Ignitis Group, a company focused on renewable energy, has announced that the Science Based Targets initiative (SBTi) has validated and published its long-term net-zero and revalidated near-term greenhouse gas emission reduction targets. The group aims to achieve net-zero emissions across its value chain by 2040.
The SBTi evaluated Ignitis Group’s targets against their Net-Zero Standard Criteria and Near-Term Target Criteria and Recommendations. “The SBTi’s Target Validation Team has classified the Group’s scope 1 and 2 near-term target ambition and has determined that it is in line with a 1.5°C trajectory,” according to the announcement. Additionally, “the Target Validation Team has also evaluated the Group’s scope 1, 2, and 3 long-term target ambition, and determined that the long-term targets are aligned with the SBTi’s 1.5° C mitigation pathways for reaching net-zero by 2050 or sooner.”
To meet these goals, Ignitis Group plans to reduce emissions from its operations while engaging partners, suppliers, and customers. Planned measures include increasing green capacities, raising the share of green electricity in operations and sales, encouraging customer transitions from natural gas to electricity, reducing network losses, and upgrading its vehicle fleet with electric vehicles.
The group’s commitment to achieving net-zero emissions began in 2019 after joining the Business Ambition for a 1.5° C initiative.
SBTi is an organization dedicated to corporate climate action worldwide. It provides standards, tools, and guidance for companies to set greenhouse gas emission reduction targets aligned with global efforts to keep temperature rises below catastrophic levels.
More information about science-based targets can be found on both the SBTi website and Ignitis Group’s website.
