The strategic role of Sustainability

Sustainability at Konecranes

The world faces the challenge of providing materials and goods that are essential for people, while preserving scarce resources and limiting emissions. Businesses play a central role in solving this.

As an industry leader, Konecranes is perfectly placed to meet this challenge: We support our customers’ operations with innovative solutions that enhance their productivity, lower their emissions and drive their business forward.

Together with customers and business partners, our resourceful people make material handling more productive and sustainable. We maximize lifecycle value and eliminate waste of resources, energy and time throughout the whole value chain.

Konecranes’ knowledge and innovative technologies, solutions and services constitute a key link in enabling the flow of essential material and goods. Our culture is rooted on uncompromised safety, high ethics and diversity and inclusion. We work for a decarbonized and circular world for customers and society.

We have combined Konecranes’ impacts, the most relevant stakeholder expectations and value creation element topics into four sustainability commitments, which form our sustainability agenda: we enable a decarbonized and circular world; we deliver safe and secure material handling solutions, we create a fair, inclusive, diverse and engaging working environment; we expect the highest ethical standards of ourselves and our business partners. This last commitment encompasses all of the three first commitments and acts as a foundation.  

Konecranes has set ambitious targets for all four commitments and regularly monitors performance and progress.

Konecranes' sustainability commitments

Read more about how we manage our major economic, environmental and social impacts from our Sustainability Report 2023.
 


Our sustainability commitments

We deliver safe and secure material handling solutions

  • Providing solutions for safe, uninterrupted and secure material handling 

  • Ensuring uncompromised safety in our own operations and supply chain 

We enable a decarbonized and circular world

  • Supporting our customers in reaching their low-carbon targets with our offering 

  • Maximizing lifecycle value and eliminating waste with circular solutions throughout the whole value chain 

  • Working towards carbon neutral own operations 

We create a fair, inclusive, diverse and engaging working environment

  • Supporting human rights in our value chain 

  • Ensuring a fair and engaging workplace 

  • Representing the multicultural communities where we operate 

We expect high ethical standards of ourselves and our business partners

  • Embedding sustainability, compliance and ethical requirements in our business processes 

  • Following strong governance on sustainability, compliance and ethics

Highlights 2023

We achieved our science-based target for our own operations and halved our Scope 1 and 2 emissions during 2019-2022. Therefore, we set a new target: Carbon neutral own operations by 2030. We will achieve the carbon neutrality by improving energy efficiency in our operations, investing in renewable energy sources, and electrifying our vehicle fleet. The unavoidable emissions left – most probably mainly related to vehicle fuel consumption and refrigerants will be offset, if no feasible technologies are available by 2030.

We target to halve Scope 3 (value chain) emissions by 2030, with current progress of 19% decrease since 2019. This will be done by electrifying our offering by 2026 and collaborating with suppliers sharing our climate ambition to minimize the emissions related to purchased steel.

We continuously develop our digital ecosystem and product safety features and have further strengthened our information security management system as well as our safety culture to enhance the safety, security and reliability of our products, services and solutions.

In 2023, Konecranes renewed its Code of Conduct, which guides the behavior of each Konecranes employee. The renewed Code of Conduct provides more detailed guidance and concrete examples and summarizes key aspects of crucial policies in one document.

Konecranes focuses on safeguarding human rights in its global supply chains. In 2023, we conducted an extensive human rights risk assessment in the supply chain, identifying key risks based on the type of products we procure and the countries in which we operate. This allows us to focus on the most high-risk operations and complements our recurring supplier auditing processes.

A diverse and inclusive workplace underpins our winning culture. During 2023, we further embedded diversity, equity and inclusion into our talent and recruitment processes, introduced diversity to our successor planning, alongside fast-track programs for underrepresented groups. We have also widened our mentoring possibilities.

Sustainability ratings and recognitions

Konecranes actively and regularly responds to sustainability questionnaires from rating providers such as MSCI ESG, CDP Climate Change, ISS ESG, EcoVadis, Moody's ESG Solutions, and Sustainalytics. Konecranes’ sustainability work has been recognized with top ratings from distinguished sustainability rating providers. Please find the most recent results from the table below.

