Konecranes pens Science Based Targets Initiative commitment to mitigate climate change

Finnish engineering major Konecranes has signed the commitment letter for the Science Based Targets Initiative (SBTi) and will define new climate targets for its operations in the coming months.

“Limiting global warming requires the decarbonization of all industry sectors. By committing to science-based targets, Konecranes is stepping up efforts to reduce its climate impact. The company is already charting the full carbon footprint from its own operations and supply chain as well as from the solutions it provides for its customers,” the company said.

The SBTi is a global initiative that directly links a company’s carbon emission targets to the Paris Agreement in order to keep the rise in global temperature below 1.5°C. It supports companies in establishing greenhouse gas reduction targets based on the latest climate science and the goals of the Paris Agreement. Konecranes’ new science-based targets that will be set next year will be validated by the SBTi.

“By committing to the SBTi we are agreeing to establish targets that are science-based and binding, not only for Konecranes but for our supply chain partners and our products. This is a level of ambition that will drive and inspire us as a company,” said Konecranes President and CEO Rob Smith.

The company said that climate action and resource efficiency are among the five cornerstones of Konecranes’ sustainability work.

Two weeks ago, the Extraordinary General Meeting of the company approved the merger of Konecranes into Cargotec Corporation in accordance with the merger plan signed in October 2020.

Pursuant to the plan, Konecranes shall be merged into Cargotec through an absorption merger so that all assets and liabilities of Konecranes shall be transferred without a liquidation procedure to Cargotec and Konecranes will be dissolved.

The shareholders of Konecranes will receive new shares in Cargotec as merger consideration in proportion to their existing shareholdings.