the path to fulfilling Veidekke's commitment to the Paris Agreement.

For more information, contact:
Lars Erik Lund, EVP Strategy and Sustainability, +47 413 31 369

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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 38 billion, and half of its 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.