Verified Net Zero Target Pledge Made by TLT
TLT’s full set of near- and long-term targets include:
– Reduce absolute scope 1 and 2 emissions 80% by FY2030 from a FY2019 base year
– Reduce absolute scope 3 emissions 47% by FY2030 from a FY2019 base year
– Reduce absolute scope 1, 2 and 3 emissions 90% by 2040 from a FY2019 base year
This goes beyond the SBTi’s recommendation that businesses halve their emissions before 2030 and achieve net zero before 2050, as well as the UK’s commitment to achieving net zero by 2050.
In recognition of the urgency of the global climate crisis and the importance of rapid and deep emission cuts, TLT’s targets are:
– Science-based. meaning they align with the latest climate science
– 1.5°C aligned. meaning they pursue the lowest target for global warming recognised in the Paris Agreement and by major governments and scientists worldwide
– Long-term and short-term. meaning they align with a net zero future
– Total Scope 1, 2 and 3. meaning they include scope 3 supply chain emissions (which are traditionally excluded from corporate strategies, the largest proportion of TLT’s emissions and the hardest to control)
– Approved under the SBTi’s new Net-Zero Standard. the world’s first science-based standard for setting corporate net zero targets
TLT is now working on implementing its net zero roadmap, developed in conjunction with specialist consultants Carbon Intelligence as part of the SBTi submission.
Separate from the SBTi validation, TLT has also committed to offsetting its emissions in 2025 to enhance environmental protections even further, as it journeys towards net zero.
Maria Connolly, head of real estate and future energy and executive board member responsible for TLT’s environmental sustainability strategy, says: “This marks an important step on our continued journey, as we now work towards achieving net zero by 2040 and our near-term targets.
“From day one, reducing our emissions has been a firmwide effort and we will continue to work at every level – from the board right through to our regional employee-led sustainability forums, and with our growing list of partner organisations – to do all that we can to achieve our goals as quickly as possible, and linking this to our wider sustainability and wellbeing strategies.
“The latest climate science shows it is still possible to limit global warming to 1.5°C, but we are dangerously close to that threshold. We need to ensure that every business has access to the information and resources it needs to set as ambitious a net zero plan as possible, and that businesses work together to share best practice and ideas.”