Konecranes expands sustainability commitments with new SBTi net-zero targets

Finland’s crane manufacturer Konecranes has unveiled that it will set net-zero group emission reduction targets aligned with the Science Based Targets initiative (SBTi) net-zero standard, complementing its existing near-term target of halving its operational and value chain emissions by 2030.

This long-term target is reportedly set to be developed and submitted to the SBTi during the next 24 months.

As explained, Konecranes’ near-term climate targets were already given SBTi’s stamp of approval back in 2022. The approval applied to slashing absolute Scope 1 and 2 greenhouse gas (GHG) emissions and cutting down on Scope 3 emissions from purchased goods and services, and the use of sold products by 2030 with 2019 as the base year for both.

According to Konecranes, the company has already made “steady” progress toward meeting these goals, having hit the Scope 1 and 2 targets the same year the approval was given while Scope 3 emissions were cut by 19% at end-2023.

“So far, Konecranes has progressed well on its decarbonization journey – reaching the near-term Scope 1 and 2 science-based targets eight years ahead of schedule shows that we are on the right path. We’re ready to challenge ourselves again and, given our Scope 3 commitment, also are challenging our customers and suppliers to do the same,” Anniina Virta-Toikka, Vice President, Sustainability at Konecranes, explained.

“By committing to setting the long-term target of net-zero emissions before 2050, we are underlining our commitment to be a leader in our climate work and part of the solution for the climate crisis. Major transformation is required throughout all industries to reach net-zero,” Konecranes President and CEO Anders Svensson, highlighted.

The SBTi—a global body that aims to support businesses set emissions reduction targets based on climate science—launched the ‘world’s first’ framework for shipping companies to set near- and long-term science-based targets in line with 1.5°C and net-zero back in 2022.

Over the years, numerous companies have been validated by the SBTi for their climate neutrality efforts.

In February this year, Denmark’s shipping and logistics major A.P. Moller – Maersk became the first company from the maritime sector to have its GHG emissions targets affirmed by the SBTi to be aligned with the 1.5-degree pathway from the Paris Agreement.

As informed, Maersk’s emissions reduction targets were certified under the SBTi’s Maritime Guidance.

More recently, namely in August, UAE’s logistics colossal DP World committed to new carbon reduction targets after receiving validation from the SBTi. As understood, DP World announced it would focus on reducing Scope 1 GHG emissions by 42% by 2030 with 2022 serving as the baseline, Scope 2 GHG emissions by 62.2% and absolute Scope 3 by 28% within the same time frame.