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SKF's 2024 Annual and Sustainability Report Release

On March 7, 2025, AB SKF made strides towards sustainability with the release of its Annual and Sustainability Report 2024. Available on the company’s website, this report sheds light on various aspects of value creation for customers, shareholders, and other stakeholders. It not only discusses SKF's strategic transformations but also provides insights into operational advancements and financial results.

CEO Rickard Gustafson highlighted that the ongoing efforts have put the company in a robust position to capitalize on growth opportunities as demand begins to bounce back. A notable aspect of this year’s report is the revamped Remuneration Report that enhances transparency and includes an expanded Sustainability Report.

Achievements in Decarbonization

One of the key takeaways is SKF's commitment to achieving its ambitious 2030 decarbonization target, which aims at a 95% reduction in scope 1 and 2 emissions based on 2019 levels. As of 2024, SKF has already accomplished a remarkable 59% reduction — outperforming the Science Based Targets initiative (SBTi) projection of a 43% reduction. The acceleration in decarbonization efforts is illustrated by achieving a 32% reduction in emissions year-on-year, a substantial increase from the previous year’s 18%.

Renewable Energy Initiatives

In line with its sustainability objectives, SKF is also making significant strides in renewable energy adoption. As of 2024, 72% of the electricity utilized by SKF was sourced from renewable energy, marking an increase from 64% in the previous year. These developments align with SKF’s commitment to the Renewable Energy 100 (RE100) initiative, aiming to source all of its electricity from renewable providers by 2030.

Speaking about these accomplishments, Gustafson remarked, "The progress we made in 2024 represents a significant achievement and underscores our commitment to achieve our long-term sustainability goals. These, and other achievements, would not have been possible without the hard work and dedication throughout the year from our employees all over the SKF world."

Looking Ahead

The 2024 report encapsulates not only the triumphs but also SKF's proactive approach toward its stakeholders. With a robust plan in place and ongoing initiatives aimed at enhancing their operational model, the company remains poised for future growth. As demand rebounds, the intention to establish Automotive as an independent line of business exemplifies SKF's strategic focus on maximizing value-adding endeavors.

To explore further details, interested parties can access the report directly from SKF's investor relations page at SKF Annual Report 2024.

This noteworthy transparency from SKF reflects its ongoing commitment to sustainability amidst an ever-evolving corporate landscape, solidifying its position as a leader in promoting both profitability and environmental stewardship.

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For more detailed inquiries, parties are encouraged to reach out to the press relations representative Carl Bjernstam at +46 31-337 2517, or via e-mail at Email. Alternatively, investor-related questions can be directed to Sophie Arnius at +46 31-337 8072.