Sustainability shift

Sandvik has an ambitious sustainability agenda with our four 2030 Sustainability Goals as a base. The goals relate to climate, circularity, people and fair play. They take a holistic approach that includes customers, suppliers and our own operations.

Our largest climate impact is generated at the customer usage phase and we use engineering and innovation to help our customers reach their sustainability targets.

We shift climate

Our goal is to halve greenhouse gas (GHG) emissions by 2030. All our business areas worked hard in 2022 to define our Science Based Targets initiative (SBTi) targets, which we sent in for validation. The targets include net-zero emissions for our own operations, heating and power (Scope 1 and 2) by 2040 and for customers, suppliers and transports (Scope 3) by 2050. We are well in line with our 2030 climate targets. GHG emissions increased by 4 percent in 2022 but compared with the base value (2016–2018) they have been reduced by 35 percent. The reduction is mainly due to energy certificates and exchanging natural gas for biogas.

In 2022 we signed a SEK 11 billion revolving credit facility linked to our waste circularity and climate targets. Annual KPIs are aligned with the sustainability targets, and the interest margin is affected positively or negatively depending on whether the KPI levels are met or not.

Throughout 2022 we launched several new products that help our customers reduce their climate impact.

We build circularity

This year we changed our waste measurement definition from total waste to waste circularity. The new target is to be more than 90 percent circular by 2030.

We continued to run projects to reduce, reuse and recycle waste at our sites. Sandvik Mining and Rock Solutions developed an app for all of its sites to gather information about waste. Sandvik Rock Processing Solutions developed its solution to reuse excessive heat from production processes.

A circularity solution won the 2022 Sandvik Sustainability Award in Memory of Sigrid Göransson. The new technology to recycle the tungsten inserts on drill bits at customer sites was developed by a joint team from Sandvik Mining and Rock Solutions and the Wolfram division of Sandvik Machining Solutions. Customer waste is turned into new products, local jobs are created and supply chain risks are reduced.

Focusing on people

We aspire to the highest standards for people and will continue to raise these standards in line with our goal of zero harm.

Our Total Recordable Injury Frequency Rate amounted to 3.1 (3.0), and we undertook several initiatives, such as safety campaigns, to make improvements in this area. Diversity and inclusion (D&I) was also high on the agenda. It included initiatives such as a group-wide D&I nano learning and training and skills development programs. Sandvik was included on the Allbright, a non-profit foundation that aims to create a more diverse business sector, green list assessment of Swedish companies. We also entered into a strategic partnership with the International Women in Mining organization to improve gender equality in the industry.

Fair play

We will constantly aim higher in ethics and transparency, aspiring to be a leader in playing fair and being open.

Sandvik was awarded a gold medal by sustainability rater EcoVadis in its annual CSR assessment, which puts Sandvik among the top 5 percent of evaluated companies. The EcoVadis rating covers a wide range of Corporate Social Responsibility topics, including environment, labor and human rights, ethics and sustainable procurement.

During the year, 21 on-site supplier audits were performed, all conducted by independent third-party auditors. No supplier contracts were terminated due to breaches of the Supplier Code. More than 16,282 compliance training records were created and 77 percent (72) of new employees completed our code of conduct training within the first three months of being hired.