RCS - Essentra plc - SBTi approval for near-term and net-zero targets

EssentraAnnouncement

21/02/2024 07:00

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RNS Number : 8397D  Essentra plc  21 February 2024

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                                 FTI Consulting

 Claire Goodman, Investor Relations Manager   Richard Mountain

 Jennifer Spence, Head of Sustainability      Ariadna Peretz

 Emma Reid, Company Secretary                 FTI_essentra@fticonsulting.com (mailto:FTI_essentra@fticonsulting.com)

 Tel: +44 (0)1908 359100                      Tel: +44 (0)20 3727 1340

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
(http://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 (http://www.sciencebasedtargets.org/)

 

 

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