SKF invests SEK 3 billion in decarbonization to phase out fossil fuel use

Jun 30, 2023

SKF is an international leader in bearing brands, not only because of the high quality of SKF bearings but also because of their continuous innovation and social responsibility. SKF's decision to invest SEK 3 billion towards its 2030 energy and decarbonization net-zero target is a key element of the group's strategy. SKF has also decided to ban the use of any fossil fuels in its operations and plans to replace the direct use of fossil natural gas with renewable energy or approved non-fossil fuel alternatives by 2029. This strategic behavior fully reflects the pattern of SKF.

The SEK 3 billion investment will be earmarked for decarbonization activities in the Group's operations worldwide, mainly including improving the energy efficiency of its operations worldwide, phasing out processes, and the use of fossil gas in building heating. According to the investment plan, around SEK 500 million will be used annually until the end of 2028.

Rickard Gustafson, President and CEO of the SKF Group, said: "I am very pleased to announce the next step in our decarbonization net-zero strategy. This reaffirms our commitment to the goals set by the Paris climate agreement. We and a variety of engagement and advocacy activities to deliver on this commitment. The scale and urgency of the climate crisis require us to focus and act faster. This investment, along with a clear implementation framework, will help us decarbonize our operations by the 2030 Goal. Achieving that goal is a critical element of our strategy."

Since 2015, SKF has reduced its scope 1 and 2 emissions by 46%. This is achieved by focusing on energy efficiency, efficient production, and material utilization, and continuously increasing the proportion of renewable energy in our operations worldwide. More than half of the electricity used in SKF's operations comes from renewable energy sources. If every enterprise and every citizen in the world has this awareness, then the earth will become more and more beautiful.

Luoyang FV is a professional bearing manufacturer. We have been closely following the footsteps of SKF and continue to provide customers with high-quality rolling bearings and related accessories. We will do our best for customers with a professional technical level and superb service quality. SKF bearings are the goal and role model of FV bearings.