Veidekke

Earnings Release • Aug 16, 2022

Veidekke: First Scandinavian construction company to have net-zero climate target validated by SBTi

Veidekke: First Scandinavian construction company to have net-zero climate target validated by SBTi

Veidekke is taking an active role toward realising the green shift and tightened

its climate target last year, to reaching net-zero emissions by 2045. Veidekke's

short-term and long-term climate targets have now been validated by the Science

Based Target initiative (SBTi).

"Our business model must remain robust and relevant as we transit to a net-zero

economy, and climate is therefore one of Veidekke's strategic pillars. Our

targets have now been third-party validated by SBTi, confirming that Veidekke's

climate targets are in alignment with what is required to limit global warming

to maximum 1.5°C," says Catharina Bjerke, Director Sustainability at Veidekke.

"To achieve net zero, we need to cut emissions now. Veidekke has split the

target into greenhouse gas budgets for each business operation, and the group

follows up on climate targets in line with financial targets and OHS targets,"

says Bjerke.

The company's short-term and long-term goals stipulate that Veidekke halve

emissions by 2030, and by 2045 reach net-zero greenhouse gas emissions

throughout the value chain. Net-zero emissions means that the group must reduce

emissions as much as possible throughout the value chain and neutralise any

residual emissions through carbon capture or other methods that permanently

remove CO\2\ from the atmosphere. Through the company's own innovation, the use

of expertise, and close collaboration with customers, suppliers and other

partners, Veidekke will contribute to reducing negative impact on climate and

the environment, while also adding value.

In the validation process, SBTi has reviewed extensive materials from Veidekke,

to confirm that the short-term (2030) and long-term (2045) goals - as well as

Veidekke's basis for the work going forward - are in line with science-based

criteria.

Science-based targets show how much and how fast companies must reduce

greenhouse gas emissions in order to attain the Paris Agreement's goal of

minimising global temperature increase to 1.5°C and preventing the worst effects

of climate change. More than 3,500 companies, of which 324 from Scandinavia,

have committed to setting science-based climate targets. Of the 3,500+ companies

worldwide, 50 companies have had their net-zero targets validated, and Veidekke

is one of only three companies in the construction and engineering sector

worldwide with an SBTi-validated net-zero target.

SBTi (Science Based Targets initiative) (https://sciencebasedtargets.org/) is a

collaboration between CDP, the UN Global Compact, the World Resources Institute

and the World Wide Fund for Nature (WWF). SBTi defines and promotes best

practice in emissions reductions and net-zero targets in line with climate

science; provides technical assistance and expert resources to companies who set

science-based targets in line with the latest climate science; and brings

together a team of experts to provide companies with independent assessment and

validation of their climate targets.

Links to validation certificates:

Approved science-based target - Net-zero

2045 (https://www.veidekke.no/siteassets/om-veidekke/styrende

-dokumenter/norsk/veid-nor-001-off-net-zero-certificate-002.pdf)

Approved science-based target - Near-term

2030 (https://www.veidekke.no/siteassets/om-veidekke/styrende

-dokumenter/norsk/veid-nor-001-off-certificate.pdf)

For more information, contact:

Catharina Bjerke, Compliance Director +4740011410, catharina.bjerke@veidekke.no

Lars Erik Lund, EVP +47?413 31 369

Veidekke press photos  (https://veidekke.fotoware.cloud/fotoweb/archives/5028

-Pressebilder-Veidekke/)

Subscribe to notices from Veidekke (http://veidekke.com/no/borsmeldinger/abonner

-pa-meldinger/)

Veidekke is one of Scandinavia's largest contractors. In addition to undertaking

all types of building and civil engineering assignments, the group also

maintains roads and produces asphalt and aggregates. Veidekke emphasises

stakeholder involvement and local experience. Its annual turnover is

approximately NOK 38 billion, and half of its 7,800 employees own shares in the

company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit

every year since its inception in 1936.