Konecranes Oyj: Konecranes announces new near-term science-based emission reduction target for own operations to reflect greater ambition and strong progress

Konecranes today unveiled a more ambitious science-based goal for cutting emissions from its own operations by 2030, reflecting the clear progress made in decarbonizing its own operations as it seeks to further reduce its total climate impact and that of its customers.

Konecranes reached its initial science-based near-term target for own operations (Scope 1 and 2) already in 2022 thanks to actions taken like using renewable electricity in all its manufacturing locations. The company has now set a more ambitious near-term goal that has been approved by the Science Based Targets initiative (SBTi).

Konecranes' updated science-based targets to be reached by 2030, and progress to date versus base year 2019 with updated calculations, as follows:

• Target for Konecranes' own operations (Scope 1 and 2):
  • 60% absolute GHG emission reduction (previous target: 50%)*
  • Current progress (2024): 54%
• Target for value chain emissions (Scope 3):
  • 50% absolute GHG emission reduction from purchased goods and services and the use of sold products (target unchanged)
  • Current progress (2024): 20%

Konecranes' targets are aligned with the Paris Agreement's goal of limiting global warming to 1.5C. As part of the SBTi process Konecranes has also updated its value chain emission calculations (Scope 3) with more accurate information, for example related to energy use assumptions for key products, leading to lower total emissions than previously reported.

"Sustainability is embedded into Konecranes' strategy and processes - it is a core part of who we are as a company. We strongly believe that our ambition to lead the material handling industry in cutting emissions - as seen in our updated targets - and continuing the development of low-carbon offering for customers will create further business opportunities for us," says Konecranes President and CEO Marko Tulokas.

"Konecranes has made steady progress in reducing its climate impact, and that work has been recognized with the highest possible rankings in leading sustainability assessments like EcoVadis and CDP. Today's news builds on that effort and underscores our ambition to continue that work," says Anniina Virta-Toikka, Vice President, Sustainability, Konecranes.

In addition to its science-based target ambitions, Konecranes also has a separate target of achieving carbon neutral own operations by 2030, covering both manufacturing and vehicle fleet emissions. Konecranes has now sharpened this to carbon neutral manufacturing operations given the uneven pace of development in vehicle electrification and the build-out of a charging network. Carbon neutrality means first reducing absolute emissions as much as possible, and then offsetting the unavoidable emissions through the purchase of verified carbon credits, which have an immediate impact by delivering finance to emission reduction projects elsewhere.

For a concise overview of Konecranes' business, please click here. To learn more about Konecranes climate action work and the targets, please see Konecranes.com. See also the latest Sustainability Statement 2024.

* The target boundary includes land-related emissions and removals from biogenic feedstocks.

Further information:
Anniina Virta-Toikka, Vice President, Sustainability, Konecranes
anniina.virta-toikka@konecranes.com or phone +358 40 722 2823

Konecranes Media Desk
media@konecranes.com

Further information for investors and analysts:
Linda Häkkilä, Vice President, Investor Relations, Konecranes
Email: linda.hakkila@konecranes.com  or phone: +358 20 427 2050

This release can be found on Konecranes.com.

Konecranes is a global leader in material handling solutions, serving a broad range of customers across multiple industries. We consistently set the industry benchmark, from everyday improvements to the breakthroughs at moments that matter most, because we know we can always find a safer, more productive and sustainable way. That's why, with around 16,500 professionals in over 50 countries, Konecranes is trusted every day to lift, handle and move what the world needs. In 2024, Group sales totaled EUR 4.2 billion. Konecranes shares are listed on Nasdaq Helsinki (symbol: KCR).