More than 100 companies around the world have had their emissions reductions targets approved by the Science-Based Targets initiative, which helps companies align their targets with what climate science confirms is necessary and required to prevent dangerous global warming.
Announced this week, Electrolux and L’Oréal are among the latest companies to set emissions reduction targets that were approved by the Science-Based Targets initiative — a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) — putting the companies themselves on track to be in line with the goals of the Paris Climate Agreement. In addition, Mahindra Sanyo Special Steel became the first Indian company to set a science-based target and brought the total number of companies approved by the initiative up to 103.
The 103 companies are spread out around the world in 23 countries, led by the United States with 24 companies, Japan with 15 companies, and the UK with 11 companies. Regionally, Europe is leading the way with over half of the total companies aligning themselves with the Science-Based Targets initiative.
“Today’s news shows that science-based targets are fast becoming the new normal for businesses looking to gain a competitive advantage in the transition to a low-carbon economy,” said Lila Karbassi, Chief, Programmes, United Nations Global Compact. “It demonstrates that companies from diverse sectors worldwide are ready to deliver on the goals of the Paris Agreement and recognize the strong business imperative to do so.
“Companies that commit to setting science-based targets are showing their commitment to creating a well below 2°C world. Their action sends a strong signal to governments around the world that they can be confident in raising their own ambition.”
Of the three new additions to the initiative, Mahindra Sanyo Special Steel committed to reducing its Scope 1 and 2 emissions by 35% per tonne of steel produced by 2030, and committed to reducing its Scope 3 emissions by 35% per tonne of steel produced by 2030, both based on a 2016 baseline.
“Combating climate change is among today’s most urgent global challenges, and also one of our biggest economic opportunities,” explained Uday Gupta, Managing Director, Mahindra Sanyo Special Steel. “Science-based targets align our business strategy with the goals of the Paris Agreement. 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. Science-based targets provide us with a clear road map for such an action plan.”
L’Oréal committed to reducing its absolute scope 1, 2, and 3 greenhouse gas emissions by 25% by 2030, based on a 2016 base line, and will reduce absolute scope 1 and 2 emissions at its operated sites 100% by 2025.
“At L’Oréal we have been committed to fight climate change for many years, both within our company – we reduced the CO2 emissions of our production by 73%, in absolute terms, from 2005 to 2017 – and in our value chain,” explained Alexandra Palt, Chief Corporate Responsibility Officer, L’Oréal. “The validation by the Science Based Targets initiative 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 2° scenario confirmed by the Paris Agreement.”
Meanwhile, The Electrolux Group announced that it would reduce its greenhouse gas emissions from operations by 80% and its emissions from products by 25% by 2025 on a 2015 baseline.
“We’re proud to be part of the Science-Based Targets initiative. With these ambitious climate targets for 2025, we are strengthening our commitment to be a sustainability leader in our industry,” said Jonas Samuelson, Electrolux President and CEO. “This is a natural addition to our target for an overall 50% reduction of carbon emissions from 2005 to 2020.”