“Veidekke has addressed safe operations and reduction of greenhouse gas emissions by committing to concrete targets, which constitute key management parameters in the group. The sustainability-linked financing framework provides us with a comprehensive, transparent structure to link our funding to the progress made towards these commitments,” says Jørgen Wiese Porsmyr, CFO at Veidekke.
The terms include three key indicators; lost-time injuries among own employees (LTI rate), and greenhouse gas emissions in, respectively, scopes 1 and 2, and scope 3.
- Reducing work-related injuries: Veidekke works hard towards a zero injury vision, and takes a broad approach to addressing related attitudes, competence and cultural aspects. The indicator used to link these OHS initiatives to the sustainability-linked framework is the LTI rate, i.e. the number of injuries resulting in lost time per one million hours worked.
- Greenhouse gas emissions: Veidekke has committed to achieving net zero emissions by 2045, with an interim target of cutting emissions from Veidekke’s operations by 50.4% for both direct emissions (scopes 1 and 2) and indirect value chain emissions (scope 3) by 2030. The group has also set a target of reducing land-use change (FLAG) emissions by 30.3% by 2030 and 72% by 2045. The emissions targets were updated in 2024 and validated by the Science Based Targets initiative (SBTi) in the same year.
Nordea has served as advisor in the structuring of the sustainability-linked financing framework, while Moody’s was commissioned to provide an independent Second Party Opinion. Moody’s rated Veidekke’s key performance indicators as “Best practices” and the contribution to sustainability as “High” and gave the framework an overall assessment of “Excellent” (SQS1), which is Moody’s highest sustainability quality score.
The sustainability-linked financing framework and Moody’s Second Party Opinion statement are available on Veidekke’s website.
For more information, contact:
Jørgen Wiese Porsmyr | CFO Veidekke ASA | +47 907 59 058 | jorgen-wiese.porsmyr@veidekke.no
Johan Frederik Hald | Group Treasurer | +47 970 95 586 | frederik.hald@veidekke.no
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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 41 billion, and half of its 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.