Home » Hoganas Joins Science Based Targets Initiative
Hoganas Joins Science Based Targets Initiative
January 19, 2022
Hoganas is committing to the Science Based Target initiative (SBTi), which will help create transparency and accountability in its target to reduce greenhouse gas emissions to net-zero by 2045 at the latest.
Hoganas is already driving an ambitious sustainability agenda to achieve this target, and to inspire others by setting the benchmark within its industry. Committing to the Science Based Target initiative provides a standardized way to track the progress of Hoganas' ongoing sustainability business transformation journey to become the first green metal powder producer in the world.
Hoganas is actively working to minimize its environmental footprint and is committed to significantly reducing carbon emissions. The near-term target is a 50% reduction of the emissions in scope 1 and 2 by 2030, and the target for Scope 3 is a 30% reduction of emissions from raw materials by 2030. To achieve these targets, Hoganas 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 transition to 100% fossil free electricity from 2023, and to achieve a 40% reduction of emissions from fossil fuels by 2026, which can be accomplished through electrification and the use of biofuels.
“The commitment to the Science Based Target 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. 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,” says Fredrik Emilson, CEO Hoganas. “Being the sustainability leader will secure our competitive edge and we will be operating with the lowest emission footprint in our industry. Through this, we support our customers in fulfilling their respective ambitions to become more sustainable.”
Committing to the Science Based Target initiative is the first step in a process that takes several months. In the next stage, Hoganas 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.