More than 100 corporates have science-based targets approved
L'Oréal and Electrolux are among the latest businesses to have their emission reduction goals approved by the Science Based Targets initiative (SBTi).
A total of 103 companies from 28 sectors have now had their targets verified by the SBTi, which helps corporates align their emissions strategies with the Paris Agreement’s goal of a well-below 2C world.
L’Oréal has today (17 April) committed to reduce its absolute emissions by 25% by 2030, against a 2016 baseline. The cosmetics giant also has a 2025 target to reduce scope 1 and 2 emissions by 100%.
L’Oréal’s chief corporate responsibility officer Alexandra Palt said: “The validation by the SBTi of our new carbon reduction 2030 commitments brings us one step further in our long-term journey towards a low-carbon business model, addressing our global impacts and contributing to the 2C scenario confirmed by the Paris Agreement.”
Other companies announcing science-based targets include Australian-based consulting firm Edge Environment, Swiss certification business SGS SA and US cleaning solutions provider Tennant Company.
In addition, Mahindra Sanyo Special Steel becomes the first Indian as well as the first steel company to have its science-based targets approved, with a goal to reduce scope 1 and 2 emissions by 35% by 2030.
The company’s managing director Uday Gupta recognised the economic opportunities on offer by combating climate change.
“Science-based targets align our business strategy with the goals of the Paris Agreement,” he said. “While we are responsible for playing our part in preventing dangerous climate change, we also future-proof our growth and profitability by taking climate action in collaboration with our partners in the value chain.”
These firms follow the likes of McDonald’s Sony and Tesco in having their science-based targets validated by the SBTi. More than 370 businesses have joined the SBTi since its launch in 2015, with formal, public commitments to set science-based targets made by 270 companies.
UN Global Compact, which runs the initiative alongside CDP, World Resources Institute (WRI) and WWF, has stated that science-based targets are rapidly become the “new normal” for businesses looking to gain a competitive advantage.
“It demonstrates that companies from diverse sectors worldwide are ready to deliver on the goals of the Paris Agreement and recognise the strong business imperative to do so,” UN Global Compact’s programmes chief Lila Karbassi said.
“Companies that commit to setting science-based targets are showing their commitment to creating a well below 2C world. Their action sends a strong signal to governments around the world that they can be confident in raising their own ambition.”
Science-Based Targets at edie Live
Tesco’s head of environment Kené Umeasiegbu will be speaking on the keynote seminar theatre on day one of edie Live. This session will discuss whether corporates can deliver a 1.5C world envisioned by the Paris Agreement.
Running between 22 – 23 May 2018, edie Live plans to show delegates how they can achieve their Mission Possible. Through the lens of energy, resources, the built environment, mobility and business leadership an array of expert speakers will be on hand to inspire delegates to achieve a sustainable future. For more information click here.