onsemi Commits to the Science Based Targets Initiative, Marking a Key Step in its Decarbonization Journey
March 07 2023 - 9:00AM
Business Wire
The company has pledged to set near-term
Science Based Targets in support of its larger net zero by 2040
climate goal
onsemi (Nasdaq: ON), a leader in intelligent power and
sensing technologies, today announced it has committed to the
Science Based Target Initiative (SBTi). onsemi President and CEO
Hassane El-Khoury recently signed a commitment letter and submitted
it to SBTi, initiating the 24-month goal validation process. This
is a pivotal step in the company’s decarbonization journey and
demonstrates transparency in its net zero by 2040 climate goal.
With the submission of this letter, the company has pledged to
set near-term science-based emission reduction targets in line with
SBTi criteria. These ensure global temperatures do not exceed 1.5°C
above pre-industrial temperatures, a critical threshold to avoid
catastrophic impacts from climate change.
“SBTi is the gold standard for science-aligned carbon reduction
targets, and with the help and expertise imparted by the
initiative, we can ensure onsemi remains on target to support
global emission reduction efforts,” said Kim Luu, senior director
and head of Sustainability, Environmental Social Governance (ESG),
onsemi. “By December 2024, onsemi will publish approved near-term
targets aligned with and validated by SBTi, achieving a new level
of transparency.”
Science Based Targets (SBTs) provide a clearly defined pathway
for companies to reduce greenhouse gas (GHG) emissions, focusing on
deep decarbonization of current business processes and decoupling
business and revenue growth from increased emissions in the future.
SBTs add credibility and validity to a company’s climate goals, as
it requires a rigorous vetting process to ensure set targets align
with established pathways for emissions reductions.
Additionally, SBTs can boost investor confidence in a business
by establishing resilience against climate-related regulations.
SBTs establish a competitive edge to improve a company’s top-line
revenue, specifically as a value add for customers that have their
own supply chain emission reduction goals. They also generate
bottom-line savings by future-proofing resource resilience.
By December 2024, onsemi will publish approved near-term targets
aligned with and validated by SBTi. Information about onsemi’s
goals and progress in achieving these goals over the coming years
will be shared in our annual Sustainability Report.
About onsemi
onsemi (Nasdaq: ON) is driving disruptive innovations to
help build a better future. With a focus on automotive and
industrial end-markets, the company is accelerating change in
megatrends such as vehicle electrification and safety, sustainable
energy grids, industrial automation, and 5G and cloud
infrastructure. onsemi offers a highly differentiated and
innovative product portfolio, delivering intelligent power and
sensing technologies that solve the world’s most complex challenges
and leads the way to creating a safer, cleaner, and smarter world.
onsemi is recognized as a Fortune 500® company and included
in the S&P 500® index. Learn more about onsemi at
www.onsemi.com.
onsemi and the onsemi logo are trademarks of Semiconductor
Components Industries, LLC. All other brand and product names
appearing in this document are registered trademarks or trademarks
of their respective holders.
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version on businesswire.com: https://www.businesswire.com/news/home/20230307005474/en/
Stefanie Cuene Public Relations onsemi (602) 315-3778
Stefanie.Cuene@onsemi.com
Parag Agarwal Vice President - Investor Relations &
Corporate Development onsemi (602) 244-3437 investor@onsemi.com
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