To face the global challenge, Sika is addressing climate change comprehensively in its strategic development with the commitment to become a net-zero company. Under Strategy 2023, Sika defined a strategic target for reducing scope 1 and 2 GHG emissions by 12% until 2023. With the new Strategy 2028, the company aims to reduce by -20% scope 1 and 2 GHG emissions in absolute terms, and scope 3 emissions in alignment with the net zero pledge. The compensation scheme of Top Management and Sika Senior Managers is linked to the CO2 performance of the company (scope 1 and 2).
Sika's Climate Change Strategy
In October 2022, Sika finalized a two-year company-wide initiative to systematically identify and calculate emissions from its material scope 3 GHG categories. The overall scope 1, 2 and 3 emissions continuous assessment and reporting will contribute to the definition of Sika’s climate strategy and carbon reduction pathway to reach net zero by 2050.
Sika supports the Science Based Target initiative (SBTi) and joined the growing group of leading corporations that are setting emissions reduction targets in line with the objective of the Paris Agreement. By doing so, Sika recognizes the crucial role companies can play in minimizing the risk climate change poses to the future of our planet.
Following its official commitment in September 2022, Sika developed and submitted its emissions reduction targets in line with the latest SBTi criteria in October 2023. The validation process will take place in the first semester of 2024. Sika’s commitment focuses on two time horizons for both scope 1 and 2 as well as scope 3 with a near-term target in ten years, and a net zero target by 2050. All targets are defined with 2022 as a baseline.
Task Force for Climate Related Financial Disclosure (TCFD)
Sika recognizes that climate change is having a significant impact on the world, and it therefore needs to be addressed in the risk management process and considered in the strategic planning. Evaluating how climate-related risks and opportunities affect Sika and developing appropriate response measures as recommended by the Task Force on Climate-related Financial Disclosures (TCFD) helps the company ensure long-term sustainable performance and business continuity.