Bearings supplier SKF has launched a green finance framework, allowing the company to, by engaging in green financing, become more aligned with the group’s climate objectives to reduce carbon dioxide (CO2) emissions from its manufacturing and supply chain operations, as well as supporting customers to reduce their emissions.
Within the green finance framework, SKF intends to finance investments that support the transition to low-carbon, climate-resilient growth and lower environmental impact.
SKF’s climate objectives focus on reducing emissions across the entire value chain.
With 2015 as the base year, SKF aims to reduce its CO2 emissions from manufacturing per tonne of sold bearings and transported goods by 40%, respectively.
The group is well on its way to achieving these goals ahead of the target of 2025, it said in a statement on Friday.
According to SKF CFO and senior VP Niclas Rosenlew, the company is currently making substantial investments in its own operations to increase flexibility, improve productivity and safety, as well as to decrease its environmental footprint.
“Our position within the cleantech field also enables us to contribute to the growth of industries such as renewable energy and electric vehicles.”
SKF’s green finance framework follows the green bond principles and the green loan principles that have been independently evaluated by the Center for International Climate Research.
Within the Green Finance Framework, SKF’s intention is to issue a green bond in the near future.