RatingScale (highest to lowest)     ScoreYear    
EcoVadis100 to 073 (Gold)2023
CDP Climate changeA to D-A-2023
Sustainalytics ESG Risk Rating     0 to 10014.4 (Low risk)    2023
MSCI ESG RatingAAA to CCCAAA (Leader)2023
ISS ESG RatingA+ to D-B- (Prime)2023
Moody's ESG Scorecard100 to 050 (Robust)2022

Ecovadis assessment results

 

EcoVadis Gold medal 2023

In 2023, Konecranes received a Gold rating from EcoVadis for a third year in a row. The company’s actions, policies and reporting put it in the top 1% of its general-purpose machinery peers, and in the top 4% of all rated companies globally. 

EcoVadis provides holistic sustainability ratings service of companies. The EcoVadis Rating covers a broad range of non-financial management systems including Environmental, Labor & Human Rights, Ethics and Sustainable Procurement impacts. Each company is rated on the material issues as they pertain to their company's size, location and industry.

https://www.konecranes.com/press/releases/2023/konecranes-sustainability-work-rewarded-once-again-with-gold-rating-from-ecovadis

Read more on EcoVadis Sustainability Rating.

CDP - Climate Change

CDP logo

In 2023, Konecranes received an A- rating for a second year in a row in CDP's annual climate program. This is a recognition of the company's ambitious efforts to make holistic climate disclosures and climate risk and opportunities management a business norm. The rating result puts Konecranes into the CDP's Leadership band, which is higher than the Europe regional average of B, and higher than the industry average of C. The measurement is based on the company's disclosures about its actions to cut emissions, manage and mitigate climate risks and develop a low-carbon offering.

CDP is an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. CDP urges companies and cities to take action in building a truly sustainable economy by measuring their environmental impact.

Read more on CDP scores.

Sustainalytics ESG Risk Rating

Sustainalytics

In May 2023, Konecranes received an ESG Risk Rating of 14.4 and was assessed by Sustainalytics to be at Low risk of experiencing material financial impacts from ESG factors. Sustainalytics ESG Risk Rating is categorized across five risk levels, and it analyses company exposure and risk management across industry relevant themes. 

Sustainalytics, a Morningstar company, is a leading independent ESG research, ratings and data firm that supports investors around the world with the development and implementation of responsible investment strategies. Sustainalytics works with hundreds of the world’s leading asset managers and pension funds who incorporate ESG and corporate governance information and assessments into their investment processes. The firm also works with hundreds of companies and their financial intermediaries to help them consider sustainability in policies, practices and capital projects.

Read more on Sustainalytics ESG Risk ratings.

Copyright ©2021 Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

MSCI ESG Rating

In 2023, Konecranes received a rating of AAA in the MSCI ESG Ratings assessment.

MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers.
Read more on MSCI ESG Ratings.

THE USE BY KONECRANES OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF KONECRANES BY MSCI.  MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

ISS ESG Corporate Rating

ISS ESG

In 2023, Konecranes received a Prime status in the ISS ESG Corporate Rating. Konecranes was rated in the best decile among Industrial Machinery & Equipment and it was among the top performers with the B- rating.

Prime status is awarded to companies with an ESG performance above the sector-specific Prime threshold, which means that they fulfil ambitious absolute performance requirements.

ISS performs an ESG rating analysis annually based on publicly available material. ISS ESG Rating transparently provides useful benchmark assessments with regard to the decile rank within a sector or peer group as well as the top five performers within a sector, absolute score distributions in an industry or peer group and key issue performance compared to the sector average. 

Read more on ISS ESG Corporate Rating.

Moody's ESG Solutions ESG Scorecard

Moody's logo

In 2022, Konecranes received a Robust status in the Moody’s ESG Solutions’ ESG Scorecard. Konecranes was ranked as the seventh best (out of total 57) among the sector Mechanical Components and Equipment.

Moody’s ESG Scorecard provides an executive summary of the entity’s ESG performance as determined by Moody's ESG Solutions.

Moody’s ESG Solutions is a business unit of Moody’s Corporation that serves the growing global demand for ESG and climate insights. The group’s comprehensive offering includes ESG scores, climate data, Sustainability Ratings and Sustainable Finance certifier services that help fulfil the broad spectrum of ESG-related goals in risk management, equity and credit markets.

Read more on Moody’s ESG Solutions