06/09/2021 | Press release | Distributed by Public on 06/09/2021 05:02
Today we announce a series of ambitious climate targets. This includes a science-based target which requires a 40% reduction of CO2 emissions per tonne of product by 2030, compared to 2019 levels, and a commitment to reach Net Zero* emissions by 2050.
These targets will be validated by the Science Based Targets initiative ** as being in line with the goals of the Paris Agreement. To further underline our ambition and commitment, we are also announcing our membership of the UN's Race to Zero.
I'm delighted DS Smith has joined the UN's Race to Zero. It is great to see a company with an ambitious 2030 target and commitment to reach Net Zero by 2050. DS Smith is making great progress against its previous carbon reduction targets, tackling the challenges associated with decarbonising the paper and packaging sector. Business plays a key role in driving the UK's transition to a low carbon economy, with over 40 of the FTSE100 now signed up to the UN's Race to Zero, I hope this announcement inspires other companies in the sector to take action.
In 2017, we announced our target to reduce carbon emissions per tonne of product by 30% by 2030 against a 2015 baseline. As part of a coordinated effort across our 250 sites globally, we have achieved a 23% reduction by the end of 2020, placing us well ahead of our plans.
It is widely recognized that the paper and packaging industries are some of the hardest sectors to de-carbonise, but we are committed to playing our part by taking action to Net Zero with a clear plan and roadmap. We make sustainable packaging that is fibre-based and fully recyclable and believe that through combined leadership in the circular economy and climate action, we are uniquely positioned to have a real impact in helping to reduce the rise in global temperatures.
We've already made good progress in reducing our carbon as part of our long-term sustainability focus, but we know we need to do much more. That's why today we are not only setting ambitious climate targets for ourselves; but strengthening our commitment to delivering more circular solutions for our customers and wider society. I am incredibly proud of all of our people for making this happen.
By Investing in groundbreaking technology, including waste-to-energy solutions, state-of-the-art combined heat and power facilities:
By upgrading our equipment from new boilers to LED lighting:
By increasing the use of renewable fuel sources, such as biogas and biomass:
By improving our energy usage to reduce greenhouse gas emissions:
We look forward to exploring how our Strategic Partnership with DS Smith can help accelerate the company's progress towards achieving the climate targets announced today, in parallel with its circular economy commitments. The switch to renewable energy can only reduce greenhouse gas emissions by 55%, while the remaining 45% of emissions come from how we make and use products - so the transition to a circular economy is vital in order to tackle climate change, as well as other global challenges.
In addition to our climate action commitment, we recently announced our £100m R&D and innovation package to accelerate our work in the circular economy. The new investment underpins our new circular economy led sustainability strategy, Now and Next, which pledges to manufacture 100% recyclable or reusable packaging by 2023 and to take a billion pieces of problem plastics off supermarket shelves by 2025.
*The term Net Zero refers to the balance between the amount of greenhouse gas produced and taken out of the atmosphere.
**The Science Based Targets initiative engages and supports companies in defining how much and how quickly they need to reduce their greenhouse gas emissions.