Urgency of action for rapid and deep emission cuts is imminent. While the UN has declared a “code red for humanity”, halving global emissions by 2030 and achieving net-zero before 2050 promises the possibility to still limit global temperature rise to 1.5°C. It is an ambitious goal that parts of the scientific community have already deemed impossible to achieve. Its importance, however, remains. Having issued the world’s first Corporate Net-Zero Standard in 2021, the SBTi ensures that companies’ net-zero targets are consistent and in line with the Paris Agreement goals.
Foxway encourages stakeholders to align with climate science by committing to measurable targets of their own. Our validated near and long-term targets are as follows:
Overall Net-Zero Target: Foxway commits to reach net-zero greenhouse gas emissions across the value chain by 2050.
Near-Term Targets:
- Foxway commits to reduce absolute scope 1 and 2 GHG emissions 42% by 2030 from a 2022 base year.
- Foxway also commits to increase active annual sourcing of renewable electricity from 50.6% in 2022 to 100% by 2030.
- Foxway further commits to reduce absolute scope 3 GHG emissions 25% within the same timeframe.
Long-Term Targets:
- Foxway commits to reduce absolute scope 1 and 2 GHG emissions 90% by 2050 from a 2022 base year.
- Foxway also commits to reduce absolute scope 3 GHG emissions 90% by 2050 from a 2022 base year
What are ‘science-based targets’?
As defined by the SBTi, science-based targets provide a clearly-defined pathway for companies to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth. Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial levels.
The SBTi encourages companies of all sizes and sectors to develop science-based targets, and are actively developing sector-specific pathways to ensure differences between business areas would not become an obstacle in the process.
Aside from the direct need from the environmental perspective, setting science-based targets provides companies with resilience against regulations, and is also beneficial from investors’ perspectives to name a few.
Why should companies align with climate science and the SBTi?
The SBTi defines and promotes best practices in science-based target setting for organizations’ greenhouse gas emissions. They provide a range of resources and guidance for target-setting and independently assess and approve companies’ targets in line with their strict criteria.
According to Kai-Riin Kriisa, Chief Sustainability Officer at Foxway, one issue with mainstream corporate sustainability approach is that it’s always relative. In general, companies measure their performance against historical data or industry benchmarks and competitors. While this gives an understanding of whether you’re improving in time or in comparison to others, it gives no indication of whether we’re operating within the safe space of planetary boundaries.
Today, SBTi is the only global standard-setting body that has put together guidelines and targets for emissions reductions that are absolute, not relative. There is an urgent need for similar guidelines in other impact areas as well, such as land use change and water use. Unfortunately, developing these standards has proven to be a challenging task. At Foxway, we’re firm believers in science-backed methods. We fully support the Science Based Targets initiative and are proud to have our climate targets validated and approved.
Kai-Riin Kriisa, Chief Sustainability Officer at Foxway
How will Foxway reach their goals?
Having valid and measurable targets is key to ensuring unity. Recently, the SBTi removed more than 200 companies from their database because they either failed to submit targets during the required period or their targets were rejected due to not being strong enough.
As part of submitting targets for validation by the SBTi, we published a decarbonization plan. We believe that addressing both direct and indirect emissions reductions is essential, and we emphasize transparency as a cornerstone of responsible corporate governance. The decarbonization plan describes actions needed to successfully reach our 2030 targets, and the initial steps for reaching our long-term 2050 target.
Regarding the science-based net-zero target set for 2050, we wish to stress that the steps outlined in the decarbonization plan will not be sufficient to reach the goal. Our net-zero target largely depends on third parties: on original equipment manufacturers to reduce the GHG footprint of new products sold beyond 2030, as well as on countries to decarbonize their electricity grids. However, setting such targets provides the means for us to send clear signals to the whole industry in terms of our expectations to our partners in their pursuits of emissions reductions.
In 2022, Scope 3 emissions represented the vast majority (99.8%) of Foxway’s total CO2e emissions. Reaching our goals in emissions reduction requires cooperation across the value chain, as well as focusing on incentivizing our clients and partners to increase the use of refurbished devices and circular business models, but also in the use of renewable energy and opting for low-carbon transportation.
Fulfilling pledges with a viable strategy
In the words of our CSO Kai-Riin Kriisa, setting targets and having them validated by the SBTi is just the beginning: “We must now follow through with our commitments and keep ourselves accountable because a livable future is at stake”.
Foxway has committed to science-based targets and intends to fulfill its pledge by providing a viable and transparent strategy on how to reach our goals. Foxway has a zero-green-washing policy and always strives to connect our business with our sustainability ambitions. This also applies to our ambition to reduce our carbon footprint.
Sustainability
