Schindler today announced its commitment to reaching net-zero greenhouse gas emissions worldwide by 2040. These science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi), the global body that helps businesses set emissions reduction target in line with a 1.5°C future.
"The time for climate action is now and companies like ours have a crucial role to play," said Silvio Napoli, Schindler’s Chairman and CEO. "By setting ourselves some of the most ambitious targets in our industry we want to accelerate the transition to a low-carbon future."
The SBTi has approved both Schindler’s near-term and long-term targets. Schindler’s near-term 2030 target entails a 50% absolute reduction in greenhouse gas emissions from its own operations, using the year 2020 as a baseline. This includes direct emissions generated by its own fleet, buildings and processes (known as scope 1 emissions), as well as indirect emissions from its purchase of electricity, heat and cooling (scope 2). In addition, Schindler aims to cut emissions in its value chain by 42% (scope 3).
Moreover, Schindler is committed to reaching net-zero emissions by 2040 through a 90% absolute reduction of its greenhouse gas emissions in scope 1, 2 and 3 from a 2020 baseline as its long-term science-based emission reduction target. In line with SBTi criteria and recommendations, Schindler prioritizes direct emissions reduction to advance decarbonization, while working to neutralize its residual emissions.
Science-based targets build on the latest climate science to determine what actions are needed to meet the goals of the Paris Agreement – to limit global temperature rise to 1.5°C above pre-industrial levels. Near-term targets outline how organizations will reduce their emissions over the next five to ten years. Long-term targets indicate the degree of emission reductions organizations need to reach in order to achieve net-zero by 2050 at the latest. They are set by companies and validated by the Science Based Targets initiative (SBTi), a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
This announcement comes as Schindler publishes its Corporate Responsibility Report for the year 2021, which details the Group’s progress against its 2022 Sustainability roadmap and outlines the findings of its recently completed materiality assessment, which will inform its 2030 Sustainability roadmap.
The report also serves to illustrate the many ways in which Schindler works with its customers to help them meet their climate targets and engages with other players in the built environment to drive meaningful change. Schindler’s 2021 Corporate Responsibility Report is the tenth published to date.