Dec 21, 2021 at 9.00 am EET
Outokumpu moves forward in climate action with new climate targets approved by the Science Based Targets initiative
Outokumpu announced in May 2021 an updated sustainability strategy and a commitment to more ambitious climate targets with the aim of being the industry benchmark in sustainability.
The Science Based Targets initiative (SBTi) has now approved Outokumpu's updated greenhouse gas emission reduction targets. The approval of the Science Based Targets initiative means that Outokumpu's targets are aligned with keeping global warming below 1.5°C and meet the goals of the Paris Agreement. Outokumpu is the only stainless steel producer to have climate targets approved by the Science Based Targets initiative.
Outokumpu's new near-term science-based target is to reduce direct and indirect emissions as well as its supply chain emissions (scopes 1, 2 and 3) by 42% per tonne of stainless steel by 2030 from a 2016 base year. The new target marks a further 30% reduction from the 2020 level. The updated targets cover Outokumpu's value chain from raw materials to own production and delivery.
"Adoption of more stringent science-based targets for our climate action improves our market position as a key supplier of low-emission products towards our customers. We want to set a new target level for responsible stainless steel production and hope to set an example to the industry. Setting and monitoring clear and transparent targets is an important success factor," says Heikki Malinen, President and CEO of Outokumpu.
The most important ways for Outokumpu to achieve emission reductions are to increase the share of recycled materials in stainless steel production to above 90%, to increase the share of low-carbon electricity, to replace fossil fuels and reductants with sustainable alternatives and to further improve energy and material efficiency of processes. Outokumpu also works with its suppliers to reduce emissions in its supply chain and transportation.
As the only stainless steel company with a 1.5°C aligned target, Outokumpu and its experts support the Science Based Targets initiative in developing the decarbonization approach for the steel sector. Outokumpu has already been a member of the SBTi since 2016. As a long-term goal, Outokumpu is striving for carbon neutrality in its own operations globally by 2050.
For more information:
Päivi Allenius, VP- Communications, tel.+358 40 753 7374
Juha Erkkilä, VP - Sustainability, tel. +358 50 314 3242
Outokumpu Oyj published this content on 21 December 2021 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 21 December 2021 07:09:00 UTC.