Pyxus Achieves SBTi Validation of its Science-based Emissions Reduction Targets
On June 13, 2024, Pyxus International announced that its greenhouse gas (GHG) emissions reduction targets have been validated by the Science Based Targets initiative (SBTi). The approval includes Pyxus' scope 1, 2, and 3 near-term targets. By 2030, Pyxus aims to cut its direct and indirect emissions by 42% and its value chain-related emissions by 25%, compared to 2020 levels. The company has already achieved a 9% reduction in absolute emissions since its base year, largely through alternative fuel sources. This milestone aligns Pyxus with the Paris Agreement's objective to limit global warming to 1.5°C.
- Pyxus' GHG emission targets are validated by SBTi, reinforcing credibility.
- The company aims for a 42% reduction in scope 1 and 2 emissions by 2030.
- Pyxus targets a 25% reduction in scope 3 emissions by 2030.
- Already reported a 9% decrease in absolute emissions since 2020.
- Utilization of alternative fuel sources contributed to emission reduction.
- Alignment with Paris Agreement objectives enhances corporate reputation.
- SBTi validation supports Pyxus' commitment to sustainability.
- The ambitious reduction targets could incur significant costs.
- Potential operational disruptions to meet the 2030 emission goals.
- Scope 3 targets are complex due to dependency on value chain partners.
As part of the in-depth review and approval process, the SBTi classified Pyxus' scope 1 and 2 near-term target as in line with a 1.5°C trajectory – a pathway to limit the warming of Earth's average surface temperature to 1.5°C above pre-industrial levels – consistent with the Paris Agreement. SBTi also evaluated and approved the Company's scope 3 near-term target.
By 2030, Pyxus aims to reduce its direct (scope 1) and indirect (scope 2) emissions by 42 percent compared to its 2020 base year. It has also committed to the reduction of its indirect value chain-related emissions from purchased goods and services (scope 3) by 25 percent within the same timeframe.
"The SBTi's approval of our science-based emissions reduction targets is a significant milestone for the Company and further confirms our commitment to and the validity of our approach to GHG reduction," said Pyxus President and CEO Pieter Sikkel. "Since our base year, we have reported a nine percent decrease in our absolute emissions – largely attributable to the utilization of alternative fuel sources – and we will continue to implement improvements that generate operational efficiencies, mitigate risks and reduce our environmental impact going forward."
The SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) that provides companies with a clear pathway to set science-based targets and align emissions reduction efforts with the goals of the Paris Agreement.
About Pyxus International, Inc.
Pyxus International, Inc. ("Pyxus" or the "Company") is a global agricultural company with more than 150 years of experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxus.com.
Forward-Looking Statements
The statements contained in this news release regarding the expectation of achieving the Company's goals, the anticipated impact on the Company from the implementation of its strategy to achieve these goals and other statements with respect to the Company's plans, objectives, expectations and intentions are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Presentation of the Company's goals, plans, objectives, expectations and intentions, as well as the results of its strategy to achieve these goals, should not be viewed as a guarantee that the Company will be able to achieve these goals, expectations or objectives, or implement its plans or intentions, within the time periods anticipated or at all, particularly if underlying assumptions prove inaccurate, or if known or unknown risks or uncertainties prevent the achievement of these goals, objectives, plans, expectations and intentions. Many of these risks and uncertainties are beyond the Company's control, including without limitation, challenges relating to economic, competitive, governmental and technological factors affecting the Company's operations, markets and products. The Company does not undertake to update any forward-looking statements that it may make from time to time.
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SOURCE Pyxus International, Inc.
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