(MENAFN- GlobeNewsWire - Nasdaq) The Science-Based Target initiative validated am bitious GHG reduction targets of Ignitis Group
AB“Ignitis grupė” (hereinafter – the Group) informs that the Science Based Targets initiative (hereinafter –SBTi) validated ambitious greenhouse gas (GHG) emission reduction targets of the Group. The Group is the first Lithuanian capital company and one of just over a thousand companies globally that have their GHG emission reduction targets validated by the joint initiative of global organisations taking climate action.
The Group's emission reduction targets announced today include direct and indirect GHG emissions from its activities – the Group has committed to reduce emissions in all three emission scopes. The Group has committed to reduce GHG emissions by 47% by 2030, compared to the 2020 baseline, and to reach net-zero emissions by 2050.
After assessing the Group's targets, the SBTi validated their compliance with the latest scientific recommendations for actions to limit global temperature increase to well-below 1.5 degrees Celsius compared to the pre-industrial era. Scientists warn against crossing this threshold in order to avoid catastrophic natural disasters, negative impact on health and wealth of the population.
“The energy sector globally is responsible for a significant part of greenhouse gas emissions emitted to the atmosphere. Therefore, the actions of energy companies to reduce emissions are especially important in transitioning to green economy. The SBTi confirmed that our targets comply with the highest requirements – this is an achievement for us as well as an obligation to be proactive in reducing the impact of our operations on the environment”, said Darius Maikštėnas, CEO at Ignitis Group.
In pursuit of its targets, the Group will reduce emissions from its operations and will endeavour to engage its partners, suppliers and customers in the process. The foreseen emission reduction measures include growing green generation capacity, increasing share of green electricity in internal operations and in customer sales, promoting the customer transition from natural gas to electricity, reducing natural gas distribution network losses, upgrading the vehicle fleet with electric vehicles, etc.
Valentas Neviera, Head of Group Sustainability, says that the Group's innovation projects and partnerships with educational institutions and scientific organisations that pursue and offer emission reduction, energy efficiency solutions as well as measures for capturing emissions from the atmosphere will play a key role in reducing emissions. The Group will report its performance progress annually in public sustainability reports, and its short-term targets and specific actions will also be reported annually in the updated strategic plan of the Group.
The Group has previously announced a commitment to reach net-zero GHG emissions by 2050. It committed to establish interim emission reduction targets as well as to coordinate them with the SBTi, after joining the Business Ambition for 1.5°C initiative at the end of 2019.
The SBTi, an initiative helping companies to set emission reduction targets, is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The partnership aims to limit the global temperature increase to 1.5 °C and to avoid the worst effects of climate change. Currently, just over 1,000 companies globally have their science-based emission reduction targets approved , while over 1,000 companies are planning to set science-based targets soon.
More information about Ignitis Group's climate commitments is available on the Group's website .
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