International Paper Receives SBTi Approval for its Science-based Carbon Reduction Target

Rhea-AI Summary

International Paper (NYSE: IP) announced the approval of its 35% Greenhouse Gas reduction target by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement's climate goals. This recognition establishes the company as a leader in the low-carbon transition and among the first in the North American paper industry with approved targets. International Paper aims to achieve several sustainability goals by 2030, including reducing water usage by 25% and creating products that are 100% reusable or recyclable.

Positive

• SBTi approval confirms International Paper's 35% GHG reduction target aligns with Paris Agreement.
• Aims to achieve significant sustainability goals by 2030, enhancing eco-friendly initiatives.
• Recognition as a leader in the low-carbon transition boosts company reputation and investor confidence.

Negative

• None.

MEMPHIS, Tenn., Dec. 3, 2021 /PRNewswire/ -- International Paper (NYSE: IP) today announced our 35% Greenhouse Gas reduction target has been approved by 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 International Paper's operations (scopes 1 and 2) are consistent with reductions required to keep warming to well-below 2°C. Additionally, International Paper's target for the emissions from its value chain (scope 3) meet the SBTi's criteria for ambitious value chain goals, meaning they are in line with current best practice.

The approval formally recognizes International Paper as a leader in the low-carbon transition, and makes the company one of the first North American organizations in the paper and packaging industry with approved targets, joining over 1,000 others across industries and around the world.

"As a global leader in the forest products industry, International Paper is uniquely positioned to drive significant progress in the low-carbon circular economy," said Mark Sutton, Chairman and Chief Executive Officer, International Paper. "We are committed to leading our industry towards a more sustainable future."

In 2020, International Paper released its Vision 2030 goals, which demonstrate its commitment to building a better future for people, the planet and the company. Through the goals, one of the world's leading producers of renewable fiber-based packaging and pulp announced plans to advance its contributions to the circular, low-carbon economy while building on its commitments to its people and communities. 

The company has committed to achieving the following goals by 2030:

• Healthy & Abundant Forests: Lead forest stewardship efforts globally
• Thriving People & Communities: Promote employee well-being by providing safe, caring and inclusive workplaces and strengthen the resilience of our communities
• Sustainable Operations: Improve our climate impact and advance water stewardship
• Renewable Solutions: Accelerate the transition to a low-carbon economy through innovative fiber-based products

Each goal includes one to three specific, measurable targets, enabling the company to track its progress throughout the decade. The targets include commitments to reduce greenhouse gas emissions by 35% from 2019 levels, to reduce water usage by 25% and to create innovative products that are 100 percent reusable, recyclable or compostable.

"The SBTi approval means we've aligned our own sustainability ambitions with the Paris agreement, and demonstrates International Paper's commitment to building a better future for people, the planet and our company," continued Sutton.

The Science Based Targets initiative (SBTi) helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy. Targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered to be "science based" if they are in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement – to limit global warming to well below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C. SBTi is a collaboration between CDP, United Nations Global Compact (UNGC), World Resources Institute (WRI), World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.

About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging and pulp products with manufacturing operations in North America, Latin America, North Africa and Europe. We produce packaging products that protect and promote goods, and enable worldwide commerce, and pulp for diapers, tissue and other personal hygiene products that promote health and wellness. We are headquartered in Memphis, Tenn. and employ approximately 38,000 colleagues. Net sales for 2020 were $21 billion*. In Russia, the Company has a 50/50 joint venture, Ilim Group, the country's largest integrated manufacturer of pulp and paper and its largest foreign-domestic alliance in the forestry products sector. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.

*Inclusive of our former pulp and paper mill in Kwidzyn, Poland, which was sold on August 6, 2021, and our former global papers business, which became a standalone, publicly traded company on October 1, 2021.

 

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SOURCE International Paper

FAQ

What is International Paper's greenhouse gas reduction target for 2021?

International Paper has set a greenhouse gas reduction target of 35%, approved by the Science Based Targets initiative.

What organization approved International Paper's sustainability targets?

The Science Based Targets initiative (SBTi) approved International Paper's sustainability targets.

What sustainability goals has International Paper set for 2030?

International Paper aims to reduce greenhouse gas emissions by 35%, water usage by 25%, and create products that are 100% reusable or recyclable.

How does International Paper's approval by SBTi impact its market position?

The approval positions International Paper as a leader in sustainability within the paper and packaging industry, enhancing its market reputation.