Smurfit Kappa aligning climate change goal with Science Based Target initiative
May 20, 2020
DUBLIN (News release) -- Smurfit Kappa is taking another step forward in its sustainability journey by signing a commitment to align its CO2 target with the Science Based Target (SBT) initiative.
The move follows on from the packaging leader recently revealing in its 2019 Sustainable Development Report that it has reduced its fossil CO2 emission intensity by almost a third (32.9%) since 2005.
The SBT is a collaboration between the UN Global Compact, WWF, CDP and World Resources Institute (WRI). The initiative champions science-based target setting as a powerful way to boost companies' competitive advantage in the transition to a low-carbon economy and focuses in particular on validating their CO2 reduction targets in line with the objectives of the Paris Agreement. The Paris Agreement, which was signed in 2015, has the objective of limiting the rise of global temperatures to less than 2 degrees Celsius by mid-century.
SBT validation will provide Smurfit Kappa with confirmation that its CO2 target is not only ambitious as a stand-alone target but also aligned with the Paris Agreement objectives and the recommendations of the latest climate science findings.
Tony Smurfit, Group CEO, said: "We have a long-term commitment to do better for the planet and be part of the solution to the climate change issue. The SBT validation will also further progress our ambition to be the most sustainable company in paper-based packaging."
Steven Stoffer, Group VP of Development at Smurfit Kappa, added: "For more than a decade we have been providing full CO2 disclosures so signing the SBT commitment letter is the next logical step and further demonstration of Smurfit Kappa's role in minimising climate change risk.
"Although we have made significant progress in our climate change target we are now aiming to reduce our relative CO2 emissions further, with a target reduction of 40% by 2030 in comparison to the 2005 baseline."
In addition to SBT validation, Smurfit Kappa is also supporting the recommendations of the Taskforce for Climate-related Financial Disclosures, a global body which develops climate-related financial risk disclosures which are used to provide information for investors, lenders and insurers.