Avery Dennison today announced that its emissions reduction targets have been approved by the Science Based Targets initiative (SBTi) as consistent with levels required to meet the goals of the Paris Agreement.
The targets covering greenhouse gas emissions from the company’s operations (scopes 1 and 2) are in line with reductions required to keep warming to no more than 1.5°C, the most ambitious goal of the Paris Agreement and what the latest climate science has told us is needed to prevent the most damaging effects of climate change. Meanwhile,the company’s target for the emissions from its value chain (scope 3) meets the SBTi’s criteria for ambitious value chain goals, meaning it too is aligned with current best practice.
This news comes as the company raises the bar on its sustainability goals, having announced earlier this year that it is furthering its efforts by setting ambitious 2030 targets. This saw the company commit to reducing absolute scope 1 and 2 GHG emissions by 70% from a 2015 baseline year and the company also committing to reduce absolute scope 3 GHG emissions from purchased goods and services and end of life treatment of sold products 30% by 2030 from a 2018 base year.
The specific 2030 targets fall under three broad sustainability goals:
Deliver innovations that advance the circular economy;
Reduce the environmental impact in its operations and supply chain; and
Make a positive social impact by improving the livelihoods of people and communities.
The company’s overall ambition is to have net-zero emissions by 2050. The 2030 goals also include targets for gender diversity, employee engagement and inclusion, safety, and more.
Why does it matter?
Galvanized by the historic Paris Agreement, the transition to a zero-carbon economy is underway and accelerating globally. The latest science has made it clear that more needs to be done – and faster – to avoid the worst impacts of climate change and secure a thriving, sustainable economy. The next few years are critical, and companies have a vital role to play in helping achieve transformation at the pace and scale that is needed.
“Setting sustainability goals needs a benchmark by which we all ensure everyone is working together towards a collective goal,” says Michael Colarossi, VP, product line management, innovation and sustainability, RBIS, Avery Dennison and lead for ESG initiatives for the company. “This acknowledgment by the SBTi gives us confidence that we are setting ambitious scopes 1, 2 and 3 GHG emissions reduction targets, as we join with other global industry leaders to move the needle towards a future of net-zero emissions.”