Swedish manufacturer SKF has achieved a Platinum Medal from EcoVadis, one of the world’s most trusted providers of sustainable ratings for use in supply chains.
The company has been awarded the Platinum medal for the third year running and ranks in the top 1% of all companies assessed by EcoVadis, alongside brands such as printing giant Epson.
In addition, the seals, and lubrication manufacturer has received an A- Climate Change rating from the CDP, the global non-profit that runs the world’s largest climate and environmental disclosure system for companies, cities, states, and regions.
The EcoVadis assessment evaluates 21 sustainability criteria across four key themes: Environment, Labour and Human Rights, Ethics and Sustainable Procurement. The ratings are based on international sustainability standards, such as the Ten Principles of the UN Global Compact, the International Labor Organisation (ILO) conventions, the Global Reporting Initiative (GRI) standards and the ISO 26000 standard.
“We are proud to have been awarded the EcoVadis Platinum Medal for the third year running and to receive an A- Climate Change rating from CDP, enabling us to be recognised as one of the top-performing companies assessed in both schemes” said Magnus Rosen, head of sustainability at SKF.
“These ratings both highlight the commitment and progress we are making towards our 2030 and 2050 net zero targets and how we are working with our suppliers, partners and customers to drive the sustainability agenda and achieve positive change.”
SKF has committed to reaching net zero by 2050, setting interim goals to reduce CO2 emissions throughout its supply chain by 45% by 2035 and by 60% by 2040.
Supply chain emissions, or “scope 3” emissions, are generally the most challenging to reduce as organisations have the least control in this area. In order to succeed, solutions need more investment, buy-in and relationship building with partners.
According to 2008 research published in the journal Environmental Science & Technology, supply chain emissions also account for almost three quarters (74%) of a company’s total carbon footprint.
Alongside larger supply chain management companies, a slew of smaller start ups, such as Australian-based Avarni are looking to tackle this challenge.
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