SKF Factories to be Carbon Neutral by 2030

GOTHENBURG,Sweden,June 2,2020 -- Since 2015,SKF has decreased its manufacturing carbon footprint by 36% and is already operating two carbon neutral factories. Today,SKF announces its aim to achieve a fully carbon neutral manufacturing footprint by 2030.

The 2030 target will cover SKF's own manufacturing operations,i.e. SKF's scope 1 and 2 emissions. It will be achieved by a combination of process improvements,energy efficient machinery,and procurement and generation of renewable energy. As a last resort,SKF may also purchase high quality carbon offsets.

Alrik Danielson,President and CEO,says: "Reducing emissions is necessary to combat the climate crisis and as a global company it is important that we show leadership. We strive to reduce the climate impact in the full value chain,from the raw material we buy,to the customer's use,and beyond. The responsibility to act starts in our own operations - we will act with speed and purpose to achieve this goal. Carbon neutrality will further improve our competitiveness and aligns the interests of SKF,our customers and the environment."

Patrick Tong,President,Industrial Sales,Asia,says: "Climate change presents the world with huge challenges but also opportunities which we will leverage by delivering both environmental and economic value to our customers and other stakeholders. This is key to SKF's strategy,which is based on sustainable development."

SKF offers a number of solutions and products that contribute to the circular economy. SKF's AI-driven Rotating Equipment Performance offeris aimed at reducing waste by making assets run as long and as efficiently as possible. SKF offers remanufacturing of bearings,which reduces emissions in the production phase by up to 90% compared with a new bearing. SKFRecondOil's innovative oil regeneration system enables circular use of oil,reducing waste and improving environmental performance.

Aktiebolaget SKF (publ)

For further information,please contact:

PRESS:

Carl Bjernstam

Corporate Communication

tel: 46-31-337-2517

mobile: 46-722-201893

e-mail: carl.bjernstam@skf.comINVESTOR RELATIONS:

Patrik Stenberg

Head of Investor Relations

tel: 46-31-337-2104; 46-705-472-104

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