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SKF's Commitment to Sustainability Recognized Again

In a remarkable achievement for corporate sustainability, SKF has once again earned the prestigious EcoVadis Platinum Medal for the fifth consecutive year. This accolade places SKF in the elite top 1% of over 130,000 companies assessed globally, highlighting its unwavering commitment to sustainable business practices that resonate across the supply chain.

EcoVadis, a leading provider of sustainability ratings, evaluates companies based on 21 criteria categorized into four key themes: Environment, Labor and Human Rights, Ethics, and Sustainable Procurement. For SKF, this recognition is more than just an award; it reflects the collective efforts of its diligently working employees committed to driving positive change and fostering sustainability within the industry.

Magnus Rosén, SKF’s Head of Sustainability, expressed pride in receiving the EcoVadis recognition, stating, "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."

Strengths Identified in SKF’s Sustainability Practices

The EcoVadis assessment process acknowledges several strengths in SKF's operations. The company excels in advanced reporting on sustainability issues and maintains robust sustainability management systems. The evaluation particularly praised SKF's ambitious goals for decarbonization, which are supported by science-based targets approved by the necessary authorities. Additionally, SKF's commitment to ethical behavior throughout its supply chain and robust sustainable procurement practices have been highlighted as exemplary in the industry.

SKF's supplier code of conduct has been crafted with the utmost consideration for social and environmental issues and serves as a foundation for educating buyers within the supply chain. These initiatives underscore SKF’s integrity and responsibility as a major industry player, reinforcing its strategy of sustainable development and ethical business conduct.

A Global Standard for Sustainability Ratings

The EcoVadis ratings align with international sustainability standards, drawing from vital frameworks such as the UN Global Compact’s Ten Principles, the International Labor Organization (ILO) conventions, and the Global Reporting Initiative (GRI) standards. With a focus on delivering evidence-based analysis of corporate performance, EcoVadis provides companies with an actionable roadmap for continuous improvement, vital for driving sustainable practices.

Testimony to its efforts in championing sustainability, SKF stands as a model for other enterprises striving to enhance their environmental footprint. As the world faces mounting environmental challenges, the example set by SKF emphasizes the significance of integrating sustainable practices within business models.

Looking Ahead

Looking to the future, SKF remains committed to maintaining its trajectory of sustainability excellence. The company will continue to implement measures that not only fulfill its corporate responsibility but also elevate its customers' and stakeholders’ sustainability journeys. By leading with integrity and vision, SKF aims to inspire the manufacturing sector and beyond to prioritize sustainability in every facet of their operations, paving the way for a greener tomorrow.

As more businesses recognize the value of sustainability, accolades like the EcoVadis Platinum Medal will serve as essential benchmarks for what is achievable, nurturing an ecosystem where sustainable and ethical business practices become the norm, rather than the exception.