Sweden’s Höganäs AB has committed to the Science Based Targets initiative (SBTi), which is intended to help create transparency and accountability in the company’s target to reduce greenhouse gas emissions to net-zero by 2045 and become the first green metal powder producer.
The near-term target is a 50% reduction of the emissions in scope 1 and 2 by 2030; the target for Scope 3 is a 30% reduction of emissions from raw materials by 2030. In an effort to achieve these targets, Höganäs is focusing on improving energy efficiency, transitioning to the use of fossil free energy in production and transport, replacing fossil process coals, and rethinking its materials supply. The ongoing initiatives include a plan to complete the preparation work for the transition to 100% fossil-free electricity from 2023, and to achieve a 40% reduction of emissions from fossil fuels by 2026.
“The commitment to the Science Based Targets initiative is the right way to go in our journey towards becoming the first green metal powder producer in the world and to set the benchmark within our industry,” stated Fredrik Emilson, CEO. “Our climate ambition will be better showcased and our commitment and progress more transparent to all stakeholders. A way to demonstrate our accountability, if you will.”
Committing to the SBTi is the first step in a process that takes several months. In the next stage, Höganäs will specify its climate targets further and then submit to the SBTi for official validation.
SBTi is a partnership between the Carbon Disclosure Project (CDP), UN Global Compact, World Resources Institute (WRI) and World Wide Fund for Nature (WWF). The initiative supports companies in establishing scientifically based emission reduction targets.
“Being the sustainability leader will secure our competitive edge and we will be operating with the lowest emission footprint in our industry,” continued Emilson. “Through this, we support our customers in fulfilling their respective ambitions to become more sustainable.”