Magna Commits to Carbon Neutrality in Global Operations by 2030

Rhea-AI Summary

Magna aims for carbon neutrality in European operations by 2025 and globally by 2030. This initiative aligns with the Paris Climate Accord and reflects the company's commitment to sustainability. In 2020, 12% of its global energy was sourced from renewables, and over 91% of waste was recycled. Magna also signed on as a founding sponsor of the XPrize Abundant Energy Alliance, emphasizing its role in advancing a net-zero future. CEO Swamy Kotagiri highlighted that achieving carbon neutrality is both a social responsibility and a business imperative.

Positive

• Aiming for carbon neutrality in Europe by 2025 and globally by 2030.
• 12% of global energy sourced from renewable energy in 2020.
• Over 91% of total waste recycled or diverted from landfills.

Negative

• None.

• Targeting carbon neutrality in European operations by 2025, globally by 2030
• Science-based approach aligns with objectives of Paris Climate Accord
• Company signs-on as founding sponsor of XPrize Abundant Energy Alliance

AURORA, Ontario, April 22, 2021 (GLOBE NEWSWIRE) -- Magna enters a new era in the company’s sustainability journey with its announcement to achieve carbon neutrality in its operations by 2025 in Europe and by 2030 globally. 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ece7735-efbe-4175-abd1-c2beb7309fcb

“While sustainability has long been ingrained in Magna’s culture, this decade will be our most decisive yet as we accelerate our efforts to protect the planet for future generations,” said Magna CEO Swamy Kotagiri. “We believe achieving carbon neutrality is both a social responsibility and a business imperative in the fight against climate change. This ambitious – and achievable – goal is rooted in a science-based approach that aligns with the Paris Climate Accord and places us among industry leaders in Europe and North America.”

In 2020, 12% of Magna’s global energy buy was from renewable energy sources, and plans are in place to transition all operations globally to renewable energy sources. In addition, over 91% of total waste outputs last year from operations were recycled or otherwise diverted from landfills.

At the same time, the company remains focused on delivering products that help customers achieve their own sustainability goals, including reaching a zero-emissions future and improving fuel economy. Such products include a suite of e-powertrain solutions, active-aerodynamics, and lightweight structures and exterior components.

“Delivering a sustainable, safer and more accessible future for all who share the road and the world drives our business decisions and fuels our innovations. Importantly, we are working alongside our customers, suppliers and employees throughout this journey,” added Kotagiri.

As further evidence of the company’s commitment, Magna has also signed on as the founding sponsor of the XPrize Abundant Energy Alliance, a global coalition of public, private, nonprofit and academic leaders and organizations that are advancing progress toward a net zero future.

Magna’s dedication to sustainability can been seen through the creative and impactful efforts of its operations around the world, and the company looks forward to accelerating progress in the coming years.

TAGS
Carbon neutrality, sustainability, Earth Day

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248.761.7004

ABOUT MAGNA
We are a mobility technology company. We have more than 158,000 entrepreneurial-minded employees and 342 manufacturing operations and 91 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities that include body, chassis, exteriors, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

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