Umicore obtains SBTi validation for its 2030 greenhouse gas emission reduction targets
Umicore announces that the Science Based Target initiative (SBTi) has validated the group’s intermediate greenhouse gas reduction targets for 2030 as science-based and aligned with the United Nations’ Paris Agreement to limit the global temperature rise to 1.5 or well below 2 degrees Celsius this century.
The SBTi validated Umicore’s near-term 2030 targets to reduce its Scope 1 and Scope 2 greenhouse gas emissions by 50% compared to the 2019 baseline, and target to reduce its Scope 3 by 42% of CO2 emitted per ton of its purchased materials. Scope 1 refers to direct emissions from Umicore’s operations on its sites worldwide and Scope 2 refers to the purchase of energy, in Umicore’s case mainly electricity. Scope 3 relates to emissions generated throughout the value chain.
Umicore’s near term greenhouse gas targets are embedded in the Group’s ambitious and transformational growth strategy 2030 RISE and part of its longer term Let’s go for Zero commitment to reach net zero emissions in 2035.
“We are proud of the SBTI’s independent validation that our near-term greenhouse gas targets are in line with evidence-based science. For us, this highlights the relevance of our intertwined sustainability and growth strategy in helping limit the devastating effects of climate change.
Achieving our ambitious goals of halving our emissions while strongly increasing activity towards 2030 is no easy task, but such recognition will give a further impetus to our innovation, competitive edge and our reliability to our customers and other stakeholders in our mission to decarbonize the battery value chain and reach true clean mobility.”
Mathias Miedreich, CEO of Umicore
“There is no time to waste in tackling climate change. Umicore is a frontrunner and champion in sustainability and these science-based targets will further drive our actions to minimize the impact of our operations on the environment and maximize our positive contribution to society,” said Géraldine Nolens, Executive VP, ESG and Chief Legal Counsel.
The SBTi, a partnership between CDP, World Resources Institute (WRI), the WWF, and the UN Global Compact, provides robust target-setting methods and guidance for businesses to set science-based targets to reduce greenhouse gas emissions. Targets are science-based when they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement.