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News & Insights
2024-09-22
08:45
Stena Recycling’s net-zero targets approved by the Science Based Targets initiative
As one of the first European companies in the recycling and waste management sector, Stena Recycling has had both its near-term and net-zero science-based emissions reduction targets approved by the Science Based Targets initiative (SBTi).
Stena Recycling, including all the companies and countries, are committed to the Science Based Targets initiative, both near-term and net-zero targets. Near-term targets were validated and approved in August 2023. In addition to the near-term targets, Stena Recycling has now had its net-zero targets validated and approved.
The approved net-zero target commits Stena Recycling Group to reach net-zero greenhouse gas (GHG) emissions across the value chain by 2050. This means reducing absolute scope 1, 2, and 3 GHG emissions by 90% by 2050 from a 2021 base year.
The existing near-term target commits Stena Recycling to reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2021 base year. Stena Recycling Group also commits to reduce absolute scope 3 GHG emissions from purchased goods and services, capital goods, upstream transportation and distribution and downstream transportation and distribution 25% within the same timeframe.
We are determined to reduce our own climate footprint
“Together with our customers, we are already contributing to reducing climate impact, by turning their waste into new resources through our advanced recycling technologies. But we are also determined to reduce our own climate footprint in Stena Recycling. The approved science-based targets support us in continuously developing the best services within recycling and circular solutions, while also ensuring that we will do so with a low climate impact throughout our operations and value chain”, says Kristofer Sundsgård, CEO of Stena Recycling Group.
Stena Recycling will focus on reducing emissions from its own working machines and trucks through electrification and the use of biofuels, transitioning to fossil-free electricity throughout operations, as well as reviewing the logistics chain and collaborating with transport suppliers to find more carbon efficient solutions.
Difference between Near-term targets and Net-Zero
- Near-term targets: Rapid, deep cuts to direct and indirect value-chain emissions must be the overarching priority for companies. Companies must set near-term science-based targets to roughly halve emission before 2030. This is the most effective, scientifically-sound way of limiting global temperature rise to 1.5°C.
- Net-Zero targets: Companies must set long-term science-based targets. Companies must cut all possible - usually more than 90% - of emissions before 2050.
Facts
The Science Based Targets initiative (SBTi) is a global organization that aims to help and support companies set climate goals. These goals must be relevant and contribute to limiting global warming to 1.5 degrees, compared to pre-industrial levels, according to current scientific opinion. Joining the SBTi provides opportunities to support, engage, and share best working practices concerning climate impact. An important aim of the initiative is to publicize the work done within its affiliated companies and inspire others to pursue similar efforts. The SBTi is a globally known initiative, which several large companies are already affiliated to.
www.sciencebasedtargets.org
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