BOSTON–(BUSINESS WIRE)–Today, Orbia is proud to announce that the Science Based Targets initiative (SBTi), a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), has approved its near-term scope 1, 2 and 3 emissions reduction targets as being in conformance with the latest SBTi Criteria and Recommendations (version 5) for climate actions to mitigate the impacts of global warming.
In addition, the SBTi validation team has classified Orbia’s scope 1 and 2 target reduction goal in its most ambitious 1.5°C trajectory category. Orbia has committed to reduce its absolute scope 1 and 2 greenhouse gas emissions 47% by 2030 from a 2019 base year and to reduce absolute scope 3 GHG emissions from use and end-of-life treatment of sold products 30% within the same timeframe.
“It has been the vision of our founders and leaders to provide cleaner, smarter, more efficient materials and solutions that advance life around the world,” said Sameer Bharadwaj, CEO of Orbia. “Today, validating our scope 1, 2 and 3 emissions reduction goals with the SBTi reinforces our commitment to providing our customers with the products and services they need to deal with the impacts of climate change and help decarbonize the planet.”
“Approval from the SBTi confirms that the emissions targets we set are feasible and well aligned with what the world needs to keep a temperature below a 1.5°C rise,” said Tania Rabasa Kovacs, Vice President of Sustainability and Corporate Affairs. “Working with the SBTi demonstrates our commitment to achieving our ambitions with transparency and accountability. We are confident that by transitioning to renewable sources of energy, optimizing production processes for efficiency and investing in new technologies, Orbia will meet its 2050 net-zero aspiration,” continued Kovacs.
Recognition by the SBTi is another example of how Orbia’s commitment to sustainability is making an impact and follows last month’s announcement of Orbia’s inclusion in the S&P Dow Jones Sustainability Indices (“S&P DJSI”). For additional details on external recognition, visit: https://www.orbia.com/sustainability/esg-indices-and-external-recognition/.
About the Science Based Targets initiative (SBTi)
A partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), the Science Based Targets initiative (SBTi) mobilizes companies to set science-based targets and boost their competitive advantage in the transition to the low-carbon economy. The SBTi defines and promotes best practice in science-based target setting, offers resources to reduce barriers to adoption and independently assesses and approves companies’ targets using a quantitative and qualitative protocol.
Orbia is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building and Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) and Fluorinated Solutions (Koura) sectors. The five Orbia business groups have a collective focus on expanding access to health and wellness, reinventing the future of cities and homes, ensuring food and water security, connecting communities to information and accelerating a circular economy with basic and advanced materials, specialty products and innovative solutions. Orbia has a global team of over 23,000 employees, commercial activities in more than 110 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. The company generated $8.8 billion in revenue in 2021. To learn more, visit: orbia.com.
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