ESSENTRA
PLC
("Essentra" or the "Company")
Essentra receives SBTi
approval for near-term and net-zero
targets
Essentra plc, a leading global
provider of essential components and solutions, today announces
that the Science Based Targets initiative ("SBTi") has approved
Essentra's near and long-term science-based emissions reduction
targets including verification of Essentra's net-zero science-based
target by 2050. The approval demonstrates a key milestone in the
Company's sustainability strategy, and progress and commitment
towards the Company's vision of being the world's leading
responsible hassle-free supplier of essential industrial
components.
The SBTi's Target Validation Team
has reviewed Essentra's scope 1, 2 and 3 near-term
target ambitions, and determined that they are in line with a 1.5°C
trajectory. The Target Validation Team has also evaluated
Essentra's scope 1, 2 and 3 long-term target ambitions, and
determined that the long-term targets are aligned with the SBTi's
1.5°C mitigation pathways for reaching net-zero by 2050 or
sooner.
Near-Term Targets:
· Essentra commits to reduce absolute scope 1 and 2 GHG
emissions by 50% by 2030 from a 2019 base year.
· Essentra also commits to reduce scope 3 GHG emissions from
purchased goods and services and upstream transportation and
distribution by 55% per GBP of value added by 2030 from a 2022 base
year.
Long-Term Targets:
· Essentra commits to reduce absolute scope 1 and 2 GHG
emissions by 90% by 2040 from a 2019 base year.
· Essentra also commits to reduce absolute scope 3 emissions by
90% by 2050 from a 2022 base year.
Overall Net-Zero Target: Essentra commits to reach net-zero greenhouse gas
emissions across the value chain by 2050.
Essentra's 2022 Annual Report showed
that the Company is already making good progress against these
targets, having reduced scope 1 and 2 emissions by 27% and
emissions intensity by 35% since 2019, as it transitions to
renewable electricity and an increased focus on energy management
programmes. Essentra has developed a
climate transition plan to provide full transparency on how it
plans to deliver against these targets. This will be included in
the 2023 Annual Report, to be published in April 2024.
Jennifer Spence, Head of Sustainability Strategy at Essentra
said:
"Delivering a sustainable service for our customers, our
people and the planet sits at the heart of Essentra's ESG
strategy, and achieving approval of
our emissions reduction targets from the SBTi is a significant
milestone in our journey, emphasising our commitment to
decarbonisation. Our first year as a
pure-play components business has allowed us to sharpen our focus
on ESG topics which will drive the Company towards our goal of
building a sustainable future, and in 2024 we will be publishing
our first climate transition plan which will detail our roadmap to
net-zero."
Enquiries
Essentra plc
Claire Goodman, Investor Relations
Manager
Jennifer Spence, Head of
Sustainability
Emma Reid, Company
Secretary
Tel: +44 (0)1908 359100
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Notes to
Editors
About Essentra plc
Essentra plc is a FTSE 250 company
and a leading global provider of essential components and
solutions, focusing on the manufacture and distribution of plastic
injection moulded, vinyl dip moulded and metal items.
Headquartered in the United Kingdom,
Essentra's global network extends to 28 countries worldwide and
includes over 3,000 employees, 13 manufacturing facilities, 24
distribution centres and 33 sales & service centres serving
c.74,000 customers with a rapid supply of low cost but essential
products for a variety of applications in industries such as
equipment manufacturing, automotive, fabrication, electronics,
medical and renewable energy.
For further information, please
visit www.essentraplc.com
About the Science Based Targets initiative
The Science Based Targets initiative
("SBTi") is a global body enabling businesses to set ambitious
emissions reductions targets in line with the latest climate
science. It is focused on accelerating companies across the
world to halve emissions before 2030 and achieve net-zero emissions
before 2050.
The initiative is a collaboration
between CDP, the United Nations Global Compact, World Resources
Institute ("WRI") and the World Wide Fund for Nature ("WWF") and
one of the We Mean Business Coalition commitments. The SBTi
defines and promotes best practice in science-based target setting,
offers resources and guidance to reduce barriers to adoption, and
independently assesses and approves companies' targets.
www.sciencebasedtargets.org