Home » Magna submits net-zero targets to Science Based Targets Initiative (SBTi)

Magna submits net-zero targets to Science Based Targets Initiative (SBTi)

Magna submits the net-zero emissions targets for validation by the Science Based Targets Initiative (SBTi). It is the commonly accepted decarbonization target as per the Paris Climate Agreement.
Magna plans to achieve its near-term Scope 1, 2 and 3 targets by 2030. Also, it targets to fulfill net-zero emissions by 2050.

Swamy Kotagiri, Magna CEO, said,
“Magna has focused on creating a better world of mobility, and the company’s pursuit of net-zero emissions reflects this commitment,”
“To reach this ambitious target, we are addressing not only the emissions we produce within our own facilities but also those of our entire supply chain, while supporting the industry move to low-carbon mobility technology.”
“By embracing sustainable practices, shifting to renewable energy sources, making our manufacturing processes more efficient and partnering with our customers in the transition to electric vehicles, we want to make a positive impact on the planet and future generations.”

Magna’s actions for net-zero commitment

The company plans to move in the net-zero through multiple means. Magna will transition to 100% renewable electricity use in European operations by 2025 and globally by 2030.
The company’s near-term strategy includes reducing approximately 42% of the company’s scope 1 and 2 emissions. Next, the company plans to curb approx.25% of its scope 3 emissions, each by 2030.

The report says that to drive collective sustainability targets, immense collaboration amongst employees, suppliers, customers, consumers, and partners is required to scale and reach.

Ahmed ElGanzouri, Global Director, Sustainability and Energy at Magna, said,
“We know we can’t fight climate change alone, which is why we are working with our customers and partners, including 10,000 supplier companies, to optimize our natural resources,”
“Beyond Magna, I see a true cooperative spirit across the industry to identify the challenges and address them together.”

Magna focuses on collaborating with other organisations to assist sustainability for future of the planet. An initiative by Magna is the Suppliers Partnership for the Environment (SP). The partnership is a collaboration within the global automotive supply chain and other governments.

Kellen Mahoney, SP Director, said,
“Collaboration is a key driving force that is propelling the automotive industry towards a sustainable future,”
“Magna’s unwavering commitment and dedication to creating a greener planet is not only commendable but, as one of the world’s largest automotive suppliers, presents an opportunity for even greater collaboration to help shape a future where sustainable practices become the industry standard.”

The report says that in 2023, Magna can achieve its commitment to reduce global energy intensity by 10% in all manufacturing facilities. The company will also show a 20% energy intensity reduction by 2027.

source: https://www.magna.com/stories/news-press-release/2023/magna-commits-to-achieve-net-zero-by-2050