Ovako

Ovako, headquartered in Sweden and operating in the basic iron and steel industry, reported total carbon emissions of approximately 445.98 million kg CO2e in 2024. This includes Scope 1 emissions of about 140.98 million kg CO2e, Scope 2 (market-based) emissions of approximately 1.49 million kg CO2e, and Scope 3 emissions of roughly 303.51 million kg CO2e. This represents a decrease from 2023, where total emissions were about 507.38 million kg CO2e, comprising approximately 153.59 million kg CO2e from Scope 1, 3.95 million kg CO2e from Scope 2 (market-based), and 349.85 million kg CO2e from Scope 3.

Ovako aims to reduce its absolute Scope 1 and 2 emissions by 45% by 2030, using 2021 as a baseline. Additionally, the company targets a 25% reduction in absolute Scope 3 emissions by 2030, also with a 2021 baseline. Looking further ahead, Ovako has set a long-term goal to reduce all absolute Scope 1, 2, and 3 emissions by 90% by 2040, leading to net-zero emissions across its entire value chain by 2045. The company also aims for a 25% reduction in upstream Scope 3 emissions (cradle-to-gate) by 2030, with a 2021 base year, and a 75% reduction by 2040. Furthermore, Ovako intends to reduce CO2e footprint from suppliers by 20% by 2030 compared to a 2015 baseline.

Ovako's emissions data is cascaded from its parent company, Ovako Group AB, and its climate initiatives also acknowledge its ultimate parent through a corporate family relationship with Nippon Steel Corporation for CA100.