Epson outlines €770m investment plan to accelerate sustainability action
Multinational electronics firm Epson has pledged to set 1.5C-aligned climate targets and source 100% renewable energy for operations by 2023, as part of an updated sustainability strategy backed with €770m of investment.
The company has this week published its 2021 environmental sustainability report, called its Green Choice Report, detailing the new plans.
Headlined by a long-term commitment to reach carbon negativity across the business by 2050 the plans have short and medium-term interim targets and Epson has stated that it will strive to deliver goals before their deadlines where possible.
In the immediate term, Epson has pledged to update its emissions reductions goals for operations and indirect sources in line with a 1.5C trajectory by 2023. By this time, it will also switch to 100% renewable energy in operations. Epson has joined The Climate Group’s RE100 initiative to help deliver on this latter pledge.
At present, the company’s short-term emissions reduction target is to deliver a 19% reduction in Scope 1 (direct) and 2 (power-related) emissions and a 44% reduction in Scope 3 (indirect) emissions by 2025. To tackle Scope 3 emissions from the use of products, it has developed a range of “heat-free” printers that can reduce energy consumption by up to 83%, as well as printers without ink cartridges and textile printing technologies which can reduce emissions by up to 30%.
The Science-Based Targets Initiative (SBTi) is notably updating its target-setting criteria in the coming years. Alignment with 1.5C will become the new minimum requirement, from alignment with 2C at present. Additionally, the new Net-Zero Standard should scale up exponentially.
Epson is targeting 100 billion Japanese Yen, equivalent to €770m, of investment in environmental sustainability by 2030 to deliver its new climate goals and to advance progress across the broader sustainability agenda.
As well as acting on climate, the business has pledged to contribute to all 17 of the UN’s Sustainable Development Goals (SDGs). Goals on ending poverty, eradicating world hunger and ensuring peace were added to the firm’s plans this year.
“As the world realigns after COP26, Epson continues its ambitious sustainability commitments, investment and objectives,” said Epson Europe, Middle East and Africa Region’s chief executive and president Yoshiro Nagafusa.
“Our lower-carbon, less wasteful, heat-free technologies will empower our customers as we all work to deliver on the promise of a sustainable society.”
Epson Europe's head of sustainability and government affairs Boris Manev recently penned an exclusive blog for edie, on how businesses can evolve their approach to climate action. You can read his article in full here.