SKF has joined SteelZero and becomes a ResponsibleSteel member, making a strong commitment to drive decarbonization of the steel industry.
By joining SteelZero, SKF commits to using 100% net zero steel by 2050 and joins ten other businesses that have already made this pledge, including Lendlease, Mace Group and Ørsted.
SteelZero is led by the Climate Group and in partnership with ResponsibleSteel, which SKF also became a member of today. In doing so SKF has joined the steel industry’s only global multi-stakeholder standard and certification initiative with a mission to maximise steel’s contribution to a sustainable society.
SKF offer solutions around the rotating shaft, including bearings, seals, lubrication, condition monitoring and maintenance services.
Total greenhouse gas emissions from the steel sector alone account for around 7% of global annual emissions, and this is projected to rise in line with increasing demand. Given we have less than 10 years to halve global carbon emissions to get the world on track to reach net zero by mid-century, decarbonising steelmaking needs to be a critical part of the journey.
Rickard Gustafson, CEO, SKF said: “Steel is by far the biggest source of carbon emissions upstream in SKF’s supply chain. The transition from the current global steel production infrastructure to one which is carbon neutral is a massive undertaking. We are already working with our steel suppliers on this, but there are limitations on how much change we can drive unilaterally. We will be working together with other like-minded industrial users of steel to advocate for the structural changes needed and we will do this through our active membership of the SteelZero and ResponsibleSteel initiatives.”
Mike Peirce, Director of Corporate Partnerships, of the Climate Group, said: “Action is needed now to decarbonise the steel industry. SKF’s commitment demonstrates a clear drive to tackle climate change and sends a strong demand signal for net zero steel to the industry. We’re delighted that SKF has joined SteelZero. More businesses need to follow in SKF’s footsteps for us to be within a fighting chance of limiting global temperature rise to below 1.5C.”
Anne-Claire Howard, CEO of ResponsibleSteel, said: “We are delighted to welcome SKF as a member of ResponsibleSteel. We work with organisations from every stage of the steel supply chain – and partnering with companies who have the influence to drive the market demand for steel supplies to be sourced and produced responsibly will help accelerate the steel industry to become net zero by 2050.”