Johnson Matthey (JM) has received approval and validation from the SBTi for its science based greenhouse gas reduction targets for 2030, with confirmation that they are "in line with the well-below 2°C trajectory" of the UN Paris agreement on Climate Change. It means that JM becomes listed as 'a company taking action'.
What is the SBTi?
The SBTi mobilises companies to set science-based targets for the next 5 – 15 years and boost their competitive advantage in the transition to the low-carbon economy. It is a partnership between the Carbon Disclosure Project, UN Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
The SBTi focuses on four key topics:
- Builds technical foundations
- Scales-up adoption
- Conducts independent assessments
- Institutionalises SBTs.
Science based targets are aligned with the latest climate science to meet the Paris Agreement, which aims to limit global warming to well below 2 degrees Celsius above preindustrial levels.
JM has committed to reduce scope 1 and 2 greenhouse gas emissions by 33% and scope 3 emissions from purchased goods and services by 20% before FY2030.
- Scope 1 emissions are generated by the direct burning of fuel and process derived emissions on our premises in addition to our company-owned or leased vehicles.
- Scope 2 emissions are generated from grid electricity and steam procured from third parties for use at our facilities.
- Scope 3 encompasses all value chain emissions over which JM has financial control.
Earlier this year, JM also made a commitment to achieve net-zero emissions by 2040 and became a signatory to the Business Ambition for 1.5C, making it a member of the UNFCCC's "Race to Zero" campaign ahead of COP26.
Robert MacLeod, Chief Executive, commented:
"Johnson Matthey is committed to being net zero in our own operations by 2040, and it is great to have external validation of our key carbon reduction targets.
"As a sustainable technologies company, everything we do is about creating a world that is cleaner and healthier, today and for future generations. In June 2021 we announced a new sustainability strategy that will see over 95% of our product sales, and 95% of our R&D spend, aligned with our four priority Sustainable Development Goals by 2030. Chemistry technology is an essential enabler of decarbonisation and circularity, and we are investing heavily in a future net zero world."