The strategic role of Sustainability

Sustainability at Konecranes

In an interconnected world, material flows sustain the well-being of people, success of businesses and functions of societies. Konecranes’ customers run these flows every minute, around the world.

Together with customers and business partners, our resourceful people make lifting and material flows 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 are the key link in material flows. 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 2022.
 


 

      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 2022

      First fully electric service vehicles were taken into use, and we reached our target of powering our factories with 100 percent renewable electricity. We organized several activities for engaging with our employees and increasing their awareness about climate action. 

      We signed on to the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Businesses and Human Rights, as well as strengthened our own policies and ways of working. We launched a Human Rights Policy, as well as updated our human rights risk and impact assessment.  

      Konecranes Diversity, Equity and Inclusion (DEI) strategy was updated, and we continued driving the agenda forward. We also continued driving the personal and professional growth and well-being of our employees by initiating many new learning solutions and support sessions on the global and local level. We defined our strategy and action plan for progressing with equal and fair pay. 

      External supplier sustainability audits continued as well as on-site social responsibility assessments in our own operations. Konecranes’ responsible minerals statement widens and solidifies our commitment to sourcing minerals in a socially sustainable manner.

      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.

      Rating

      Scale (highest to lowest)     

      Score

      Year    

      EcoVadis

      100 to 0

      68 (Gold)

      2022

      CDP Climate change

      A to D-

      A-

      2022

      Sustainalytics ESG Risk Rating     

      0 to 100

      14.4 (Low risk)    

      2023

      MSCI ESG Rating

      AAA to CCC

      AA (Leader)

      2022

      ISS ESG Rating

      A+ to D-

      B- (Prime)

      2023

      Moody's ESG Scorecard

      100 to 0

      50 (Robust)

      2022

      Ecovadis assessment results

       

      EcoVadis Gold badge 2022 for Konecranes

      In September 2022, Konecranes received a Gold rating from EcoVadis for the second time. The company’s actions, policies and reporting put it in the top 2% of its general-purpose machinery peers, and in the top 7% 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.

      Konecranes keeps EcoVadis Gold rating | Expert Article | Konecranes

      Read more on EcoVadis Sustainability Rating.

      CDP - Climate Change

      CDP logo

      In 2022, Konecranes has received an A- rating in CDP's annual climate program, recognition of its ambitious efforts to make holistic climate disclosures and climate risk and opportunities management a business norm. The rating improved from last year’s B, elevating Konecranes into the Leadership ranking. 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

      MSCI ESG

      In 2022, Konecranes received a rating of AA 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