NOVENCO Building & Industry joins the Science-Based Targets initiative and strengthens commitment to ambitious climate goals

 

In NOVENCO Building & Industry we have our sights on 100% CO2-neutrality by 2050 in all our value chain. The commitment to the climate and the green transition is serious to us and we wish to do more, which is why we have joined the global standard Science-Based Targets initiative (SBTi). The SBTi helps companies and corporations shape their climate goals in accordance with the Paris Agreement.

“As a company we have for many years worked with environmentally improving initiatives and have in later years increased the daily efforts to meet the UN’s climate goals. Through the SBTi we commit to the ambitious goals of Net-Zero no later than 2050. The work we have begun in this context contributes even further to a sustainable future for our planet” – Lars Erik Knaack, CEO, NOVENCO Building & Industry. 

With the ambitious joining NOVENCO Building & Industry has two years to announce goals for validation by SBTi, which is a process that takes several months. After approval of the goals, progress must be reported each year in terms of own and emissions in the value chain.

If we are to succeed in reduction of our emissions to the largest possible extend, a concerted effort from ourselves and our suppliers is critical. Emissions connected with procurement of goods and materials constitute the lion’s share of our company’s total climate emissions. Consequently, we must establish ambitious goals for ourselves and make tougher demands for our suppliers so that we can propel together towards new and better solutions.

The SBTi is a collaboration between the Carbon Disclosure Project (CDP), World Resources Institute (WRI), World Wide Fund for Nature (WWF), and UN Global Compact (UNGC). It is created to promote ambitious climate initiatives in the private sector by mobilising companies to set climate reduction goals in line with the recommendations of climate science.

Read more about SBTi here: www.sciencebasedtargets.org

The latest climate science from the UN’s Intergovernmental Panel on Climate Change (IPCC) shows "code red for humanity." Although it indicates that it is still possible to limit global temperature rise to 1.5 °C, we are dangerously close to crossing the threshold. The importance of that we, as a society, work towards emission reductions to halve the global emissions before 2030 and to arrive at net-zero before 2050 is greater than ever.

Ensures compliance with the Paris Agreement
The SBTi develops goal-setting methods based on the latest climate science from the IPCC for companies in various industries. These methods allow specifying the pace at which a company should reduce its greenhouse gas emissions, including CO2, to meet the goal of the Paris Agreement of keeping the global warming below 1.5 °C.