Magna Commits to Achieve Net-Zero by 2050
August 29 2023 - 7:30AM
Magna is taking a significant step forward in its commitment to
sustainability and environmental stewardship by submitting net-zero
emissions targets for validation by the Science Based Targets
initiative (SBTi), the widely-accepted benchmark for
decarbonization targets in line with the Paris Climate Agreement.
The company’s goal is to achieve net-zero emissions status by 2050,
and meet its near-term Scope 1, 2 and 3 targets by 2030.
Magna targets 100% renewable electricity use in Europe by 2025,
globally by 2030
“Magna has focused on creating a better world of mobility, and
the company’s pursuit of net-zero emissions reflects this
commitment,” said Magna CEO Swamy Kotagiri. “To reach this
ambitious target, we are addressing not only the emissions we
produce within our own facilities but also those of our entire
supply chain, while supporting the industry move to low-carbon
mobility technology. By embracing sustainable practices, shifting
to renewable energy sources, making our manufacturing processes
more efficient and partnering with our customers in the transition
to electric vehicles, we want to make a positive impact on the
planet and future generations.”
Magna’s pursuit of net-zero emissions will involve several
interim steps, including transitioning to 100% renewable
electricity use in the company’s European operations by 2025 and
globally by 2030. Magna’s net-zero strategy includes a near-term
commitment to reduce approximately 42% of the company’s scope 1 and
2 emissions, and approximately 25% of its scope 3 emissions, each
by 2030. Magna has also submitted these near-term targets to the
SBTi for validation simultaneously with its net-zero target.
For Magna and the rest of the mobility industry to achieve their
collective sustainability goals, it will require immense
collaboration amongst employees, suppliers, customers, consumers,
and partners to ultimately drive scale and reach.
“We know we can’t fight climate change alone, which is why we
are working with our customers and partners, including 10,000
supplier companies, to optimize our natural resources,” said Ahmed
ElGanzouri, Global Director, Sustainability and Energy at Magna.
“Beyond Magna, I see a true cooperative spirit across the industry
to identify the challenges and address them together.”
Magna is actively engaged with various organizations and
associations all focused on educating and partnering on initiatives
to help create a sustainable future for the planet. One example is
the Suppliers Partnership for the Environment (SP), an innovative
forum to spark collaboration within the global automotive supply
chain between automakers, suppliers, the U.S. EPA, and other
government entities from around the world.
“Collaboration is a key driving force that is propelling the
automotive industry towards a sustainable future,” said SP Director
Kellen Mahoney. “Magna’s unwavering commitment and dedication to
creating a greener planet is not only commendable but, as one of
the world’s largest automotive suppliers, presents an opportunity
for even greater collaboration to help shape a future where
sustainable practices become the industry standard.”
Within its own operations, Magna has already made progress
towards previously established sustainability actions. In 2023, the
company is on track to achieve its commitment to reduce global
energy intensity by 10% in all manufacturing facilities, with a
target of 20% energy intensity reduction by 2027. Additionally,
more than 30 Magna divisions have achieved carbon neutrality over
the last two years.
To learn more about Magna’s sustainability strategy and more,
visit www.magna.com/company/sustainability.
TAGSnet-zero, Sustainability, Renewable Energy, Science-Based
Targets
INVESTOR CONTACTLouis Tonelli, Vice-President, Investor
Relations louis.tonelli@magna.com, 905-726-7035
MEDIA CONTACTTracy Fuerst, Vice President, Corporate
Communications & PRtracy.fuerst@magna.com, 248-761-7004
ABOUT MAGNAMagna is more than one of the world’s largest
suppliers in the automotive space. We are a mobility technology
company built to innovate, with a global, entrepreneurial-minded
team of over 174,000 employees across 351 manufacturing operations
and 103 product development, engineering and sales centres spanning
30 countries. With 65+ years of expertise, our ecosystem of
interconnected products combined with our complete vehicle
expertise uniquely positions us to advance mobility in an expanded
transportation landscape.
For further information about Magna (NYSE:MGA; TSX:MG), please
visit www.magna.com or follow us on social.
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