In line with the Paris Agreements on combatting climate change, the company has signed up for the ‘Business Ambition for 1.5°C. The company is committed to set science-based emissions reduction targets across the entire value chain that are consistent with keeping global warming to 1.5°C above pre-industrial levels. It has also committed to a long-term target to halve greenhouse gas emissions by 2030 and reach net-zero emissions by no later than 2050.
Toyota Material Handling Europe has the ambition to be part of the solution to climate change and to decarbonise its operations in line with IPCC recommendations. It has already reached several milestones in its goal towards net-zero operations, these include; cutting CO2 emissions from its own operations by 29% since 2012, achieving net-zero emissions at its largest facility in Sweden and switching to 100% renewable electricity.
In addition, it previously pledged to achieve net-zero emissions from scope 1 and 2 emissions (those created by its own operations and those incurred through purchased energy) by 2031. On top of that, it will seek to reduce scope 3 emissions (those created indirectly throughout the whole value chain) by 55% by 2031, in line with the European Green Deal and Fit for 55%.
Meaningful, transparent progress
This latest commitment, however, will take the company’s efforts to a new level. They will undertake a rigorous analysis of all their emissions – including scope 1, 2 and 3 – to develop and communicate detailed emissions targets, to be completed within the next two years.
‘This is a hugely important development in our sustainability journey,’ said President and CEO, Ernesto Domínguez, ‘we are devoted to being leaders in climate-positive transformation and to continuously improve in our fight against climate change in line with our Kaizen value.’
‘Since 97% of our emissions occur outside of our own operation, we are especially excited to scale up our efforts along the entire supply chain and design co-ordinated solutions that have the highest possible impact. We will also be advocating for supportive government policies that will enable us all to work together with our customers, suppliers and employees, to decarbonise and future-proof the entire logistics industry.’
Ernesto continues, ‘Setting science-based targets in line with Paris Agreement recommendations, and organising regular independent reviews, ensures our progress is meaningful and transparent. By stepping into dialogue with our stakeholders, we’ll be looking to identify more opportunities to monitor energy use, eliminate waste, and introduce innovative solutions so all of us can rapidly progress together.’
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
So far, over 900 companies, representing more than US$13 trillion in market capitalisation, have joined the movement and signed the Business Ambition for 1.5°C campaign.
In joining Business Ambition for 1.5°C, the company is now part of Race to Zero , an UN-backed campaign. Toyota Material Handling Europe is responding to an urgent call-to-action for companies to set emission reduction targets in line with a 1.5°C future.
If you have any questions about this press release, contact us.