In May 2021, Outokumpu announced an updated sustainability strategy and a commitment to more ambitious climate targets with the aim of being the industry benchmark in sustainability.
To support Outokumpu’s continuous improvements in sustainability, Outokumpu’s Board of Directors has decided to establish sustainability-related criteria for the company’s Performance Share Plan (PSP) program. The PSP program’s plan period for 2022–2024 will include earning criteria linked to the emission reduction target according to Outokumpu’s Science Based Targets initiative (SBTi) commitment.
The Science Based Targets initiative approved Outokumpu’s updated greenhouse gas emission reduction targets for 2030 in December 2021. Outokumpu is the only stainless steel producer to have climate targets approved by the initiative. The approval of the SBTi means that Outokumpu’s targets are aligned with keeping global warming below 1.5°C and they meet the goals of the Paris Agreement.
Outokumpu’s new near-term science-based target is to reduce direct and indirect emissions as well as its supply chain emissions (scopes 1, 2, and 3) by 42% per tonne of stainless steel by 2030. The targets cover Outokumpu’s value chain from raw materials to own production and delivery.