Furukawa Electric Co., Ltd. has obtained SBT 1.5℃ certification from SBTi (Science Based Targets Initiative) for the company’s greenhouse gas (GHG) emissions reduction targets.
Background
Furukawa Electric Group is working to strengthen ESG management with the aim of increasing medium to long-term corporate value centered on ESG (Environment, Social, corporate Governance), in order to realize Furukawa Electric Group Vision 2030 (hereinafter ‘Vision 2030’) and achieve the Sustainable Development Goals (SDGs).
In March 2021, they set forth Furukawa Electric Group Environmental Vision 2050
In March 2021, they set forth Furukawa Electric Group Environmental Vision 2050 and declared their intention to achieve zero greenhouse gas emissions (Scope 1, 2) in 2050. They have obtained WB2℃ certification from SBTi in July 2022. They revised the 2030 environmental targets. Based on the new 2030 targets, they applied to SBTi for 1.5℃ certification.
Details
Furukawa Electric Group has obtained 1.5℃ certification from SBTi for the following greenhouse gas reduction targets.
- Reduce Scope 1 and Scope 2 greenhouse gas emissions by 42% in 2030 compared to 2021
- Reduce Scope 3 greenhouse gas emissions from purchased goods and services and use of sold products by 25% in 2030 compared to 2021
- Scope 1: Direct emissions from the use of fuel and industrial processes by the company
- Scope 2: Indirect emissions from the use of electricity and heat purchased by the company
- Scope 3: Other indirect emissions from business activities, including the value chain
Furukawa Electric to utilize hydroelectric power
Along with continuing the energy saving activities at the company’s offices and works, they will effectively utilize hydroelectric power, a power source that they have used continuously for over a hundred years, and further install renewable energy such as solar power.
They are aiming to eliminate greenhouse gas emissions directed at becoming carbon neutral in 2050 and are promoting initiatives throughout the value chain to achieve the 2030 environmental targets.
SBTi (Science Based Targets Initiative)
The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector
The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector, by enabling organizations to set science-based emissions reduction targets.
The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments.
Furukawa Electric Group’s efforts towards the SDGs
Based on the ‘Sustainable Development Goals (SDGs)’ adopted by the United Nations (UN), Furukawa Electric Group has formulated the ‘Furukawa Electric Group Vision 2030’, which sets the year 2030 as its target and is advancing efforts with the aim to ‘Build a sustainable world and make people’s life safe, peaceful and rewarding, Furukawa Electric Group will create solutions for the new generation of global infrastructure combining information, energy and mobility’.
Toward the achievement of their Vision 2030, Furukawa Electric will take open, agile, and innovative approaches to promote ESG management that aims to increase corporate value over the medium to long term and will contribute to the achievement of the SDGs.