More than 100 global firms have now set emissions targets in line with two-degree pathway
Electrolux, L'Oreal and Mahindra Sanyo Special Steel have become the latest corporations to pledge emissions cuts in line with international agreements to limit global warming to less than 2C.
The three companies are among the latest group of firms to have their emissions reduction goals approved under the Science-Based Targets Initiative (SBTI) a programme for corporate climate action orchestrated by the CDP, WRI, WWF and the UN Global Compact.
Under the SBTI, participating companies have to publicly commit to a detailed emissions reduction goal, which is then independently verified as being in line with the trajectory suggested by scientists to give the world a reasonable chance of keeping temperature increases below 2C above pre-industrial levels.
The new additions now mean that 103 companies have formally set SBTI-approved goals, including McDonalds, Sony and Tesco. A further 270 firms have promised to set such targets in the near future.
Lila Karbassi, chief of programmes at the United Nations Global Compact, said today's news demonstrates that science-based targets are becoming the "new normal" for businesses. "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," she stressed.
Mahindra Sanyo Special Steel, the first Indian company and the first steel company to set an SBT, has promised to reduce emissions from its direct operations 35 per cent per tonne of steel by 2030, from a 2016 baseline. It has also promised to cut its Scope 3 emissions by 35 per cent per tonne of steel by 2030, also from a 2016 baseline.
Its commitment follows a promise from Anand Mahindra, chairman of the Mahindra Group, at this year's Davos summit to align all Mahindra businesses with a two degrees pathway.
Meanwhile L'Oreal has promised to cuts its absolute emissions by a quarter by 2030, from a 2016 baseline. Achieving this goal will involve cutting emissions from its direct operations by 100 per cent by 2025, L'Oreal said.
"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 per cent, in absolute terms, from 2005 to 2017 - and in our value chain," chief corporate responsibility officer Alexandra Palt said in a statement. "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 2° scenario confirmed by the Paris Agreement."
Finally, Electrolux has promised to cut direct emissions by 80 per cent between 2015 and 2025, and reduce its Scope 3 emissions from the use of sold products by 25 per cent over the same time frame.
Other companies announcing science-based targets today are Edge Environment in Australia, SGS SA in Switzerland and Tennant Company in the USA.
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