Veidekke: First Scandinavian construction company to have net-zero climate target validated by SBTi

Veidekke is taking an active role toward realising the green shift and tightened its climate target last year, to reaching net-zero emissions by 2045. Veidekke's short-term and long-term climate targets have now been validated by the Science Based Target initiative (SBTi).

“Our business model must remain robust and relevant as we transit to a net-zero economy, and climate is therefore one of Veidekke’s strategic pillars. Our targets have now been third-party validated by SBTi, confirming that Veidekke's climate targets are in alignment with what is required to limit global warming to maximum 1.5°C,” says Catharina Bjerke, Director Sustainability at Veidekke.

“To achieve net zero, we need to cut emissions now. Veidekke has split the target into greenhouse gas budgets for each business operation, and the group follows up on climate targets in line with financial targets and OHS targets,” says Bjerke.

The company’s short-term and long-term goals stipulate that Veidekke halve emissions by 2030, and by 2045 reach net-zero greenhouse gas emissions throughout the value chain. Net-zero emissions means that the group must reduce emissions as much as possible throughout the value chain and neutralise any residual emissions through carbon capture or other methods that permanently remove CO2 from the atmosphere. Through the company's own innovation, the use of expertise, and close collaboration with customers, suppliers and other partners, Veidekke will contribute to reducing negative impact on climate and the environment, while also adding value.

In the validation process, SBTi has reviewed extensive materials from Veidekke, to confirm that the short-term (2030) and long-term (2045) goals – as well as Veidekke's basis for the work going forward – are in line with science-based criteria.

Science-based targets show how much and how fast companies must reduce greenhouse gas emissions in order to attain the Paris Agreement's goal of minimising global temperature increase to 1.5°C and preventing the worst effects of climate change. More than 3,500 companies, of which 324 from Scandinavia, have committed to setting science-based climate targets. Of the 3,500+ companies worldwide, 50 companies have had their net-zero targets validated, and Veidekke is one of only three companies in the construction and engineering sector worldwide with an SBTi-validated net-zero target.

SBTi (Science Based Targets initiative) is a collaboration between CDP, the UN Global Compact, the World Resources Institute and the World Wide Fund for Nature (WWF). SBTi defines and promotes best practice in emissions reductions and net-zero targets in line with climate science; provides technical assistance and expert resources to companies who set science-based targets in line with the latest climate science; and brings together a team of experts to provide companies with independent assessment and validation of their climate targets.

Links to validation certificates:
Approved science-based target – Net-zero 2045
Approved science-based target – Near-term 2030

For more information, contact:
Catharina Bjerke, Compliance Director +4740011410, catharina.bjerke@veidekke.no
Lars Erik Lund, EVP +47 413 31 369

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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 38 billion, and half of its 7,800 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.