Ovako

Ovako, a Swedish-headquartered producer of basic iron and steel and ferro-alloys, reported total emissions of approximately 446 million kg CO2e in 2024. This figure includes Scope 1 emissions of about 141 million kg CO2e, Scope 2 market-based emissions of approximately 1.5 million kg CO2e, and Scope 3 emissions of around 304 million kg CO2e. For 2023, Ovako's total emissions were approximately 507 million kg CO2e, with Scope 1 at about 154 million kg CO2e and Scope 2 market-based at around 3.9 million kg CO2e, and Scope 3 emissions at approximately 350 million kg CO2e. This data is cascaded from Ovako Group AB.

Ovako has set several climate commitments. The company aims to reduce its absolute Scope 1 and 2 emissions by 45% by 2030, using a 2021 base year. For Scope 3 emissions, they target a 25% reduction by 2030, also against a 2021 base year. Looking further ahead, Ovako plans to achieve net-zero emissions across its entire value chain by 2045. As part of this long-term goal, they aim to reduce all absolute Scope 1, 2, and 3 emissions by 90% by 2040, using a 2021 base year. Additionally, Ovako is committed to having fossil-free heating at all its sites by 2030. The company also aims to reduce its upstream CO2e footprint by 25% by 2030 and 75% by 2040 ("cradle-to-gate" for hot-rolled bar, with 2021 as the base). An initiative involving hydrogen is projected to reduce CO2 emissions in production by approximately 50% compared to 2015 levels by 2040.