Konecranes expands emissions reduction ambition by committing to setting long-term, science-based net-zero targets

Konecranes today announced it will set net-zero group emission reduction targets in line with the Science Based Targets initiative (SBTi) Net-Zero Standard, complementing its existing near-term target of halving emissions from its own operations as well as its value chain by 2030.

Konecranes aims to be the world leader in material handling solutions creating value for everyone, and has taken significant steps in decarbonizing both its own operations and its value chain. Its near-term climate targets were already approved by SBTi in 2022:

• Halving absolute Scope 1 and 2 GHG emissions by 2030, using 2019 as the base year.
• Halving Scope 3 emissions from purchased goods and services, and the use of sold products, by 2030, also using 2019 as the base year.

Konecranes has made steady progress towards meeting these targets, hitting the Scope 1 and 2 targets already in 2022, and with Scope 3 emissions cut by 19% at end-2023.

Today’s announcement builds on this effort and ambition. The long-term target of reaching net-zero emissions will be developed and submitted to SBTi for approval latest during the next 24 months, a process that is in line with the science-based targets standard.

“To date, many capital goods companies have set science-based near-term targets, but far fewer have taken the next step of making a long-term commitment. 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,” says Konecranes President and CEO Anders Svensson.

“So far, Konecranes has progressed well on its decarbonization journey – reaching the near-term Scope 1 and 2 science-based target 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,” says Anniina Virta-Toikka, Vice President, Sustainability at Konecranes.

Konecranes has distilled the material aspects of its operations into four commitments for sustainability: we enable a decarbonized and circular world; we deliver safe and secure material handling solutions; we create a fair, inclusive, diverse and engaging working environment; and we expect the highest ethical standards of ourselves and our business partners. The company has set ambitious targets for all four areas, and regularly monitors and reports its progress towards meeting those commitments.

A strong focus on customers and commitment to business growth and continuous improvement make Konecranes a material handling industry leader. This is underpinned by investments in digitalization and technology, plus our work to make material flows more efficient with solutions that decarbonize the economy and advance circularity and safety.

For a concise overview of Konecranes’ business, please click here. To learn about the progress Konecranes made in sustainability in 2023 as well as how the company manages its environmental and social impacts, please see the latest Sustainability Report.

Further information:
Anniina Virta-Toikka, Vice President, Sustainability, Konecranes
Email: [email protected] or phone +358 40 722 2823

Konecranes Media Desk
[email protected]

Further information for investors and analysts:
Kiira Fröberg, Vice President, Investor Relations, Konecranes
Email: [email protected] or phone: +358 20 427 2050

This release can be found on Konecranes.com. For more information on Science Based Targets initiative, and the companies taking action, please visit sciencebasedtargets.org.

Konecranes is a global leader in material handling solutions, serving a broad range of customers across multiple industries. We consistently set the industry benchmark, from everyday improvements to the breakthroughs at moments that matter most, because we know we can always find a safer, more productive and sustainable way. That’s why, with around 16,700 professionals in over 50 countries, Konecranes is trusted every day to lift, handle and move what the world needs. In 2023, Group sales totalled EUR 4.0 billion. Konecranes shares are listed on Nasdaq Helsinki (symbol: KCR).