Give Steel’s climate targets approved by SBTi
Give Steel is setting ambitious climate targets with the aim of becoming carbon neutral by 2050.
Give Steel has been actively working on CO2 reductions for many years. Our climate targets have now been formally approved by the Science Based Targets initiative (SBTi). This approval is important step in our ongoing efforts to ensure Give Steel’s compliance with the Paris Agreement and our contribution to global CO2 reductions.
Under the Science Based Targets framework, Give Steel is committed to both short- and long-term goals. Progress and status are documented in our annual ESG report, the targets being based on achieving significant CO2 reductions in raw materials in order to achieve compliance with the UN Paris Agreement.
“After two years of dedicated work, it is a pleasure to finally announce Give Steel’s verified climate targets through the Science Based Targets initiative (SBTi). These targets ensure transparency and establish a clear strategic direction towards ambitious CO2 reductions in our steel structures, thereby strengthening our competitiveness and benefiting our customers. The verification of our climate targets commits us to take actual action as part of our sustainability strategy.” Give Steel’s Sustainability Department.
Give Steel’s climate targets going into 2033 and 2050
Short-term climate target – near term targets:
Give Steel is reducing CO2 emissions from our own operations, electricity and heating by 54.6% (scopes 1 and 2) and from purchasing, transport and distribution (scope 3) by 61.07% per tonne of steel sold before 2033.
Long-term climate targets – net zero targets:
Reduction of CO2 emissions from our own operations by 90% (scopes 1 and 2) and from the supply chain (scope 3) by 97% per tonne of steel sold by 2050, with 2023 as reference year.
You can see our targets on the Science Based Targets website.
Focus on emissions from raw materials, energy and transport
A transition plan is being developed to achieve these targets. The plan contains a range of internal and external initiatives that focus specifically on three key areas: raw materials, energy and transport. Raw materials are particularly important, as the materials we use account for most of Give Steel’s carbon footprint. How those materials are transported to our factory also plays a significant role. Give Steel depends on increased customer demand for CO2-reduced steel structures. That demand is, in turn, influenced by steel prices, geopolitical developments, European tariffs and the EU’s new safeguard measures on imported steel.
The majority of our emissions fall under Scope 3; purchased goods and services. A central part of Give Steel’s green transition therefore involves the transition from conventional steel to raw materials with a lower carbon footprint. And, in the long term, transitioning to fossil-free steel when it becomes available.
To demonstrate to our customers the potential for CO2 reduction through the selection of raw materials, we have launched a CO2 hotline and prepared scenario analyses during the planning phase. Our goal here is to motivate project owners and contractors to select raw materials with a reduced carbon footprint and thus contribute to making the construction industry more responsible.
About the Science Based Targets Initiative (SBTi)
The Science Based Targets initiative (SBTi) is a corporate climate action organisation that allows companies and financial institutions worldwide to contribute to combating the climate crisis.
The organisation is developing standards and tools, as well as providing guidance that helps companies to establish greenhouse gas (GHG) emission reduction targets that align with what is required if we are to keep global warming below catastrophic levels and achieve net zero by 2050.
SBTi is registered as a charitable organisation, with a subsidiary that handles companies’ target validations. The organisation’s partners include CDP, the UN Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wildlife Fund (WWF).