SBTi validates Norican’s near-term and net-zero targets

The Science-Based Targets initiative (SBTi) - a partnership between the UN Global Compact, CDP, World Resources Institute and World Wide Fund for Nature - has validated Norican Group’s near-term science-based emissions reduction target.

The group has also committed to setting long-term emissions reduction targets with the SBTi in line with reaching net zero by 2050, making us one of 2200 companies in the world to have net zero targets validated by SBTi and the only one within our industry.

We submitted our targets for validation in December 2022 and our validated headline target is published and progress tracked on the initiative’s “Companies taking action” table.

To reduce absolute Scope 1 and 2 greenhouse gas emissions by 50.4% by 2032 from a 2021 base year

Since establishing the group’s emissions baseline, the Norican team has embarked on an intense programme of actions and initiatives to ensure no time is lost while targets are being scrutinised.

This means that in less than two years from committing to setting targets, the Group identified and approved emission reduction initiatives that would yield a 27,4% reduction of Scope 1 and 2 CO2 emissions by 2025 – three years ahead of our initial plan.

Our CEO, Anders Wilhjelm, comments: “Playing our part in leaving the planet in a better condition than when we inherited it is at the heart of our organization. As industrial businesses, we and our peers around the world can make a significant contribution in the battle to avoid climate catastrophe. It’s our duty to act with urgency.

I’m proud of the progress the business has made so far, but we are not going to be complacent. Addressing our Scope 3 emissions will be a real challenge and something we will be measured against. The SBTi process has shown us the difference we can make if we commit to targets and the team have made a great start. It’s down to us now to convince our suppliers and customers to do the same. We’re here to help them start their journey.”

Scope 1-3 emissions – a recap

Scope 1
Direct GHG emissions from sources the company owns or controls, for example, foundry furnaces.

Scope 2 
Indirect GHG emissions from generating electricity, steam, heat, and cooling consumed by the reporting company.

Scope 3 
Indirect GHG emissions from a company’s customers and suppliers. For Norican, it is our customers’ use of Norican’s products and services.