Support of the 1.5° pathway
The Science Based Targets Initiative (SBTi) is a global initiative that aims to encourage and support companies to set science-based targets (SBTs) to reduce greenhouse gas emissions and limit global warming to well below 2°C above pre-industrial levels.
The SBTi provides a framework and guidelines for companies to set targets that are in line with the latest climate science, including the goals of the Paris Agreement. This involves setting targets that are consistent with limiting warming to 1.5 °C above pre-industrial levels, which is the more ambitious goal of the Paris Agreement.
Companies can have their targets independently verified and approved by the SBTi, which helps to ensure that they are aligned with the latest science and are in line with the goals of the Paris Agreement. By setting science-based targets, companies can demonstrate their commitment to addressing climate change and reducing their carbon footprint.
The SBTi distinguishes between near- and long-term goals and commitments.
Near-term targets show how organizations intend to reduce emissions over the next 5-10 years, crucial for significant progress by 2030 and a prerequisite for net zero targets. We commit to reduce absolute scope 1 and 2 Green House Gas emissions 42% by 2030 from a 2021 base year. Figures were approved for the current portfolio against 2021. We also commit to reduce absolute scope 3 Green House Gas emissions 25% within the same timeframe.
Long-term targets indicate how organizations need to reduce their emissions to achieve net zero, according to the criteria of the SBTi Corporate Net-Zero Standard, by 2050 at the latest (2040 for the energy sector). LANXESS commits to reduce absolute scope 1 and 2 Green House Gas emissions 90% by 2040 from a 2021 base year and to reduce absolute scope 3 Green House Gas emissions 90% by 2050 from a 2021 base year.
LANXESS overall commits to reach net-zero greenhouse gas emissions across the value chain by 2050 and thus has a SBTi verified net-zero target.
