Climate change is one of the most significant global challenges of our time and Umicore is committed to act decisively to contribute to the transition towards a low-carbon economy. We have set very ambitious goals for our scope 1 and 2 greenhouse gas (GHG) emissions: to be net-zero by 2035, with two milestones - to achieve reductions compared to our 2019 baseline of 20% by 2025 and 50% by 2030. In addition to prioritizing energy and process efficiency across all our operations, renewable electricity is key to achieving our first milestone. To get there, we aim for 60% of our electricity needs across global operations to come from renewables by 2025.
Because the transition to a sustainable future is a long-term practice, Umicore commits to achieving 100% renewable electricity by 2040 across our global operations and has joined the RE100. The RE100 is a global corporate renewable electricity initiative led by the Climate Group and the CDP with a mission to accelerate change towards zero carbon electricity grids globally by 2040.
Progress towards becoming a Sustainability Champion
In 2022, we made significant progress towards our sustainability goals. We reduced Scope 1+2 GHG emissions by 13% compared to our 2019 baseline and observed market-based Scope 2 reductions in all business groups. We also increased the share of renewable electricity to 35%, up from 17% in 2021, with 55% of our electricity in Europe coming from renewable sources.
At Umicore, we believe that a more sustainable future depends on our ability to work together and take action to reduce our carbon footprint. We are proud to help drive the sustainable transition and we will continue to work towards a sustainable future for all.
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