Skanska

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Carbon per million dollars of physical infrastructure — PP&E plus leased real-estate, including upstream and downstream leased emissions (Scope 3 categories 8 + 13). The most complete view of physical-asset carbon intensity, relevant for REITs and infrastructure-heavy firms.

In 2024, 99% (vs 93% in 2023) of electricity consumed came from renewable sources. Skanska is transitioning towards electrification of own production. 37% of total sales volume from quarry sites in Sweden produced with a partly electrified production line. Increased Group-wide use of renewable electricity has been a key factor in reducing scope 2 emissions. Renewable energy (excluding heating/cooling) reached 42% in 2024 vs 21% in 2020.

Skanska's climate transition plan focuses primarily on absolute emission reductions (design for efficiency, low-carbon materials, energy) rather than offsets or removals. The SBTi-approved targets cover scope 1, 2, and 3 reductions toward net-zero by 2045. The report does not mention purchase of durable removal credits (DAC, BECCS, biochar) nor offset retirements as part of the inventory. Carbon intensity in own operations (scope 1+2) reduced from 2.60 in 2015 to 0.88 tCO2e/SEK M revenue in 2024.

• Fuel & fleet electrification — diesel onsite machinery

  Diesel accounts for ~75% of Skanska's own fuel-related emissions (scope 1), used primarily for on-site machinery and electric generators. Key levers: efficiency improvements, increased electrification of production lines (quarries, asphalt plants), and increased use of biofuels. Fuel-derived renewables share increased from 15% (2020) to 26% (2024).

• Renovation/retrofit revenue stream

  8% of Group revenue in 2024 came from renovation of existing buildings. Skanska sees a growing market segment driven by regulations targeting energy efficiency in properties. Building reuse and refurbishment optimizes resource use and avoids embodied carbon of new construction.

• Design for efficiency via digital tools (EC3, Takta, Ditio, digital twins)

  Engaging in early phases of projects to reduce material use and emissions through smarter design. Project efficiency tools (Takta, Ditio) optimize planning, fuel and energy usage. Digital twins improve building performance. PlanIt AI tool used in USA for safety planning. EC3 carbon calculator integrated into commercial development for material selection.

• Site fuel and equipment electrification

  Diesel accounts for ~75% of scope 1+2 emissions from fuel use, primarily for on-site machinery and electric generators. Key reduction levers are operational efficiency, increased electrification of plant and equipment, and increased use of biofuels. Renewable share of fuel rose to 26% in 2024 (15% in 2020). Energy intensity for fuels and electricity has reduced 38% from 2015 to 2024.

• Low-carbon concrete and recycled asphalt in own production

  In Sweden, 32% (vs 16% in 2023) of own concrete production was low-carbon concrete with lower climate impact. Average reused asphalt content reached 26% (23%). Vällsta asphalt plant near Stockholm can reduce carbon emissions by up to 50% via recycled asphalt. Focus areas include cement-free concrete, biochar in concrete and future cement-replacing binders.

• Low-carbon concrete and recycled materials

  In Sweden, 32% of concrete production in 2024 was low-carbon concrete (vs 16% in 2023), substituting limestone cement. Focus on cement-free concrete, biochar in concrete, future cement-replacing binders. One asphalt plant in Vällsta designed for recycling asphalt — can reduce carbon emissions by up to 50%. Average reused asphalt in Sweden's mixes reached 26% (vs 23% in 2023).

• Digital tools for design efficiency (EC3, digital twins, Takta/Ditio)

  Skanska cofounded Building Transparency, owner of the Embodied Carbon in Construction Calculator (EC3) — a database-driven tool with ~150,000 EPDs used by 5,000 companies in 78 countries. Applied across US projects (e.g., Norton Rose Fulbright Tower, Houston — reduced embodied carbon in aluminum, roofing, carpeting, ceiling tiles). Digital twins used in commercial development. Project efficiency tools (Takta, Ditio) for monitoring fuel/energy/material usage. UK building-services business has a real-time data platform for tenant building management.

• Low-carbon concrete and recycled asphalt in own production

  16% (15) of Swedish concrete production in 2023 was low-carbon concrete. Internal expert forum scales solutions including cement-free concrete, biochar in concrete and cement-replacing binders. New Vällsta asphalt plant outside Stockholm, operational from 2023, can produce 100% recycled asphalt and cuts CO2 per tonne of asphalt by up to 50% vs similar plants. Average reused asphalt content in new mixes was 23% (Sweden).

