The Science-Based Targets initiative (SBTi) - a partnership between the UN Global Compact, CDP, World Resources Institute and World Wide Fund for Nature - has validated Norican Group’s near-term science-based emissions reduction target.
Norican Group has also committed to setting long-term emissions reduction targets with the SBTi in line with reaching net zero by 2050, making it one of 2200 companies in the world to have net zero targets validated by SBTi and the only one within our industry.
Norican Group is home to global industrial equipment brands DISA, ItalPresseGauss, Simpson, StrikoWestofen, Wheelabrator and IIoT brand Monitizer. It submitted its targets for validation in December 2022.
The validated headline target is now published and progress tracked on the initiative’s “Companies taking action” table: Companies taking action - Science Based Targets
The headline target is: To reduce absolute Scope 1 and 2 greenhouse gas emissions by 50.4% by 2032 from a 2021 base year.
Since establishing the group’s emissions baseline, the Norican team has embarked on an intense programme of actions and initiatives to ensure no time is lost while targets are being scrutinised.
This means that in less than two years from committing to setting targets, the Group identified and approved emission reduction initiatives that would yield a 27,4% reduction of Scope 1 and 2 CO2 emissions by 2025 – three years ahead of our initial plan.
Anders Wilhjelm, CEO of Norican Group, comments: “As industrial businesses, Norican and its peers around the world can make a significant contribution in the battle to avoid climate catastrophe. It’s our duty to act with urgency.
“I’m proud of the progress the business has made so far, but we are not going to be complacent. Addressing our Scope 3 emissions will be a real challenge and something we will be measured against. The SBTi process has shown us the difference we can make if we commit to targets - and the team have made a great start. It’s down to us now to convince our suppliers and customers to do the same. We’re here to help them start their journey.”
Solar panel installations, switching of electricity contracts to green energy and reduced use of natural gas have had the biggest impact on emission reductions at Norican so far.
Crucially, the group has also committed to tackling its Scope 3 emissions by engaging both its supply chain and customers in setting emission reduction targets – aiming to encourage 25% of its suppliers by spend and 70% of its customers by revenue to commit to science-based targets by 2027*.
For more on Norican’s sustainability commitment, visit www.noricangroup.com/sustainability
For more on SBTi, visit: https://sciencebasedtargets.org