SBTi (Science Based Targets initiative) has approved Höganäs AB’s near and long-term science-based emissions reduction targets and has verified its net-zero science-based targets (sciencebasedtargets.org/companies-taking-action/). The initiative promotes best practice in science-based target setting and will validate Höganäs’ progress towards its carbon neutral targets on a yearly basis.
Höganäs AB has been validated by SBTi for its commitment to reduce greenhouse gas emissions (GHG) from its own operations (scope 1 & 2) by 51 percent from a 2018 base year (the target boundary includes land-related emissions and removals for bioenergy feedstocks), and to reduce absolute scope 3 GHG emissions from purchased goods and services, upstream transportation and distribution, and business travel by 30 percent within the same timeframe.
With this, Höganäs becomes the first company in the metal powder industry to have its climate impact reduction targets validated by the Science Based Targets initiative (SBTi). Höganäs can thereby ensure its climate action is in line with the latest science.
“Höganäs’ ambition is to be the preferred supplier of sustainable metal powder and we want to take the lead and transform the industry towards a more sustainable future. This validation is an important milestone towards reaching our sustainability goals and we are determined to do our part in this transition, and to support our customers in fulfilling their respective ambitions to become more sustainable,” says Magnus Eriksson interim CEO Höganäs AB.
To achieve the targets, Höganäs is focusing on transitioning to the use of fossil free energy in production and transport, replacing fossil process coals, and rethinking its material supplies. The ongoing initiatives include a plan to complete the preparation work for transition to 100 percent fossil free electricity from 2023 and to achieve a 40 percent reduction of emissions from fossil fuels by 2026, which can be accomplished through electrification and the use of biofuels.
“In light of the latest climate science from the IPCC, this validation is an important recognition showing that we are serious about making our contribution to limiting global warming to 1.5 °C,” says Catharina Nordeman, vice president sustainability. “After our targets were submitted for validation in January 2022, we have since accelerated our ambitions even more, to reach net-zero in scope 1&2 already in 2030, and throughout the value chain by 2037. However, these ambitions were not included in the validation by SBTi, but they are nevertheless what we strive for.”
Direct emissions reductions will be prioritised, and all residual emissions will be permanently removed from the atmosphere in line with SBTi criteria before reaching net-zero emissions.