Cargotec commits to UN business ambition for 1.5°C to mitigate climate change

CARGOTEC CORPORATION, PRESS RELEASE, 27 MAY 2020 AT 9:00 AM (EEST)
Cargotec commits to UN business ambition for 1.5°C to mitigate climate change

Cargotec commits to the United Nations Global Compact’s Business Ambition for 1.5°C, joining leading companies in a promise to pursue science-based measures to limit global temperature rise to 1.5°C. By making this commitment, Cargotec strives to mitigate climate change through making the logistics industry more efficient and in developing solutions to enable a low-carbon economy. The commitment will be validated by the Science Based Targets initiative.

The 1.5°C ambition is a response to increasing concern about the severe consequences of a failure to stop global warming.

“A key business driver for Cargotec is to reduce the carbon footprint of the logistics industry. As we operate in an industry with a big climate impact - the global logistics industry is estimated to account for approximately 7 percent of the total global CO2 emissions - we acknowledge that we have the responsibility to innovate and offer low-carbon business solutions that enable a sustainable path for the logistics industry. The set ambition level is challenging, but at the same time a great, inspiring business opportunity,” says Mika Vehviläinen, CEO of Cargotec.

More than 95 percent of Cargotec’s CO2 emission occurs in the value chain: raw material sourcing and use-phase of the sold products. Therefore, the emission reduction target expands beyond its own operations. An initial review and assessment of the opportunities to reduce the emissions related to the sourced materials and product use-phase has been made. Based on this assessment, Cargotec has made the commitment to reduce the CO2 emissions of raw material sourcing and product use phase (Scope 3 emissions) by at least 50 percent from the 2019 levels by 2030. In addition, the company aims to carbon neutrality in its own operations by 2030.

Cargotec is also showing commitment to climate actions by signing the "Uniting Business and Governments to Recover Better" statement as part of the Science Based Targets initiative and its Business Ambition for 1.5°C campaign. The target of the statement, signed by more than 150 companies, is to urge governments to prioritise a faster and fairer transition from a grey to a green economy by aligning policies and recovery plans with the latest climate science.

Cargotec is a pioneer in eco-efficient product design and efficiency-driving solutions. Our products and solutions help customers decrease fuel consumption, reduce emissions, and improve their competitiveness with heightened operational efficiency. One of the already existing measures to enable CO2 emissions reduction in the use-phase of our products is through electrically driven products. We continue to innovate on an even more low-carbon offering and collaborate with suppliers to find more sustainable solutions.

For further information, please contact:
Päivi Koivisto, Vice President, Sustainability, Cargotec, tel. +358 40 7430306

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,500 people. www.cargotec.com