Refinitiv, JLL and Ball unveil 1.5C science-based carbon commitments
Refinitiv has committed to setting science-based targets to reduce emissions in alignment with the Paris Agreement, while manufacturer Ball and real estate firm JLL have confirmed that their targets have been approved by the Science Based Targets initiative (SBTi).
Refinitiv, previously the Thomson Reuters Financial & Risk business, is a global provider of financial markets data and infrastructure. To mark Earth Day 2020, Refinitiv has confirmed it will set new science-based targets that are aligned to the 1.5C pathway of the Paris Agreement through the SBTi. No information has been provided as to when the targets will be confirmed.
Building on the science-based targets, Refinitiv has also committed to joining the RE100, the Climate Group’s network of companies committed to sourcing 100% of electricity from renewable sources. Refinitiv already sources 100% renewable energy at a regional level and achieved carbon neutrality earlier this year.
Finally, Refinitiv will align its annual reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD recommendations are supported by more than 1,000 organisations and urge organisations to achieve board-level governance of climate risk and opportunity assessments; develop strategies aligned with global climate targets; disclose risk management processes and metrics and report annually on greenhouse gas (GHG) emissions.
Refinitiv’s chief executive David Craig said: “The pandemic is clearly providing humanity with a re-set moment: a stark reminder about our fragility as a species and a sharp lesson about what happens when we mess with nature. It is also a moment when the old rules about the role of the state no longer apply.
“We can, therefore, attack the twin challenges of COVID-19 and climate change simultaneously, not sequentially.”
Real estate giant JLL has confirmed that its science-based targets have been approved by the SBTi as aligned to the 1.5C pathway of the Paris Agreement.
JLL’s new science-based targets commit the company to reduce scope one and two emissions by 68% by 2034 from a 2018 base year. JLL will also reduce scope three emissions from the properties that it manages on behalf of clients by 53% per square foot over the same period.
“As the world navigates the coronavirus pandemic, responding to immediate needs and mapping a path to recovery, it is vital we also maintain focus on the long-term global risks posed by climate change. Notwithstanding the current temporary falls in emissions, 2020 remains a critical year for climate action,” JLL’s chief executive Christian Ulbrich said.
“JLL is determined to play its full part, working with our clients in shaping the future of real estate for a better world. Our ambitious science-based target will cut carbon emissions from our own operations by almost 70%, and we are investing in scaling our specialist tools, skills and knowledge to help our clients drive down their emissions to deliver on their sustainability goals.”
The target covers emissions from the more than 400 offices in more than 40 countries occupied by JLL globally.
JLL confirmed in 2018 that it would establish science-based targets for its emissions after reducing building-related emissions by 15%, energy consumption emissions by 12% and rented area emissions by 10%, all against a 2012 baseline.
The reductions in each area surpassed the 2017 targets of 15%, 10% and 8% respectively. As such, JLL has concluded it is feasible to set higher targets in line with the Paris Agreement goals within the next two years.
Also in 2018, aluminium manufacturer Ball Corporation set new science-based targets within the company's direct operations and across its supply chain to reduce its emissions intensity by 58% by 2030.
The company is committed to reducing absolute carbon emissions within its own operations by 55% and within its value chain by 16% by 2030 against a 2017 baseline. These targets have this week been approved by the SBTi.
“The private sector has a vital role to play in accelerating a low carbon economy and, as the world's leading supplier of sustainable aluminum beverage packaging, we are dedicated to doing our part for our customers and the planet," Ball’s chief commercial and sustainability officer Kathleen Pitre said.
"These approved science-based targets demonstrate our commitment to help our customers reach their sustainability goals and deliver lower carbon packaging that enables a circular economy."
Like JLL, Ball’s approved targets are aligned to the 1.5C pathway of the Paris Agreement.
GHG emissions from Ball’s value chain totalled 13.2 million tonnes of CO2e last year. 85% of these emissions were accounted for by the processes of mining, refining, smelting, casting and rolling metals, as well as end-of-life recycling.
The move to set science-based targets comes after Ball Corporation reached its five-year carbon intensity reduction aim for 2015 on time, having reduced its carbon intensity by 23% between 2010 and 2017.