Crown's Greenhouse Gas Emission Reduction Goals Approved By Science Based Targets Initiative

Rhea-AI Summary

Crown Holdings (NYSE: CCK) has received approval from the Science Based Targets initiative (SBTi) for its greenhouse gas (GHG) emission reduction targets. The company aims to reduce absolute Scope 1 and Scope 2 GHG emissions by 50% and Scope 3 emissions by 16% by 2030, using a 2019 baseline. This approval highlights Crown's commitment to sustainability as part of a broader strategy to enhance its environmental, social, and governance (ESG) goals. Crown is one of only eight companies in the global packaging sector to achieve this distinction.

Positive

• Achieved SBTi approval for GHG reduction targets.
• Targets include 50% reduction in Scope 1 and 2 emissions by 2030.
• Aiming for 16% reduction in Scope 3 emissions by 2030.
• Part of an elite group of eight companies in the packaging sector focusing on climate change.

Negative

• None.

YARDLEY, Pa., July 23, 2020 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) (Crown) (www.crowncork.com), has had its greenhouse gas emission reduction targets approved by the Science Based Targets initiative (SBTi) as consistent with reductions required to keep warming to 1.5°C, the most ambitious goal of the Paris Agreement. Specifically, Crown has committed to reduce absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 50% by 2030 (using a 2019 baseline), as well as decrease absolute Scope 3 GHG emissions by 16% over the same target period.

The approval follows a stringent validation process by SBTi, which defines and promotes best practice in science-based target setting and independently assesses companies' goals. A collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), the initiative champions science-based target setting as a powerful way of boosting companies' competitive advantage in the transition to the low-carbon economy.

"As a Company, we are taking serious, deliberate steps to accelerate our sustainability commitments," stated Timothy J. Donahue, President and Chief Executive Officer of Crown. "Receiving approval on our emission reduction objectives from the Science Based Targets initiative serves as a major proof point that we are on the right track. We are proud to secure this distinction, which is only held by seven other companies in the global containers and packaging sector, and be part of an elite group of organizations fighting against climate change." 

Crown is committed to advancing climate protection and helping achieve a worldwide transformation, previously demonstrating these priorities through strides in renewable electricity use and a set of 2020 sustainability goals focused on emissions and energy consumption. The Company's SBTi-approved emission reduction targets are a crucial part of a robust sustainability strategy to be announced this month. The strategy includes a series of measurable environmental, social and governance (ESG) goals to be achieved in the next decade.

More information about Crown's approach to sustainability is available at www.crowncork.com/sustainability.

About Crown Holdings, Inc.

Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania. For more information, visit www.crowncork.com.

For more information, contact sustainability@crowncork.com.

For editorial inquiries: Mallory Schindler, Senior Account Executive, FINN Partners; Tel: (212) 529-2634; Email: mallory.schindler@finnpartners.com

View original content:http://www.prnewswire.com/news-releases/crowns-greenhouse-gas-emission-reduction-goals-approved-by-science-based-targets-initiative-301099068.html

SOURCE Crown Holdings, Inc.

FAQ

What are Crown Holdings' greenhouse gas emission reduction targets?

Crown Holdings aims to reduce Scope 1 and Scope 2 emissions by 50% and Scope 3 emissions by 16% by 2030 from a 2019 baseline.

When were Crown Holdings' GHG targets approved?

Crown Holdings' greenhouse gas emission reduction targets were approved on July 23, 2020.

What is the significance of Crown Holdings' SBTi approval?

The SBTi approval signifies Crown's commitment to sustainability and aligns its goals with the Paris Agreement's target to limit global warming.

How does Crown Holdings contribute to sustainability?

Crown Holdings is advancing sustainability through measurable environmental, social, and governance (ESG) goals, including significant GHG emissions reductions.

What recognition has Crown Holdings received for its sustainability efforts?

Crown Holdings is one of eight companies in the global containers and packaging sector recognized for its GHG reduction targets by the SBTi.