SKF Achieves Top Ratings in CDP Assessment, Leading Climate Action in Supply Chain

SKF's Commitment to Climate Leadership

In a significant achievement for sustainability, SKF has been recognized with an 'A' score in the 2024 CDP Supplier Engagement Assessment (SEA). This ranking positions SKF among the foremost leaders globally in supplier engagement related to climate action. The honor builds upon SKF's prior 'A' rating for climate, reflecting the company's dedication to environmental stewardship throughout its operations and supply chain.

CDP, an international non-profit organization, oversees the world's only independent environmental disclosure system aimed at companies, capital markets, cities, and regions to help manage their environmental impacts. The Supplier Engagement Assessment measures how effectively organizations engage their suppliers on climate-centric issues, focusing on essential aspects like governance, targets, Scope 3 emissions, and full value chain participation.

This year, SKF scored high across all categories of the assessment, securing an impressive A rating in governance, business strategy, targets, and Scope 3 emissions (including verification and supplier engagement). Out of 22,700+ companies evaluated, only 515 achieved an A score, highlighting SKF’s commitment to sustainability amidst a demanding landscape.

“Receiving recognition from CDP for both our climate transformation and supplier engagement validates our strategy's ambition, credence, and measurability,” said Sofie Runius Cederberg, Head of Sustainability at SKF. “Our commitment extends beyond our operations to encompass our entire value chain. Effective climate action necessitates collaboration, and we are proud to partner closely with our suppliers to foster substantial change.”

In the detailed breakdown of the rating categories, SKF earned the highest A grade across 15 of the 16 assessment criteria. Particularly noteworthy was its performance in the Verification (Including Emissions) category, for which the average score was a D among global participants. Furthermore, SKF achieved an A rating for its initiatives focused on emissions reduction and the development of low-carbon products, areas where the global average score stood at a C.

As part of its ambitious environmental strategy, SKF has pledged to attain net-zero greenhouse gas emissions throughout its supply chain by the year 2050. The company is on track to meet its 2030 target for decarbonized operations, having made notable advancements in 2024 with a reduction of Scope 1 and 2 emissions by 32%, a substantial increase from the previous year’s 18% reduction. Additionally, SKF has embraced renewable energy at a remarkable scale, sourcing 72% of its electricity from renewable resources in 2024, up from 64% in 2023.

This impressive commitment underscores SKF's broader mission to create a lasting impact on climate change and drive progress in sustainability. As part of SKF's strategy, each initiative taken propels the company closer to its vision for a decarbonized future. The trajectory of these efforts points not only toward improved corporate responsibility but also toward a collaborative approach to achieving collective climate goals within the industry.

For further information on SKF's sustainability journey and their pathway to net-zero emissions, please explore their corporate resources.

In conclusion, SKF's 'A' rating from CDP signifies more than just recognition—it is a testament to the company's relentless pursuit of excellence in sustainability practices and its leadership role in the climate action movement.