Outokumpu updates its sustainability strategy and aims to become the industry benchmark for sustainability. The company commits to the Business Ambition for 1.5°C objective according to Science-Based Targets (SBT) initiative, clearly raising its earlier climate objectives. In addition, the company is establishing an ESG Advisory Council to support its sustainability work.
The amount of the company-specific CO2 emission reductions will be determined during the approval process with the SBT organization. The new reduction target will not affect the earlier announced capital expenditure in 2021–2022.
Outokumpu’s long-term climate target is to reduce its direct and indirect CO2 emissions as well as those of its supply chain (scopes 1, 2, and 3) to reach carbon neutrality by 2050. Outokumpu is well on track to reach its current climate target of cutting emissions by 20% by 2023 from the 2014–2016 baseline after 17% reductions in emissions by the end of last year.
Outokumpu has reduced its emissions by increasing the share of recycled material in stainless steel production to more than 90%. In addition, the company has increased the share of low-carbon electricity in its energy consumption, improved energy efficiency, and reduced transport emissions.