ASSA ABLOY's climate targets validated as science-based

Rhea-AI Summary

ASSA ABLOY has received validation from the Science Based Targets initiative (SBTi) for its greenhouse gas emission reduction targets. The company aims to halve absolute emissions by 2030, reaching net-zero by 2050. SBTi's endorsement confirms that these goals align with the Paris Climate Agreement. ASSA ABLOY plans to cut Scope 1 and 2 emissions by 50% and reduce its wider value chain emissions (Scope 3) by 28%. The company emphasizes the importance of sustainability for future economic growth.

Positive

• Validation of emission reduction targets by SBTi aligns with sustainability goals.
• Commitment to halve absolute emissions by 2030 and reach net-zero by 2050.
• Plans to reduce Scope 3 emissions by 28% through efficiency and sustainable practices.

Negative

• None.

ASSA ABLOY, the global leader in access solutions, has received validation by the Science Based Targets initiative (SBTi) for the company's emission reduction targets.

STOCKHOLM, Nov. 16, 2022 /PRNewswire/ -- In 2020, ASSA ABLOY launched ambitious sustainability goals to substantially reduce its greenhouse gas emissions across the entire value chain, including halving absolute emissions by 2030 and reaching net-zero no later than 2050. The SBTi has now ratified that ASSA ABLOY's emission reduction targets are in line with the requirements to limit global warming to 1.5°C, which is consistent with the latest climate science and the Paris Climate Agreement.

"Sustainability will be vital to economic and industrial development in the coming decades. ASSA ABLOY is committed to halving CO₂ emissions from our own operations (Scope 1 and 2) by 2030. In addition, we will reduce the footprint of our wider value chain, including raw materials, logistics and products by 28% by 2030, thereby addressing our Scope 3 footprint. We will reach net-zero no later than 2050," says Nico Delvaux, President and CEO of ASSA ABLOY. "The ratification of our goals by SBTi demonstrates our ambition to lead our industry towards a more sustainable future."

"We have robust plans in place to reduce our energy consumption by applying our manufacturing footprint program and energy efficiency measures at our most energy intensive sites. This, combined with increased use of renewable energy, will help us achieve our 50% reduction target compared to the baseline year of 2019. However, more than 98% of our total CO₂ emissions in the wider value chain are in our Scope 3 footprint. ASSA ABLOY has committed to reducing its Scope 3 emissions by 28% by 2030. This will be achieved through concrete initiatives to use raw materials more efficiently, utilize low-carbon materials and develop more sustainable solutions," says Charles Robinson, Director and Head of Sustainability, ASSA ABLOY.

About the Science Based Targets initiative

The Science Based Targets initiative mobilizes companies to set science-based targets and boost their competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.

For more information, please contact:

Charles Robinson, Director & Head of Sustainability, tel. no: +353 877 098 583, E-mail charles.robinson@assaabloy.com
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, E-mail: bjorn.tibell@assaabloy.com

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 51,000 employees and sales of SEK 95 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

The following files are available for download:

https://mb.cision.com/Main/7333/3667777/1673459.pdf	Press release (PDF)
https://news.cision.com/assa-abloy/i/sbt-1-white,c3114521	SBT-1-white

 

View original content:https://www.prnewswire.com/news-releases/assa-abloys-climate-targets-validated-as-science-based-301679691.html

SOURCE ASSA ABLOY

FAQ

What emission reduction targets has ASSA ABLOY set?

ASSA ABLOY aims to halve absolute emissions by 2030 and achieve net-zero emissions by 2050.

When were ASSA ABLOY's climate targets validated?

ASSA ABLOY's climate targets were validated by the Science Based Targets initiative on November 16, 2022.

What is ASSA ABLOY's plan for Scope 3 emissions?

ASSA ABLOY plans to reduce its Scope 3 emissions by 28% by 2030.

What does SBTi stand for in relation to ASSA ABLOY's press release?

SBTi stands for the Science Based Targets initiative, which validates emission reduction targets.

What is the significance of ASSA ABLOY's sustainability goals for investors?

ASSA ABLOY's sustainability goals reflect its commitment to reducing emissions, which may enhance its competitive advantage and long-term viability.