19th Dec 2022 08:07
(Alliance News) - Mondi PLC on Monday said it has approved "science-based net-zero targets" as it intensified efforts to cut harmful gas emissions from its operations and value chain.
The Weybridge, England-based paper and packaging firm committed to reduce absolute scope one and two gas emissions by 46% in the near-term and scope three emissions by 28% by 2030.
The long-term target is to reduce absolute scope one, two and three emissions by 90% by 2050.
Mondi said it had already made significant progress, achieving a 46% reduction of its specific emissions to 2021 against its initial 2004 baseline.
Mondi said these targets were consistent with a reduction required to keep global warming to 1.5 degrees Celsius, needed to prevent the most damaging effects of climate change.
Back in January, Mondi announced its commitment to net-zero gas emissions reduction.
The group has already made energy-related investments across its pulp and paper mills, with more than EUR650 million invested since 2015.
"We generate most of our energy needs in energy plants on-site and our pulp and paper mills are largely electricity self-sufficient," the company said on Monday.
"The approval of our science-based net-zero targets according to SBTi's net-zero standard underlines our long-term commitment to taking action on climate," Mondi Chief Executive Andrew King said.
SBTi stands for the science-based targets initiative, which measures climate action in the private sector.
Mondi shares were up 0.9% at ZAR310.85 in Johannesburg early Monday. They were down 1.1% at 1,402.00 pence in London.
By Artwell Dlamini, Alliance News reporter
Comments and questions to [email protected]
Copyright 2022 Alliance News Ltd. All Rights Reserved.