Yokogawa Electric Corporation announces that the Yokogawa Group's greenhouse gas emissions reduction targets for 2030 have been certified by the SBT Initiative as being science-based targets that are in line with the Paris Agreement's goal of “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” The SBT Initiative is a partnership between the CDP international non-profit organization, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). It promotes the setting of science-based greenhouse gas emissions targets by companies to achieve the goals of the Paris Agreement.
Yokogawa Group greenhouse gas emission reduction targets
In line with the priorities of the Accelerate Growth 2023 mid-term business plan that commenced in FY2021, Yokogawa has set mid-to-long-term sustainability targets that are to be achieved by 2030. For the Yokogawa Group, the goal is to reduce Scope 1 and Scope 2 greenhouse gas emissions 50% from FY2019 levels by FY2030. This is in line with the 1.5°C trajectory specified in the Paris Agreement. We have also established the target of achieving net-zero emissions across the entire Group by FY2040. As for the greenhouse gas emissions of our supply chain (Scope3), we are targeting a 30% reduction from FY2019 levels by FY2030.
Yokogawa Group initiatives to reduce greenhouse gas emissions
In order to achieve our greenhouse gas emissions reduction targets, the Yokogawa Group is implementing Group-wide measures that include switching to renewable energy-derived electricity and operating an internal carbon pricing scheme. All of the electricity used by Yokogawa & Co., Ltd. and by Yokogawa Manufacturing Corporation's Komagane Factory comes from renewable energy sources, and other Group companies are looking into doing the same. Initiatives at the head office and Group companies in China, the Netherlands, Bahrain, Germany, Singapore, and Japan include the introduction of solar power generation systems and switching from gasoline-fueled vehicles to electric vehicles. Furthermore, Yokogawa provides energy-saving solutions for its customers' plants and offices, and solutions that optimize the management of energy from renewable energy plants and storage batteries.
Yokogawa shall continue to strive to achieve a decarbonized society by reducing greenhouse gas emissions across the Group and providing solutions that help to cut customers' greenhouse gas emissions.