Telecommunications operator Telefónica has become the first in its industry to obtain validation from the Science Based Targets Initiative (SBTi). The recognition confirms that Telefónica’s decarbonisation approach aligns with scientifically-based principles.
The company has set a commitment to achieve net zero greenhouse gas (GHG) emissions across its entire value chain by 2040, resulting in a reduction of at least 90% of total emissions (both direct and indirect). Telefónica has already taken steps to neutralise the remaining emissions, amounting to less than 10%, through the use of high-quality carbon credits.
As part of its interim objectives, Telefónica aims to reduce absolute GHG emissions by 80% in Scope 1 and 2, and by 56% in Scope 3 by 2030, before achieving its full 2040 goal.
The Spanish-based company’s efforts have already yielded results, with a reduction of over 40% in total emissions within the last six years. Specifically, it achieved a reduction of 70% in Scopes 1 and 2 since 2015, and 27% in Scope 3 since 2016.
Telefónica’s current approach places it ahead of the 2050 target of achieving net zero emissions set forward by the United Nations and the Paris Agreement proposal.
The Science Based Targets Initiative (SBTi) has advocated for global businesses to align with its ‘Net-Zero Standard’ to expedite immediate corporate emissions reductions. Currently, only 34 companies have received approval for their net zero goals, Telefónica is one of them, along with other notable companies such as John Lewis, C&C Group and DuPont.
About the SBTi
The SBTi, in collaboration with CDP, the UN Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), is a vital commitment within the We Mean Business Coalition.
The initiative empowers companies to establish ambitious emission reduction targets based on the latest climate science, aiming to halve emissions by 2030 and achieve net zero emissions by 2050 for companies worldwide.
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