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Thursday, May 23, 2024

Michelin’s CO2 reduction targets approved by SBTi*

The Science Based Targets initiative (SBTi) has approved Michelin Group’s CO2 emissions reduction targets.

This approval corroborates Michelin’s environmental strategy and paves the way for achieving net-zero Scope 1 and 2 emissions at all its sites by 2050.

Michelin’s COemissions-reduction targets have been validated by SBTi, a leading independent collaborative organisation in this field. The success of the COP21 Paris Climate Agreement depends not only on the commitment of member States but also on the involvement of civil society and the private sector in collectively reducing greenhouse gas (GHG) emissions.

That’s why Michelin Group voluntarily submitted its CO2 emissions reduction targets to the SBTi for approval.

Michelin commits to reduce absolute scope 1 and 2 GHG emissions by 38% by 2030 from a 2010 base year*. Michelin commits to reduce absolute scope 3 GHG emissions from fuel- and energy-related activities; upstream and downstream transportation and distribution; and end-of-life treatment of sold products by 15% by 2030 from a 2018 base year. Michelin also commits that 70% of its suppliers by emissions covering purchased goods and services will have science-based targets by 2024.

Scope 1 emissions are generated by sources owned or controlled by the Company, while Scope 2 emissions result from the generation of energy that is purchased and consumed by the Company. Scope 3 covers emissions resulting from the company’s business but generated by sources not owned or controlled by the Company.

Obtaining approval from SBTi represents a first step toward carbon neutrality by paving the way for net-zero Scope 1 and 2 emissions at all Michelin sites by 2050.

The SBTi method is also an opportunity for Michelin to strengthen its commitment to its suppliers, in order to increase their societal responsibility through targeted action on CO2 emissions reduction in the production of raw materials.

Commenting on the approval, Florent Menegaux, Michelin Group CEO, said: “Gaining SBTi’s approval of our CO2 reduction targets is additional proof of the pertinence of our environmental strategy. Michelin Group has great ambitions, fully in line with its strategy, and a very long-term vision with regard to the fight against global warming. I firmly believe that for all of our business lines, the current crisis is an opportunity to step up our activities, products and initiatives aimed at protecting the environment”.

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