• Electrification of construction equipment and biofuels

  Increased use of electric machinery and biofuels is a key driver of scope 1+2 reductions, contributing to 60% reduction vs 2015. Recent trials of electric excavators in the USA followed successful use in the Nordics. In Stockholm's Slakthusområdet (largest fossil-free project in Nordics), 10% of on-site machines are electric and remainder runs on HVO renewable fuel.

• Electrification of construction machinery and biofuel use

  Fuels (mostly diesel for on-site machinery and generators) account for ~90% of own emissions. Key reduction lever is increased electrification (e.g., electric excavators trialed in USA after Nordic success; 35% of Swedish quarry sites use electricity instead of diesel in production line) and switching to biofuels including HVO renewable fuel. Carbon intensity (scope 1+2) improved to 1.03 from 2.60 tonnes/SEK M since 2015.

• Circularity and material reuse

  Self-generated waste to landfill reduced to 5.4% (target <5%); 79% recycled, 3% prepared for reuse. Material reuse examples include the Merkuria project in Prague (14,000 tonnes recovered, 80% target reuse/recycle), 100,000 m³ excavated soil reused at the Ängelholm-Helsingborg railway project for butterfly habitats, and on-site stone crushing/reuse at Slussen and Slakthusområdet projects.

• Refurbishment and circular materials

  10% of revenue for building projects comes from renovation. Internal Swedish circularity council launched in 2023 covering circular materials, design, use and waste. In Prague, Merkuria redevelopment recovered ~14,000 tonnes of materials with 80% target for reuse/recycle. In Oslo, established a reuse center for excavated stone masses. Skanska is contributing to WBCSD Built Environment Pathway circularity protocol.

• Energy efficiency of developed buildings

  Skanska reduced operational energy intensity 36% between 2015 and 2022 (6.33 MWh/SEK M vs 9.94 MWh/SEK M). New office buildings divested in 2022 use 39% less energy than the LEED baseline. 100% of office divestments (SEK 8.3bn) were LEED Platinum/Gold, BREEAM Excellent or WELL-certified. Tools include digital twin (Intellekt in UK delivering 35% energy reduction in one project).

• Electrification of construction machinery and vehicles

  Skanska is deploying electric heavy machinery on fossil fuel-free building sites in Sweden and Norway, with Norway most advanced — 17 electric excavators plus other electrical machinery in use. Quarries in Sweden replaced diesel with electricity for the production line at 30% of sites in 2022 (collaboration with Volvo).

• Low-carbon concrete and cement

  Concrete has among the highest embodied carbon. Skanska Betong launched a collection of low-carbon concrete mixes in 2019 that replace cement with slag or fly ash, reducing climate impact by up to 50%. 15% of concrete produced by Skanska Betong in 2022 was low-carbon (up from 5% in 2021). 41% of this was used within Skanska in Sweden.

• Fleet & site machinery electrification + renewable fuels (HVO100)

  Fuel usage (mainly diesel in on-site machinery and electric generators) accounts for ~90% of Skanska's own emissions. Norway runs 17 electric excavators plus other electric machinery on fossil-fuel-free building sites. In Sweden, 30% of quarry sites have replaced diesel with electricity on the production line (partnership with Volvo). Construction projects such as Gottorps Hage in Sweden fueled all on-site equipment with HVO100 renewable diesel. Business units set fuel/vehicle targets in their climate plans.

• Office energy efficiency and renewable electricity sourcing

  Operational energy intensity (MWh per SEK M revenue) fell 36% between 2015 and 2022 to 6.33. Renewable electricity reached 87% (vs 40% in 2020). Combined with the Powerhouse concept and digital tools like Intellekt in the UK (35% reduced energy use in one building) Skanska is cutting energy demand and decarbonising both its own offices and divested projects, which average 39% below the LEED baseline.

• Renewable fuels and HVO biofuels on sites

  All equipment at the Gottorps Hage project was fuelled with HVO100 (renewable diesel from waste). Renewable share of fuel usage rose to 16% in 2022 from 6% in 2018. Business units have set targets for renewable fuels in company vehicles and on site.

• On-site machinery electrification and biofuel switch

  Scope 1 emissions account for ~90% of own emissions; diesel for on-site machinery is ~half of scope 1. Skanska is electrifying excavators (e.g. ZED project in Norway, eight electric machines in operation, reducing emissions up to 98% per machine when powered by renewable electricity) and switching diesel to HVO biofuel across UK sites for ~90% emissions reduction.

