Schindler commits to full-scope net-zero emissions by 2040

Schindler Holding AG / Key word(s): Sustainability Schindler commits to full-scope net-zero emissions by 2040 21.06.2022 / 06:30 Schindler today announced its commitment to reaching net-zero greenhouse gas emissions worldwide by 2040. These science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi), the global body that helps businesses set emissions reduction target in line with a 1.5°C future.

“The time for climate action is now and companies like ours have a crucial role to play,” said Silvio Napoli, Schindler’s Chairman and CEO. “By setting ourselves some of the most ambitious targets in our industry we want to accelerate the transition to a low-carbon future.” 

The SBTi has approved both Schindler’s near-term and long-term targets. Schindler’s near-term 2030 target entails a 50% absolute reduction in greenhouse gas emissions from its own operations, using the year 2020 as a baseline. This includes direct emissions generated by its own fleet, buildings and processes (known as scope 1 emissions), as well as indirect emissions from its purchase of electricity, heat and cooling (scope 2). In addition, Schindler aims to cut emissions in its value chain by 42% (scope 3). 

Moreover, Schindler is committed to reaching net-zero emissions by 2040 through a 90% absolute reduction of its greenhouse gas emissions in scope 1, 2 and 3 from a 2020 baseline as its long-term science-based emission reduction target. In line with SBTi criteria and recommendations, Schindler prioritizes direct emissions reduction to advance decarbonization, while working to neutralize its residual emissions. 

Science-based targets build on the latest climate science to determine what actions are needed to meet the goals of the Paris Agreement – to limit global temperature rise to 1.5°C above pre-industrial levels. Near-term targets outline how organizations will reduce their emissions over the next five to ten years. Long-term targets indicate the degree of emission reductions organizations need to reach in order to achieve net-zero by 2050 at the latest. They are set by companies and validated by the Science Based Targets initiative (SBTi), a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).