Orbia Receives Independent Validation from the Science Based Targets initiative (SBTi) for Near-Term Scope 1, 2 & 3 Emissions Targets

Rhea-AI Summary

Orbia has announced the approval of its near-term emissions reduction targets by the Science Based Targets initiative (SBTi). The targets aim for a 47% reduction in scope 1 and 2 greenhouse gas emissions by 2030 from a 2019 baseline, and a 30% reduction in scope 3 emissions during the same period. These goals are classified as part of the most ambitious 1.5°C trajectory. CEO Sameer Bharadwaj emphasized the importance of sustainable practices in mitigating climate change, while VP Tania Rabasa Kovacs noted the commitment to achieving net-zero emissions by 2050. This recognition follows Orbia's inclusion in the S&P Dow Jones Sustainability Indices.

Positive

• Approval of emissions reduction targets by the SBTi indicates feasible and ambitious goals.
• Commitment to a 47% reduction in scope 1 and 2 GHG emissions by 2030, enhancing corporate sustainability profile.
• 30% reduction goal for scope 3 emissions supports comprehensive sustainability strategy.
• SBTi validation enhances transparency and accountability in Orbia's climate strategies.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Today, Orbia is proud to announce that the Science Based Targets initiative (SBTi), a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), has approved its near-term scope 1, 2 and 3 emissions reduction targets as being in conformance with the latest SBTi Criteria and Recommendations (version 5) for climate actions to mitigate the impacts of global warming.

In addition, the SBTi validation team has classified Orbia’s scope 1 and 2 target reduction goal in its most ambitious 1.5°C trajectory category. Orbia has committed to reduce its absolute scope 1 and 2 greenhouse gas emissions 47% by 2030 from a 2019 base year and to reduce absolute scope 3 GHG emissions from use and end-of-life treatment of sold products 30% within the same timeframe.

“It has been the vision of our founders and leaders to provide cleaner, smarter, more efficient materials and solutions that advance life around the world,” said Sameer Bharadwaj, CEO of Orbia. “Today, validating our scope 1, 2 and 3 emissions reduction goals with the SBTi reinforces our commitment to providing our customers with the products and services they need to deal with the impacts of climate change and help decarbonize the planet.”

“Approval from the SBTi confirms that the emissions targets we set are feasible and well aligned with what the world needs to keep a temperature below a 1.5°C rise,” said Tania Rabasa Kovacs, Vice President of Sustainability and Corporate Affairs. “Working with the SBTi demonstrates our commitment to achieving our ambitions with transparency and accountability. We are confident that by transitioning to renewable sources of energy, optimizing production processes for efficiency and investing in new technologies, Orbia will meet its 2050 net-zero aspiration,” continued Kovacs.

Recognition by the SBTi is another example of how Orbia’s commitment to sustainability is making an impact and follows last month’s announcement of Orbia’s inclusion in the S&P Dow Jones Sustainability Indices (“S&P DJSI”). For additional details on external recognition, visit: https://www.orbia.com/sustainability/esg-indices-and-external-recognition/.

About the Science Based Targets initiative (SBTi)

A partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), the Science Based Targets initiative (SBTi) mobilizes companies to set science-based targets and boost their competitive advantage in the transition to the low-carbon economy. The SBTi defines and promotes best practice in science-based target setting, offers resources to reduce barriers to adoption and independently assesses and approves companies’ targets using a quantitative and qualitative protocol.

https://sciencebasedtargets.org/companies-taking-action

About Orbia

Orbia is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building and Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) and Fluorinated Solutions (Koura) sectors. The five Orbia business groups have a collective focus on expanding access to health and wellness, reinventing the future of cities and homes, ensuring food and water security, connecting communities to information and accelerating a circular economy with basic and advanced materials, specialty products and innovative solutions. Orbia has a global team of over 23,000 employees, commercial activities in more than 110 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. The company generated $8.8 billion in revenue in 2021. To learn more, visit: orbia.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230119005105/en/

Global:

Kacy Karlen

Chief Communications Officer

kacy.karlen@orbia.com

1 (865) 410-3001

Source: Orbia

FAQ

What emissions reduction targets has Orbia set for 2030?

Orbia aims for a 47% reduction in absolute scope 1 and 2 greenhouse gas emissions and a 30% reduction in scope 3 emissions by 2030.

How is Orbia's commitment to sustainability recognized?

Orbia's sustainability measures have been validated by the Science Based Targets initiative (SBTi) and it has been included in the S&P Dow Jones Sustainability Indices.

What is the significance of Orbia's SBTi approval?

The SBTi approval confirms that Orbia's emissions targets are ambitious and align with global efforts to keep temperature rise under 1.5°C.

By what year does Orbia aim to achieve net-zero emissions?

Orbia aims to achieve net-zero emissions by 2050.

What baseline year is used for Orbia's emissions reduction targets?

The baseline year for Orbia's emissions targets is 2019.