The SBTi validates Reconomy’s near-term and net-zero science based emissions reduction targets
Reconomy, a leading international circular economy specialist providing sustainability technology, data, and services to a broad range of industries, has had its overall net-zero science-based emissions reduction target approved by the Science Based Targets Initiative (SBTi).
As part of its climate commitments, Reconomy has committed to the Science Based Targets initiative Net-Zero Standard by setting long-term emissions reduction targets in line with reaching net-zero by 2050 and joining the Business Ambition for 1.5°C and UNFCCC Race to Zero campaign.
To achieve its near-term science-based emissions reduction target, Reconomy will reduce absolute scope 1 and 2 Greenhouse Gas (GHG) emissions 33.6% by 2028 using 2021 as its base year. It also commits to increasing active annual sourcing of renewable electricity from 86% in 2021 to 100% in 2028. Furthermore, Reconomy will reduce scope 3 GHG emissions 44% per USD value added within the same timeframe.
To hit its overall Net-Zero Standard, Reconomy commits to reaching net-zero GHG emissions across its value chain by 2040. In other long-term targets, Reconomy will reduce absolute scope 1 and 2 GHG emissions 90% by 2040 using 2021 as its base year and reduce scope 3 GHG emissions 97% per USD value added over the same timeframe.
The SBTi is a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
Diane Crowe, Group Head of Sustainability at Reconomy, commented: “The climate emergency necessitates urgency of action in achieving the rapid and deep emission cuts we need to halve global emissions by 2030 and achieve net-zero before 2050. It is still possible to limit global temperature rises to 1.5°C but the window for action is closing and we take our responsibility to act seriously.
“Reconomy is an international specialist in the circular economy and enabling greater sustainability so we are delighted to have our net-zero targets validated. We will be encouraging all stakeholders within the business and throughout our supply chain to similarly commit to the science-based 1.5°C and net-zero targets too. We must work collaboratively to achieve the tangible change needed to deliver on our climate objectives.”