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SKF Earns Top CDP Ratings

In a significant achievement for sustainability, SKF has been awarded an 'A' score from CDP in the 2024 Supplier Engagement Assessment (SEA). This accolade positions SKF among the forefront of global leaders in supplier climate action and transparency.

The recognition follows SKF's earlier A rating for Climate from CDP, affirming the company's dedication to environmental stewardship across its operations and supply chain. CDP, an independent global non-profit, manages the world's leading environmental disclosure system for businesses, cities, and regions, aiding them in understanding and managing their environmental footprints. The SEA evaluates how effectively companies engage their suppliers on climate issues, with a focus on governance, targets, Scope 3 emissions, and overall engagement within the value chain.

SKF's impressive performance is evident in its high scores across all categories evaluated by CDP. The company secured the top 'A' rating not only in governance and business strategy but also for its targets, Scope 3 emissions (including verification), and supplier engagement initiatives. In 2024, CDP assessed a record 22,700 companies, but only 515 reached the pinnacle 'A' grade, highlighting SKF's exceptional commitment to sustainability.

Sofie Runius Cederberg, Head of Sustainability at SKF, expressed pride in the recognition, stating, "Being recognised by CDP for both our climate transformation progress and supplier engagement demonstrates that our strategy is not only ambitious but also credible and measurable. This recognition reflects our deep commitment to decarbonizing our operations and engaging with our value chain. Real climate impact requires collaboration, and we are proud to work closely with our suppliers to drive meaningful change."

SKF achieved the highest possible grade 'A' in 15 out of the 16 assessment areas. Notably, the company excelled in the Verification category—where the global average stands at a D—showing its rigor in emissions verification. Furthermore, SKF received an 'A' in Emissions Reduction Initiatives, as well as in the categories for Low Carbon Products and Value Chain Engagement, where the average scores globally are only C.

The complete list of companies that made it to CDP's 2024 Supplier Engagement A List can be accessed on CDP's official website.

SKF has set an ambitious goal of achieving net-zero greenhouse gas emissions across its supply chain by 2050. The company has made notable strides toward its 2030 goal of decarbonizing its operations. In 2024, it witnessed significant progress by realizing a year-on-year reduction of 32% in Scope 1 and 2 emissions, a substantial uptick from 18% the previous year. Additionally, SKF's adoption of renewable energy is on the rise, with 72% of its electricity sourced from renewable resources in 2024, up from 64% in 2023.

This achievement highlights SKF's unwavering commitment to sustainability and climate action, paving the way toward a greener future while maintaining its competitive edge in the market. For further insights on SKF's journey towards net-zero emissions and its sustainable practices, visit their dedicated sustainability page.