German industrial engineering and steel production conglomerate thyssenkrupp’s climate targets have been approved by the Science Based Targets Initiative (SBTi). The SBTi has also confirmed that thyssenkrupp is acting in line with the goals of the 2015 Paris climate conference.
The SBTi is a collaboration between the Carbon Disclosure Project, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature. The organisation aims to set science-based climate targets. To date, only 10 German companies have had their climate targets approved by the SBTi.
Thysenkrupp has revealed its plans to become climate-neutral by 2050 by setting two binding medium-term targets which have been validated by the SBTi. Compared with the base year 2018, emissions from production and sourced energy (scope 1 and 2 greenhouse gas emissions) are to be cut by 30%. Emissions from the use of products and technologies by customers (scope 3 greenhouse gas emissions) are to be reduced by 16% compared with the base year 2017.
The firm aims to achieve its targets related to production and sourced energy by transforming its steel production towards direct-reduction with hydrogen, carbon capture and use technology, energy efficiency measures and a boost in renewables. As for its plans to reduce emissions at customer-level, the company will focus on technologies for carbon capture and use, solutions for the production of green hydrogen and the storage of renewable energy.
Alberto Carrillo Pineda, director of Science Based Targets at CDP, said: “We congratulate thyssenkrupp on setting ambitious climate targets in line with the goals of the Paris Agreement.
“As one of the largest industrial conglomerates in Europe, thyssenkrupp’s goal to reach net-zero emissions, backed by strong science-based targets, sends an important signal to policymakers about the readiness of the industrial sector to transition towards a net-zero carbon economy.”