Victrex's Decarbonization Targets Validated by Science Based Targets initiative
Last update on May 29, 2024
Victrex announces that its long-term decarbonization targets have been approved and validated by the Science Based Targets initiative (SBTi) for emissions reductions across Scope 1, 2 and 3. These targets include an interim goal by 2032 and a net zero goal by 2050, in line with the 1.5C emissions reductions scenario.Focusing on Supply Chains with Increasing Circularity
SBTi targets offer the opportunity to further enhance Victrex's Sustainability & ESG credentials. They show Victrex PEEK's main polymer grade, 450G, has a global warming potential (GWP) lower than the GaBi database standard for PEEK based on a validated Lifecycle Analysis study.
Victrex's lightweight and durable materials also support CO2 reduction in Aerospace and Automotive industries, energy efficiency in Electronics applications, and clinical outcomes in Medical applications. The Group is also focusing on supporting customers and supply chains with increasing circularity in the future.
The ability to achieve SBTi targets is based upon the UK government meeting their stated Net Zero targets, which are based on a decarbonized electricity grid, as well as access to green technologies, low carbon fuels and sufficient electricity capacity.
Victrex retains optionality for delivery of its decarbonization plans, which could include a combination of reduced gas usage for manufacturing - with electrification or alternative fuels - alternative processes for manufacture and other options. Victrex already uses 100% renewable electricity in the UK, and 90% globally.
Company's Approved SBTi and Net Zero Targets
Interim targets:
- To reduce the group's greenhouse gas emissions (Scopes 1+2) by 50.4% in FY 2032 from a FY 2022 base-year
- To reduce the group's greenhouse gas emissions (Scope 3) by 30% in FY 2032 from a FY 2022 base-year
Long term targets:
- To reduce the group's greenhouse gas emissions (Scopes 1+2+3) by 90% in absolute terms by FY 2050 from a FY 2022 base-year
Investment in Support of Decarbonization
Victrex has projected capital investment of up to £50m over the period to 2032, in support of decarbonization. This is already included within its overall capital allocation guidance.
Commenting on the SBTi approval, chief executive of Victrex, Jakob Sigurdsson, said, "Victrex is proud to receive validation from SBTi, which underpins our decarbonization plans. It also aligns with our purpose, to bring transformational and sustainable solutions which address world material challenges and support our customers."
"Our products are lightweight, durable, offer recyclability properties and can replace metal. We already have a strong track record of supporting CO2 reduction and carbon abatement in a number of industries and look forward to supporting the cars and planes of tomorrow, as well as energy efficiency in multiple applications."
"Alongside the role our materials play, developing science-based targets for the reduction of greenhouse gas emissions is the next step in our ESG agenda."
Source
Victrex