Only 139 major companies validate Net-Zero targets with SBTi

SBTi

Only 139 major companies globally validate net zero targets by SBTi and Lenovo is the first PC and smartphone maker to do so.

The company is in the first group of global firms to receive net-zero validation from the Science Based Targets initiative (SBTi) having received approval for near-term 2030 emissions reduction goals and helping to road test the first of its kind Net-Zero Standard.

The company is in the first group of global firms to receive net-zero validation from the Science Based Targets initiative (SBTi) having received approval for near-term 2030 emissions reduction goals and helping to road test the first of its kind Net-Zero Standard.

“Lenovo has been committed to reducing its emissions for more than a decade,” said Lenovo chairman Yuanqing Yang. “In the fight against climate change, we believe collaboration and accountability are the two critical elements needed for collective success. We remain dedicated to following climate science, standardising our measurements, and seeking ongoing validation for our targets and progress.”

Aligning goals to the SBTI helps hold companies accountable for their emissions reduction. Without aligning to the global standard it is difficult to validate or know when a net-zero target is reached.

SBTi is the first body to standardise what net-zero means as it relates to the effort to limit global warming to 1.5 degrees Celsius. The standard is dynamic and responsive to companies’ collective effort and the changing temperature of the planet and, as many leaders making commitments today may not be in their positions in 27 years time, aligning goals to reduce climate change to an external body provides accountability and continuity.

“Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change,” said Luiz Amaral, CEO of the Science Based Targets initiative. “Lenovo’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow.”

Lenovo has committed to reduce absolute scope 1 and scope 2 GHG emissions 50 per cent by FY2029/2030 from a FY2018/2019 base year. It also commits to reduce scope 3 GHG emissions from use of sold products 35 per cent on average for comparable products within the same timeframe and commits to reduce scope 3 GHG emissions from purchased goods and services 66.5 per cent per million $ gross profit within the same timeframe. The company also commits to reduce scope 3 GHG emissions from upstream transportation and distribution 25 per cent per tonne-km of transported product by within the same timeframe and to reduce absolute scope 1, 2, and 3 GHG emissions by 90 per cent by FY2049/50 from a FY2018/19 base year.

Primary strategies for reducing Lenovo’s emissions include reducing the environmental impact of its products, harnessing innovation to increase sustainability in its manufacturing, and decreasing emissions across its operations and value chain.

The company’s emissions measurements will contribute to a wider body of collaborative data to understand and limit climate change, in accordance with the Paris Agreement’s goal to limit warming to no more than 1.5 degrees Celsius above pre-industrial levels. More than 4,000 companies around the world are in the process of aligning their emissions reduction goals to SBTi’s science-based methodology and validation processes.

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