The announcement follows a year of intensive preparation, study and reporting. Science-based targets define how much and how quickly a business must reduce its emissions to be in line with the Paris Agreement goals. They give companies a clearly defined path to reducing greenhouse gas emissions in line with limiting global warming to 1.5°C. Targets must cover emissions from Scopes 1 and 2 (see below) and, for companies whose scope 3 emissions cover more than 40% of their combined emissions from scopes 1, 2 and 3, targets must also cover scope 3.
The approved targets are:
Near-Term Targets:
Long-Term Targets:
“This is great news for us and the planet. It gives a clear and transparent pathway to a lower carbon future for us and for our customers. I’m really proud that the targets have been approved by the SBTi. They demonstrate our commitment to aligning with a net-zero future, limiting the harmful effects of global warming, and building a more sustainable world,“ comments
“We cannot stop at just making solutions that perform better for the planet. We must also be sure that the ways they’re made are better for the planet. We now have science-based targets with which we can lead our value chains, and for which we can stand up and be counted,” adds
*The target boundary includes biogenic, land-related emissions and removals from bioenergy feedstocks.
Further information:
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About
About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest. The SBTi is incorporated as a charity, with a subsidiary which will host our target validation services. Our partners are CDP, the United Nations Global Compact, the
About Scope 1, 2 and 3 emissions
Scope 1 covers direct GHG emissions occur from sources that are owned or controlled by the company, for example: combustion in owned or controlled boilers, furnaces, vehicles, etc., or emissions from chemical production in owned or controlled process equipment.
Scope 2 covers indirect greenhouse gas emissions from consumption of purchased electricity, heat or steam.
Scope 3 emissions are all indirect emissions not included in scope 2 that occur in the value chain of the reporting company, including both upstream and downstream emissions. They also include product lifecycle emissions associated with the use of a specific product, from cradle to grave, including emissions from transport, storage, sale, use and disposal.
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