SKF awarded top sustainability ratings

 SKF has achieved a Platinum Medal from EcoVadis, one of the world’s most trusted providers of sustainable ratings for use in supply chains. This is the third year SKF has been awarded the Platinum medal and now ranks in the top 1 percent of all companies assessed by EcoVadis. In addition, SKF has received an A- Climate Change rating from the CDP, the global non-profit that runs the world’s largest climate and environmental disclosure system for companies, cities, states and regions.

Magnus Rosen, Head of Sustainability at SKF, says: “We are proud to have been awarded the EcoVadis Platinum Medal for the third year running and to receive an A- Climate Change rating from CDP, enabling us to be recognised as one of the top performing companies assessed in both schemes. These ratings both highlight the commitment and progress we are making towards our 2030 and 2050 net zero targets and how we are working with our suppliers, partners and customers to drive the sustainability agenda and achieve positive change.”

The EcoVadis assessment evaluates 21 sustainability criteria across four key themes: Environment, Labour and Human Rights, Ethics and Sustainable Procurement. The business sustainability ratings are based on international sustainability standards, such as the Ten Principles of the UN Global Compact, the International Labor Organization (ILO) conventions, the Global Reporting Initiative (GRI) standards and the ISO 26000 standard. The ratings provide an evidenced-based analysis on performance and an actionable roadmap for continuous improvement.

The CDP Climate Change score provides a snapshot of a company’s disclosure and environmental performance. The scoring methodology provides a comparable dataset across the market. To earn leadership recognition (A/A-), companies must show environmental leadership, disclosing action on climate change. They must demonstrate best practice in strategy and action as recognised by frameworks such as the TCFD and others.

SKF has committed to achieve net zero status for all its operations by 2030 and to have a supply chain with net zero greenhouse gas emissions by 2050. As solid progress towards these goals, 2021 saw year-on-year reduction of scope 1 and 2 emissions of 3.2% - adding up to a 45% absolute reduction since 2006. In 2021, SKF also reached a 50% share of renewable electricity used at its facilities around the world.