The Royal Mint, Britain’s oldest company and the official maker of UK coins, has announced its net zero targets have been verified by the Science Based Targets Initiative (SBTi).
The coinmakers plan outlines a 90% reduction in both Scope 1 and 2 GHG emissions (including electricity and gas use) by 2050, along with a similar 90% reduction in Scope 3 emissions (from purchased goods and services, waste management, and business travel) by the same deadline.
To jumpstart this transition, the company, which is around 1,100-years-old, has set short-term targets for the 2030/2031 financial year, aiming for a 42% reduction in absolute Scope 1 and 2 emissions and a 25% reduction in absolute Scope 3 emissions.
“We’re proud to be pioneers in our industry, the first sovereign mint globally to have our decarbonisation targets validated by the SBTi,” said Inga Doak, Head of Sustainability at The Royal Mint. “Our commitment to science-based net zero by 2050, with tangible near-term goals, demonstrates our dedication to taking concrete action.”
In order to reach their commitment, The Royal Mint joined the Business Ambition for 1.5°C campaign, a UN-led initiative urging companies to align their targets with the ambitious goal of limiting global warming to 1.5 °C above pre-industrial levels.
Furthermore, The Royal Mint, which is the second-oldest mint in the world, is already taking steps to green their operations, as demonstrated by the launch of a Local Energy Centre (LEC) at their Llantrisant manufacturing site.
The facility helps power its 38-acre manufacturing site with renewable and lower carbon electricity, and boasts a solar farm, wind turbine, combined heat and power plant, and battery storage, aiming to generate 70% of the site’s electricity from renewable and lower-carbon sources. This significantly reduces The Royal Mint’s reliance on fossil fuels.
In addition to becoming net zero, other plans for the UK’s coin maker include investment in new packaging innovations, deployment of an enhanced responsible sourcing strategy, and using cloud services within its technology area.
“The Royal Mint is Britain’s oldest company, but we are entirely focussed on a future that is sustainable,” said Anne Jessopp, CEO of The Royal Mint. “The Royal Mint is making strides in its diversification strategy, fortifying our position as industry leaders and ensuring continued growth – now and for the next 1,100 years.”
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