The Finnish packaging and paper giant said this milestone reflected the group’s long-term commitment to proactive decarbonisation efforts.
In 2021, Stora Enso set its ambition to align with the 1.5-degree scenario of the Paris Agreement with a target of absolute Scope 1 and 2 emission reduction by 50% by 2030 from the 2019 base year.
The 53% reduction by the end of 2024 is mainly attributed to mitigation measures, such as fuel switches and improvements in energy efficiency, and the impact from site closures.
The group’s target is to maintain this level until 2030 and explore opportunities to further improve.
Hans Sohlström, president and CEO at Stora Enso, said: “I am pleased to share this progress on our path towards net zero as part of our long-term commitment to sustainability.
“Through driving efficiency in the way we work, we are able to reduce our climate impact and support our customers achieve their climate ambitions.”
Stora Enso’s science-based target also includes a 50% reduction in Scope 3 emissions by 2030 from the 2019 base year.
“For Scope 3, which includes indirect emissions from our value chain, we are actively engaging and partnering with our suppliers and customers to pursue the same level of decarbonisation despite its greater complexities,” said Stora Enso chief sustainability officer Toby Croucher.
Separately, in its results also released today (11 February) for Q4 2024 and for the full-year, Stora Enso said its sales increased by 6.8% to €2.32bn (£1.94bn) in Q4 while its adjusted EBIT increased by around 139% to €121m.
Its full-year sales for 2024 were €9.05bn, down 3.7% from a year ago, while its adjusted EBIT was €598m – a 74.8% increase year-on-year.
The company said its profit improvement programme, initiated in Q1 2024 with a target of €120m in annual gross fixed cost savings had progressed well, with the full impact realised from the start of 2025. During the year, fixed costs decreased by €110m.
It added the consumer board investment at the Oulu site in Finland was also progressing on schedule, with production estimated to start in the coming months with full capacity estimated to be reached during 2027.
Stora Enso intends to sell approximately 12% of its total forest assets of 1.4 million hectares in Sweden, with a fair value of €6.3bn. The sales process is ongoing.
The company said it expected demand to remain “subdued and volatile”, affected by macroeconomic confidence and continued geopolitical uncertainty. Wood prices are expected to remain at high levels.
It said it would continue with its actions to reduce costs and strengthen operational and commercial excellence with the aim to improve operational performance and competitiveness.
During the full year 2025, the group's adjusted EBIT is anticipated to be adversely impacted by approximately €100m, primarily in H1/2025, due to the ramp-up in the coming months of the new packaging board line in Oulu.
“2024 marked a year of substantial progress for Stora Enso, demonstrating our commitment to building a foundation for sustained profitable growth,” Sohlström commented.
“Our actions to improve sourcing and operational efficiency as well as commercial excellence, and the implementation of cost reductions across the company have borne fruit, enhancing our profitability and competitiveness.
“Despite facing macroeconomic uncertainties, fluctuations in market demand, and rising wood costs, these actions have progressed well.”
