SKF Achieves EcoVadis Platinum Medal for Sustainability for Five Straight Years

SKF Awarded EcoVadis Platinum Medal for the Fifth Consecutive Year

In December 2024, SKF announced that they were honored with the prestigious EcoVadis Platinum Medal for the fifth consecutive year, a recognition that places them among the elite in global sustainability practices. EcoVadis is known for its trustworthy assessments of companies’ sustainability performances, and earning the Platinum Medal means that SKF ranks within the top 1% of more than 130,000 companies assessed worldwide.

Magnus Rosén, SKF's Head of Sustainability, expressed pride over this achievement, stating, "Receiving the EcoVadis Platinum Medal for the fifth year in a row is a proud moment for us. This award highlights our dedication to sustainable business practices and reflects the efforts of our many colleagues to drive positive change. We will continue taking action to achieve impact in sustainability, as well as supporting our customers and stakeholders with their own sustainability progress."

The EcoVadis assessment evaluates 21 sustainability criteria organized into four main themes: Environment, Labour and Human Rights, Ethics, and Sustainable Procurement. SKF's rating underscored several strengths, including advanced reporting on sustainability issues and a robust sustainability management system. In addition to scoring highly across all areas, EcoVadis acknowledged SKF's ambitious decarbonization goals aligned with science-based targets. Furthermore, the company demonstrated a high level of ethical compliance across operations and exceptional sustainable procurement initiatives.

Moreover, EcoVadis commended SKF's supplier code of conduct and the training provided to buyers regarding social and environmental issues within their supply chain. This comprehensive approach illustrates SKF's commitment not only to their operations but to the entire ecosystem involved in their supply chain.

The evaluations by EcoVadis are grounded in well-respected international sustainability standards, including the Ten Principles of the UN Global Compact, conventions from the International Labor Organization (ILO), Global Reporting Initiative (GRI) standards, and ISO 26000 standards. These criteria offer a solid foundation for assessing performance and outline actionable pathways for companies aiming to enhance their sustainability efforts continuously.

As businesses worldwide face increasing pressure to become accountable for their environmental and social impacts, SKF's achievement serves as a beacon of excellence within the industry. Companies that aspire to replicate SKF's success must prioritize sustainability and ethical conduct within their corporate frameworks.

SKF remains steadfast in its commitment to sustainability and aims to support stakeholders across the globe while fostering innovation and efficiency. As they look toward the future, the company plans to intensify its efforts and maintain its leadership position in sustainable practices, ensuring a positive impact on both the environment and society.

In a time where consumers and businesses alike are increasingly focused on sustainability, SKF's success illustrates the importance of responsible corporate behavior. It reinforces the notion that a strong commitment to sustainability can indeed translate into tangible business advantages and a positive reputation in the market.

Overall, SKF’s fifth successive recognition by EcoVadis not only highlights their accomplishments but also sets a powerful example for other organizations committed to making sustainability a core pillar of their operational strategy.

Through this dedication to sustainable practices, SKF is poised to make a significant impact on the industry and pave the way for future advancements in responsible business conduct.

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