Building materials giant announces new targets to cut emissions 10 per cent by 2025
Building materials giant Kingspan Group has today become the latest global company to sign up the Science Based Targets Initiative (SBTi), announcing new goals to cut greenhouse gas emissions 10 per cent by 2025.
The company, which specialises in insulation materials, building fabric, and solar integrated building envelopes, said it is already committed to securing 'Net Zero Energy' status by 2020 and sourced 69 per cent of its energy from renewables last year.
However, it today announced that as part of joining nearly 500 companies in signing up to the SBTi it would set new targets to cut absolute Scope 1 and 2 emissions 10 per cent by 2025 against a 2017 base year. It also committed to reducing absolute Scope 3 emissions, covering purchased goods and services, business travel, transport and distribution, and end-of-life treatment of sold products, by 10 per cent by 2025.
The SBTi requires companies to submit emisisons reduction targets which are then independently validated as being in line with the emissions trajectory required under the Paris Agreement to keep temperature increased well below 2C levels. A raft of multinational firms have signed up to the group in recent years, including household names such as Coca-Cola, Dell, GlaxoSmithKline and Tesco.
"At Kingspan, we are dedicated to sustainable business practise, from our products, to our processes and our people, which is why we are delighted to sign up to the Science Based Targets Initiative," said Gene Murtagh, CEO of Kingspan, in a statement. "This provides measurable targets for our business to achieve and will ensure that we continue to match our words with actions that make a real difference."
The company provided evidence of how emissions reductions were delivering business benefits, noting that to date its Net Zero Energy initiative, has not only helped cut its carbon intensity by 77 per cent but has also reduced the group's energy costs by 38 per cent.