• Biofuel substitution (HVO replacing diesel)

  In the UK, Skanska is switching from high-emission fuels to hydrotreated vegetable oil (HVO) across all UK projects to power all site plant and equipment. Estimated 90% CO2e reduction. Trialled in HS2 Phase One — 100% diesel-free project replacing diesel with HVO, avoiding approximately 250 tonnes CO2e.

• Energy-positive and net-zero-energy buildings

  Norway's Powerhouse Telemark is a plus-energy office building — produces more renewable energy than it consumes over its lifetime including embodied. Net energy consumption up to 66% lower than ordinary new buildings. Sweden's Scilla apartment building generates >60% of property electricity from rooftop solar (270 kWh/m² annual). BoKlok Grönhult: energy-plus building with solar cells, hybrid panels, wind turbines and electricity storage; total energy use ~90% below national regulations.

• Electrification of construction machinery

  Norway operates 8 electric machines including Zero Emission Digger (ZED) excavators developed with Research Council, Innovation Norway and ENOVA. When powered with renewable electricity these excavators reduce emissions up to 98% versus diesel-powered equivalents. Key lever to reduce scope 1, which accounts for ~90% of Skanska's own emissions and where diesel is ~50%.

• Low-carbon concrete and asphalt production

  Skanska produces low-carbon concrete reducing emissions up to 52% vs standard. In Czech Republic, concrete entirely replaces natural aggregates with recycled concrete. In Sweden, Skanska produces BioZero near-zero carbon asphalt using bio binder, high reused asphalt content, and renewable energy. Materials (concrete, cement, steel, bitumen) account for ~56% of scope 3 (purchased goods category 1).

• Circular construction: reuse of concrete structures

  In Norway's Oslo Storbylegevakt project, Skanska reused 39 concrete hollow decks from one project to another, reducing carbon emissions 93% per hollow deck and eliminating 98 tons of waste. Skanska is working with partners to develop standards and control systems for reused building structures, complementing reduction in waste to landfill (target <5%, achieved 4.3% in 2021).

• Circular construction and waste reduction

  Self-generated waste to landfill reduced to 4.4% (target 5%). ESS project achieved zero waste to landfill. Hyllie Terrass and Epic projects use upcycled materials (35,221m of reused window frames, 17t reused bricks). Biochar pilot turns wood waste into carbon-negative product with 2 tonnes CO2 climate benefit per tonne produced.

• Energy-efficient certified buildings (LEED/BREEAM/WELL)

  98% of divested commercial buildings (SEK 12.1 bn) were certified WELL, LEED (Platinum/Gold) or BREEAM (Excellent). Divested office buildings achieve 42% annual energy reduction vs LEED baseline. ~130 ongoing/completed projects under external certification in 2020.

• Low-carbon asphalt and fossil-free plant operations

  In 2020 Skanska rolled out the first close to climate-neutral asphalt in Ludvika, Sweden. The asphalt is manufactured in a plant using fossil-free fuel (gradually converting >25 asphalt plants in Sweden), contains up to 70% recycled asphalt, and uses a new renewable binder from forest raw material replacing fossil bitumen. Bitumen accounts for almost half of asphalt's climate footprint.

• Renewable fuel for construction machinery

  Skanska uses biofuels for construction site equipment (e.g., Norra Vitsippan project, ESS project saved 2,383 tonnes of carbon emissions using renewable diesel in machinery). Transitioning fleet to electrification and renewable fuels.

• Use-of-sold (scope 3 category 11) – buildings energy efficiency

  Use of sold products is the dominant single scope 3 category for the Project Development streams (380 ktCO2e in 2024, down from 890 ktCO2e in 2020). Calculated using 50-year expected lifetime for buildings and 100-year for infrastructure, recognized upon divestment. Office buildings divested by commercial development units delivered 25% expected energy reduction vs national NZEB market standards. 100% of divested office value was LEED Platinum/Gold, BREEAM Excellent or WELL certified.

• Use-of-sold-products: energy-efficient buildings

  Annual expected energy reduction of 25% in divested office buildings developed by commercial development business units in Nordics, Europe and USA compared to market standards (NZEB/ASHRAE benchmarks). Use of sold products (scope 3 category 11) is the largest lifecycle emission category at 380,000 tCO2e in 2024. 100% of divested commercial offices in 2024 certified LEED Platinum/Gold, BREEAM Excellent, or WELL.

• Supply-chain materials — concrete, steel, asphalt, cement, bitumen

  Purchased goods and services (scope 3 cat 1, limited to cement, concrete, steel, bitumen, asphalt) account for 775,000 tCO2e in 2024 — the largest scope 3 category by far. Materials represent ~54% of Skanska's average value-chain emissions footprint (2020-2024). Decarbonisation depends on supplier transition (low-carbon cement substitutes, recycled asphalt, green steel).

