Mondi has confirmed that the Science Based Targets initiative (SBTi) has assessed and approved its science-based Net-Zero targets.
The targets covering greenhouse gas (GHG) emissions from Mondi’s operations and supply chain (Scopes 1, 2 and 3) are consistent with a reduction required to keep global warming to 1.5oC, needed to prevent the most damaging effects of climate change according to the latest climate science. Mondi announced its commitment to Net-Zero GHG emissions reduction in January 2022 and is among the first companies in the packaging and paper sector to have validated Net-Zero targets from the SBTi.
In the near-term, Mondi has committed to reduce absolute Scope 1 and 2 GHG emissions by 46.2% and Scope 3 GHG emissions by 27.5% by 2030 from a 2019 base year. Its long-term target is to reduce absolute Scope 1, 2 and 3 GHG emissions by 90% by 2050. Mondi has already made strategic energy-related investments across its pulp and paper mills with more than €650m invested since 2015. The company generate most of its energy needs in energy plants on-site and our pulp and paper mills are largely electricity self-sufficient.
The IPCC special report on 1.5°C highlights the necessity to reach net-zero emissions by 2050. The setting of a science-based reduction target is an important step in supporting achievement of Sustainable Development Goal (SDG) 13 Climate Action and is an important next step on our decarbonisation trajectory, while supporting transparency and accountability through annual disclosures.
“The approval of our science-based Net-Zero targets according to SBTi’s Net-Zero Standard underlines our long-term commitment to taking action on climate,” says Andrew King, CEO, Mondi Group. “Mondi has already made significant progress, achieving a 46% reduction of our specific CO2e emissions to 2021 against our initial 2004 baseline. We are pleased to be among the first in our sector to have approved Net-Zero targets and recognise that much more needs to be done swiftly and urgently as we move towards a low-carbon, circular economy.”