Source: Panasonic
Headline: Panasonic HD secures SBTi verification for 2050 Net-Zero Emissions Target
Osaka, Japan, October 17, 2024 – Panasonic Holdings Corporation (Panasonic HD) announced today that the Science Based Targets initiative(*1), a global body driving ambitious corporate climate action, has verified the company’s greenhouse gas (GHG) 2050 reduction target as a “Net-Zero Science-Based Target.”
The SBTi promotes science-based GHG reduction targets for companies, aiming to limit global temperature rise to 1.5°C above pre-industrial levels. Its certification standards for short-term (2030) so-called “1.5°C Targets” and long-term (2050) “Net-Zero Targets” have become the global benchmark for corporate climate goals aligned with the Paris Agreement.
In May 2023, Panasonic HD received SBTi approval for its 1.5°C Target. Now, the company has secured verification from the body for its Net-Zero Target after submitting detailed plans to achieve net-zero emissions by 2050, in line with SBTi guidelines.
Panasonic HD’s Net-Zero Target commits to reducing GHG emissions across the company’s entire value chain. This includes scope 1 emissions from the company’s own activities, as well as scopes 2 and 3 emissions, from indirect activities, by at least 90% by FY2050 compared to FY2019 levels. The company pledges to neutralize the remaining 10% through proprietary carbon removal technologies.
SBTi verification validates that a company’s GHG reduction targets are appropriately set, enhancing stakeholder trust in its climate action efforts. Globally, 1,138 companies have received Net-Zero Target certification, including 52 in Japan(*2).
Panasonic HD remains committed to achieving net-zero emissions across its value chain and contributing to GHG reductions in society, driving impact toward achieving a decarbonized world.