ABB has received endorsement from the Science Based Targets initiative (SBTi) for its greenhouse gas emissions reduction targets. This acknowledgment verifies that ABB’s objectives for reducing emissions are scientifically valid and align with the Paris Agreement’s requirements.
The approved targets by SBTi for ABB are structured into near-term and long-term goals. By 2030, ABB aims to cut its Scope 1 and Scope 2 carbon dioxide equivalent (CO2e) emissions by 80% compared to a 2019 baseline. In addition, it plans to reduce its Scope 3 emissions by 25% from a 2022 baseline.
For the long-term, the targets are more ambitious, with a 100% reduction in Scope 1 and 2 CO2e emissions by 2050 against the same 2019 baseline and a 90% reduction in absolute Scope 3 emissions from the 2022 baseline. The overarching aim is to achieve net-zero greenhouse gas emissions across its value chain by 2050.
Anke Hampel, Group Head of Sustainability at ABB, stated, “As a technology leader in electrification and automation, ABB is at the core of accelerating the energy transition. We are committed to reduce our scope 1 and 2 emissions by 80 percent by 2030 and 100 percent by 2050 and have already achieved a 76 percent reduction versus our 2019 baseline.
“With our new Scope 3 targets we will increase our engagement with our value chain partners on decarbonization whilst providing products and solutions to our customers to enable them to scale-up renewables, increase energy efficiency, electrify processes and reduce emissions. The validation of our updated targets by the Science-Based Targets initiative demonstrates that our ambitions and methodology align with the latest climate science.”
The SBTi Net-Zero Standard, under which ABB’s targets were validated, serves as the only global framework for corporate net-zero target setting consistent with climate science. It offers companies the necessary guidance and tools to establish science-based net-zero targets.
ABB isn’t the only company in the industry to receive backing from the SBTi for its carbon reduction plans, with Schneider Electric having also had its net zero target validated. That commitment is what contributed to Schneider being named the world’s most sustainable company in a list recently released by Time, with ABB placing 51st in that very same list.