“This is an important recognition of KONGSBERG’s effort to contribute to reducing both greenhouse gas emissions from our own operations, as well as emissions from our value chain, and a significant aspect of our journey towards net zero by 2050,” President and CEO Geir Håøy says.
Science-based targets
More than two years ago, in October 2021, Håøy signed and submitted a Commitment letter to the Science Based Targets initiative. During 2022 all business areas in KONGBERG were engaged in developing the targets for reducing emissions across the entire value chain as part of the preparations for the approval process, with a final approval received from SBTi December 6th 2023.
"The approval from SBTi represents a significant milestone, but the real work is ahead of us. Both to reduce emissions and to capture business opportunities in the transition to a sustainable society. Together with innovative colleagues, visionary customers and policy makers, we are determined to contribute to a better tomorrow.,” Håøy says.
The Science-Based Targets initiative provides a defined pathway for companies to reduce greenhouse gas emissions. Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to well-below 2°C above pre-industrial levels and pursuing efforts to limit global warming to 1.5°C.
Major improvements across the value chain are underway
KONGSBERG's science-based climate targets cover all significant categories according to the GHG protocol. The company can make the biggest impact through engagement and collaboration in its value chain, as this represents the majority of the total emissions.
All targets constitute our ambitious climate plan, and will be monitored, followed up and reported regularly going forward.
Approved by the SBTi, KONGSBERG commits to:
- Reduce absolute scope 1 GHG emissions by 55% by 2030 from a 2019 base year
- Increase annual active sourcing of renewable electricity from 0% in 2019 to 100% by 2030 (scope 2)
- That 67% of our suppliers by spend, (covering purchased goods and services, capital goods and upstream transportation and distribution), will have science-based targets by 2027
- Reduce absolute scope 3 GHG emissions from use of sold products by 25% by 2030 from a 2021 base year
To support and enable the SBTi approved targets. KONGSBERG further commits to:
- 25% reduction in energy consumption by energy efficiency measures by 2030 from a 2019 base year *(1)
- 25% reductions in emissions from upstream transportation and distribution by 2030 from a 2020 base year *(2)
- 30% reduction in emissions from business travel by air (except customer paid travels) by 2030 from a 2019 base year *(3)
"Sustainability is integrated in our business strategy. We are committed to actively contributing and creating value in the transition. Our determination and collaborative spirit, strong market position combined with industrial experience and technical expertise is a rock-solid point of departure. I'm really looking forward to continuing our journey towards a net zero future, where action speak louder than words," Håøy says.
This is SBTi
SBTi is a partnership between World Wide Fund for Nature (WWF), World Resources Institute (WRI), the United Nations Global Compact (UNGC) and CDP with the purpose of “Enabling businesses to set ambitious emission reduction targets in line with the latest climate science.”
The SBTi is recognised as best international practice for validating corporate climate targets. The organisation engages with companies to show how much and how quickly they need to reduce their CO2 emissions to be in line with the latest climate science. They provide guidance and expertise to provide companies with independent assessment and validation of targets. Reducing emissions in line with the ambitions of the Paris Agreement: Net-Zero by 2050.