Ovako

Ovako, a Swedish-headquartered company in the basic iron and steel and ferro-alloys industry, reported total greenhouse gas emissions of approximately 446 million kg CO2e in 2024. This includes about 141 million kg CO2e from Scope 1 emissions, 1.49 million kg CO2e from Scope 2 (market-based), and approximately 304 million kg CO2e from Scope 3 emissions.

In 2023, Ovako's total emissions were approximately 507 million kg CO2e, comprising around 154 million kg CO2e (Scope 1), 3.95 million kg CO2e (Scope 2 market-based), and roughly 350 million kg CO2e (Scope 3). In 2022, total emissions stood at approximately 611 million kg CO2e, with Scope 1 at about 175 million kg CO2e, Scope 2 (market-based) at 4.71 million kg CO2e, and Scope 3 at roughly 431 million kg CO2e. For 2021, total emissions were approximately 706 million kg CO2e, including about 207 million kg CO2e (Scope 1), 9.19 million kg CO2e (Scope 2 market-based), and around 490 million kg CO2e (Scope 3). In 2020, Ovako reported Scope 1 emissions of approximately 169 million kg CO2e and Scope 2 emissions of about 8.40 million kg CO2e (including 7.69 million kg CO2e from purchased electricity); Scope 3 data was not available for this year. For 2015, Ovako's Scope 1 emissions were approximately 222 million kg CO2e and Scope 2 emissions were about 256 million kg CO2e (including 254 million kg CO2e from purchased electricity); Scope 3 data was not available for this year.

Ovako is committed to significant emissions reductions. They aim to achieve fossil-free heating across all sites by 2030. Through a hydrogen initiative, they intend to reduce Scope 1 production CO2 emissions by approximately 50% compared to a 2015 baseline by 2040. Ovako also targets a 45% reduction in absolute Scope 1 and 2 emissions by 2030 (from a 2021 baseline), and a 25% reduction in absolute Scope 3 emissions within the same timeframe. By 2040, they aim to reduce all absolute Scope 1, 2, and 3 emissions by 90% compared to a 2021 baseline, leading to net-zero emissions across the entire value chain by 2045. Furthermore, Ovako plans to reduce its "cradle-to-gate" CO2e footprint for hot-rolled bar, including upstream emissions, by 25% by 2030 and 75% by 2040, using 2021 as the base year. They also target a 20% reduction in CO2e footprint from suppliers by 2030 compared to a 2015 baseline.

Ovako is a current subsidiary of Ovako Group AB, and its CDP and SBTi initiative sources are cascaded from Sanyo Special Steel Co., Ltd. Its CA100 initiative source is cascaded from Nippon Steel Corporation.