• Purchased materials (scope 3 cat 1) – cement, concrete, steel, bitumen, asphalt

  Largest scope 3 category at 775 ktCO2e in 2024 (down from 987 ktCO2e in 2020). Limited to the five key construction inputs: cement, concrete, steel, bitumen, asphalt. Strategy includes EC3 (Embodied Carbon in Construction Calculator) used by 5,000 companies in 78 countries, supplier engagement, and shift to low-carbon variants. Skanska cofounded Building Transparency to provide EC3 to the US market.

• Purchased goods (cement, steel, asphalt, bitumen) — scope 3 cat 1

  Purchased materials account for ~52% of value chain emissions (2020-2023 average). Skanska focuses on engaging suppliers for low-carbon concrete, mass timber substitution (Portland International Airport reduced embodied carbon by 3,900 tonnes by using mass timber vs steel), and concrete admixture innovations. At Hyllie Terrass, working with concrete provider UPB enabled low-carbon precast concrete façade saving ~3,000 tonnes CO2.

• Low-carbon materials (concrete, cement, asphalt, steel)

  Concrete, cement, bitumen, asphalt and steel are the main contributors to scope 3 emissions. 16% of Swedish concrete production in 2023 was low-carbon concrete. The Vällsta asphalt plant (one of the most modern in the world) can produce 100% recycled asphalt and reduces CO2/tonne by up to 50%. Average reused asphalt in Sweden reached 23%. Internal expert forum shares knowledge on cement-free concrete, biochar concrete, and binder replacements.

• Energy-efficient buildings (Use of Sold Products)

  For developed properties, lifetime energy use over 50 years (buildings) or 100 years (infrastructure) is the dominant scope 3 category 11 driver. Strategy includes energy-positive Powerhouse buildings, NollCO2 certification (Hyllie Terrass), LEED Platinum across Investment Properties portfolio, and a 27% energy reduction vs NZEB thresholds in newly divested offices. 100% of divested commercial offices in 2023 (SEK 3.5 bn value) certified with LEED Platinum/Gold, BREEAM Excellent or WELL.

• Use-of-sold-products: energy-efficient buildings (scope 3 cat 11)

  Use of sold products is the largest dependent scope 3 category, accounting for ~36% of value chain emissions on average 2020-2023. Skanska designs buildings with energy performance well below NZEB thresholds; divested offices delivered 27% annual expected energy reduction vs benchmark in 2023. 100% of divested commercial properties in 2023 (SEK 3.5 bn value) were certified LEED Platinum/Gold, BREEAM Excellent or WELL. Lifetime energy use is calculated over 50 years for buildings and 100 years for infrastructure.

• Supplier engagement and screening

  Nearly 500 supplier audits annually by Skanska staff and independent third parties. Supplier Code of Conduct flowed through all tiers. 2023 special assessment for aluminum and steel commodities to map supply chain risks. Working on alignment with EU Corporate Sustainability Due Diligence Directive.

• Renovation and retrofit of existing buildings

  10% of construction revenue comes from building renovation projects. Skanska Norway has an expert team for renovation of office buildings, including the Norwegian Parliament in Oslo. Using existing buildings longer optimizes resource use and avoids embodied carbon of new construction.

• Use of sold products — building operational energy over 50-year lifetime

  Use of sold products is 46% of Skanska's scope 3, calculated assuming a 50-year lifetime for buildings (100 years for infrastructure). Skanska tackles this through energy-efficient design, smart energy solutions, digital twins (Intellekt), Powerhouse plus-energy buildings, and certifications (LEED Platinum/Gold, BREEAM Excellent, WELL, NollCO₂, Nordic Swan Ecolabel). 100% of 2022 commercial development office divestments were certified, with energy use 39% below LEED baseline.

• Low-carbon materials in supply chain (concrete, cement, steel, asphalt, bitumen)

  Purchased goods (limited to cement, concrete, steel, bitumen, asphalt) account for 864,000 tCO2e in 2022 — 51% of scope 3. Skanska Betong's low-carbon concrete mixes (slag/fly ash replacing cement) cut climate impact by up to 50%; low-carbon concrete reached 15% of production in 2022 (vs 5% in 2021). 23% reused asphalt in new mixes in Sweden. The EC3 tool was used at the 1550 on the Green project in Houston to cut embodied carbon ~34%. Mass timber roofs (e.g. Portland International Airport) cut emissions 6% vs steel.

