What is sustainability
The United Nations Brundtland Commission defined sustainability as ’meeting the needs of the present without compromising the ability of future generations to meet their own needs.’ Sustainable practices are fundamental in fostering ecological, human, and economic health and vitality.
The concept of sustainability acknowledges the finite nature of resources and advocates for their conservative and wise utilization, with careful consideration of long-term priorities and consequences. The escalating threat of climate change underscores the urgency for concrete efforts to ensure development that does not jeopardize the well-being of future generations.
Our commitment to sustainable business: empowering people, preserving the planet, and driving profitability.
Maria Hugosson, President Rock Tools division
Sandvik Mining and Rock Solutions
United Nations agenda 2030
To emphasize the importance of climate change, it is well integrated in the United Nations Agenda 2030. Agenda 2030 consists of 17 Sustainable Development Goals (SDGs) for a better world and is an action plan for a sustainable future. It is stated that to reach lasting sustainability all three parts of sustainability: people, planet, and profit, must be considered. No goal can be achieved at the expense of another goal and progress for all SDGs is required to reach success.
Sandvik Rock Tools business affects many of the sustainable development goals, and this report highlights our work regarding climate change, climate action and resource efficiency.
Paris agreement
The Paris Agreement is a legally binding international treaty on climate change. Adopted by 194 parties (193 countries plus the EU) in December 2015, it came into force in November 2016.
The agreement aims to prevent global temperatures from rising more than 2°C above pre-industrial levels, with an even more desirable target of limiting warming to 1.5°C.
The Intergovernmental Panel on Climate Change (IPCC) emphasizes not exceeding 1.5°C to avoid catastrophic impacts. Achieving this requires halving greenhouse gas emissions by 2030 and reaching net-zero by 2050—a critical global effort demanding urgent action and commitment from all nations.
A strategy for a sustainable future
In 2023, Sandvik launched its new sustainability strategy, which aligns with the company’s purpose of advancing the world through engineering. Our starting point is the Paris Agreement and with the goal of achieving net-zero emissions by 2050 at the latest*.
Setting targets in line with climate science and the Paris Agreement is a natural step in Sandvik’s sustainable business strategy, where we can make a big difference through our customer offerings.
* At Sandvik Rock Tools, we have set an even more ambitious target: zero emissions by 2045
Commitment to Science Based Target initiative
The Science Based Target initiative (SBTi) drives ambitious climate action in the private sector by validating companies’ greenhouse gas emission reduction targets consistent with climate science and the Paris Agreement. SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF). More than 5,700 businesses and financial institutions are working with the SBTi to reduce their emissions in line with this initiative.
Sandvik’s greenhouse gas emissions reduction targets have received validation from the Science Based Targets initiative (SBTi), aligning with the latest climate science and the Paris Agreement goals. Sandvik committed to these targets in December 2021 and approval from SBTi was recieved in September 2023.
The new targets include achieving net-zero greenhouse gas emissions by 2050 at the latest. Additionally, Sandvik commits to reduce absolute scope 1 and 2 greenhouse gas emissions by 50% by 2030 (using 2019 as the base year) and decrease absolute scope 3 emissions by 30%. Furthermore, Sandvik commits to a 90% reduction in absolute scope 1 and 2 greenhouse gas emissions by 2040.
For Sandvik Rock Tools, a recent emissions inventory revealed a total reduction of 7.5% from 2022 and a 4% reduction from 2019.