Sustainability shift
Sandvik aims to be a positive force in shaping the industries of the future, using our expertise and skills to solve the biggest challenges of our time. In each of our businesses and value chains, we have the opportunity to enable the transformation through innovative sustainable solutions, collaboration with our customers and suppliers, and incorporating responsibility and transparency at every level.
Sustainable solutions
The largest contribution we can make is to help our customers undergo a sustainable transition in mining, infrastructure and manufacturing through the solutions we provide. About 65 percent of the emissions in our value chain derive from the use of our products.
In 2024, we developed a framework that will serve as the basis for a common way of working and target-setting within sustainable solutions. We introduced numerous innovations with a focus on automation, digitalization and electrification. These improve efficiency and productivity while reducing emissions and waste (see Sandvik Mining and Rock Solutions – Innovations, Sandvik Rock Processing Solutions – Innovations and Sandvik Manufacturing and Machining Solutions – Innovations).
Net zero
We have committed to reaching net-zero greenhouse gas (GHG) emissions by 2050 at the latest, reducing absolute emissions from our own operations (Scope 1 and 2) by 50 percent by 2030 and 90 percent by 2040. We will also reduce absolute emissions from customers, suppliers and transport (Scope 3) by 30 percent by 2030. All of these targets have been approved by the Science Based Targets initiative (SBTi).
Our target is to reduce GHG emissions by 25 percent by 2025 compared to the base year 2019. In 2024, we reduced GHG emissions by 3 percent and since 2019 we have reduced emissions by 47 percent in comparable data and by 20 percent in actual data. We are in line with our 2030 targets. See note NF8 for more information.
Circularity
Our goal is 90 percent waste circularity by 2030. Metal raw materials, which can be melted and reused without losing quality, are our primary waste source. We aim to increase recycled content in our products and run buyback programs to reuse materials. We also partner with waste companies to innovate recycling methods. Waste circularity increased to 74 percent (73). See note NF8 for more information.
Waste circularity is much more than recycling. It covers areas such as design, sourcing, use, and resource recovery. In countries without strong waste management infrastructure we work to identify alternatives to landfill. This year’s ‘Sandvik Sustainability Award in Memory of Sigrid Göransson’ was awarded to the team behind a digitalized tool recycling program for customers.
Ecosystems
The biodiversity impact of our sites is relatively limited. They are predominantly situated in urban industrial locations, minimizing the impact on biodiversity-sensitive areas. Most of the biodiversity impact is located in our value chain and related to sourced raw material and the use of equipment within our mining and rock processing businesses. Our own mining operation Wolfram Bergbau und Hütten (Austria) has been assessed as having no direct negative impact on biodiversity.
Responsible business
Sandvik is committed to maintaining the highest standards of business conduct and responsibility built into our operations and throughout our value chain. We constantly aim higher in ethics and transparency and ensure that these same high standards are embedded within our supplier management and procurement practices. Our work is supported by a variety of tools, such as the Sandvik Code of Conduct, the Supplier Code of Conduct, our risk-based compliance programs, policies, training and a whistleblowing system – Speak Up.
During the year, we worked to strengthen our human rights processes and investigate human rights impacts across our value chain. See notes NF3, NF4 and NF5 for more information.
People and communities
We aim to have a positive impact on society, including people and communities throughout our value chain. We actively participate in local communities through partnerships, education and volunteering to bring our values to life. In 2024, we engaged in approximately 160 (170) community projects.