• Circularity and reuse of building materials

  Skanska is piloting reuse of building frames (Oslo project starting 2023 with SINTEF, Contiga and Spenncon) and reuse of window frames in atrium façades (Epic, Malmö). 11% of revenue already comes from renovation projects. Suppliers are increasingly required to provide EPDs. Asphalt operations in Sweden reached an all-time-high 23% reused asphalt in new mixes. Self-generated waste to landfill was 6.8% in 2022 (target <5%, missed; 4.3% in 2021).

• Supplier engagement and Environmental Product Declarations

  Skanska collaborates closely with suppliers for circular and low-carbon solutions, encouraging delivery of Environmental Product Declarations (EPDs) on products to enable accurate emissions calculations. Strategic procurement secures lower-carbon concrete with fly-ash substitution (e.g. at 1550 on the Green in Houston, ~34% materials emissions reduction). Supplier Code of Conduct flows down requirements.

• Use-of-sold-products emissions through building design

  Use of sold products (50-year lifetime for buildings, 100-year for infrastructure) is the largest single Scope 3 category at 770,000 tCO2e in 2022 (46% of Scope 3). Skanska influences this through smart design, energy-efficient building envelopes, on-site renewable generation (Powerhouse), and sustainability certifications. Annual expected energy reduction in new office divestments was 39% below LEED baseline in 2022.

• Use-of-sold-products: energy efficiency of completed buildings

  Use of sold products accounts for 41% of scope 3 (695 ktCO2e in 2021), covering projects' energy use over their expected life cycle. Skanska achieved -30% expected annual energy reduction in divested office buildings developed by Commercial Property Development vs LEED baseline. Projects use WELL/LEED/BREEAM certifications; 84% of divested commercial buildings (SEK 6.1bn) were certified.

• Circular construction and material reuse

  Concrete structure reuse demonstrated at Oslo Storbylegevakt project — 39 concrete hollow decks reused from one project to another, reducing carbon emissions 93% per hollow deck and eliminating 98 tons of waste. Self-generated waste to landfill at 4.3% (below 5% target). Czech Republic concrete fully replaces natural aggregates with recycled concrete.

• Low-carbon materials in supply chain (concrete, cement, steel, bitumen, asphalt)

  Purchased goods and services (limited to cement, concrete, steel, bitumen) accounts for 56% of scope 3 (950 ktCO2e in 2021). Skanska produces low-carbon concrete reducing emissions up to 52% vs standard concrete; in the Czech Republic concrete entirely replaces natural aggregates with recycled concrete. In Sweden produces BioZero, a near-zero carbon asphalt using bio binder, high-percentage reused asphalt and renewable energy. EC3 digital tool used in all new US development projects from 2021 to compare embodied carbon via EPDs.

• Use of sold products: energy-positive buildings and high certification

  Use of sold products is 41% of scope 3 emissions, dominated by building operating energy. Skanska develops energy-positive Powerhouses (Telemark generates 248,000 kWh/yr from solar, net energy 66% lower than ordinary new buildings) and net-zero developments (Scilla in Sweden, NollCO2-certified Hyllie Terrass). 84% of total divestment value of commercial buildings is WELL/LEED Platinum-Gold/BREEAM Excellent certified. Annual expected energy reduction in divested office buildings is -30% vs LEED baseline.

• Supply chain engagement on EPDs and embodied carbon

  Skanska developed the EC3 tool for the US market with Microsoft and partners, using Environmental Product Declarations (EPDs) to compare materials and measure embodied carbon. From 2021 all new US development projects use EC3. Skanska engages suppliers to deliver carbon data on products. Materials production accounts for 53% of value chain emissions per Skanska's lifecycle analysis.

• Low-carbon materials in supply chain (concrete, steel)

  Most emissions come from production of materials such as concrete, steel and asphalt (Scope 3 cat 1 = 986,777 tCO2e). Skanska partners with suppliers like Saint-Gobain on circularity and life-cycle analysis. Projects use Rebetong (100% recycled aggregate concrete with ~12% lower emissions), climate-improved concrete in Hyllie Terrass NollCO2 pilot.

• Use-phase building energy efficiency

  Buildings designed for lower operational energy. Norra Vitsippan: net-zero energy rental housing with HYSS hybrid solar system reducing heating/hot water energy by 80%. Powerhouse Telemark - one of most energy-efficient buildings in world. ESS surplus heat will heat 10,000 detached houses via district heating.