GHG Emissions, Industrial - April 2, 2021
Ford's New Science-Based Targets Revealed
Ford Motor Company announced new science-based targets toward the company's goal to be carbon neutral by 2050. The targets were announced with the release of the company’s first-ever integrated sustainability and financial report of accomplishments and aspirations.
Ford’s new targets – to reduce Scope 1 and 2 greenhouse gas emissions from operations 76% from 2017, and Scope 3 GHGs from the company's products 50% from 2019, both by 2035 – were recently approved by the Science Based Targets initiative. SBTi combines CDP, the World Resources Institute, the World Wide Fund for Nature, and the United Nations Global Compact to set meaningful objectives for mitigating emissions.
"Ford has always been about building a better world, where people have the freedom to move and pursue their dreams," said John Lawler, Ford’s chief financial officer in a statement. "Success in sustainability requires a financially healthy business, and financial health depends on effectiveness in sustainability areas. Combining those topics in a single report reflects that, more than ever, investors and other stakeholders want to know not only what you plan to do, but what you're accomplishing and how you're managing risks along the way."
Through 2025, Ford plans to invest more than $22 billion to engineer and introduce connected, electric vehicles, including EV versions of some of its most popular nameplates, in categories including pickup trucks, commercial vehicles, and SUVs.
The company announced last month Ford last month announced that its entire commercial vehicle lineup in Europe will be zero-emissions capable by 2024. All of the company’s passenger vehicles in the region will be zero-emissions capable – all-electric or plug-in hybrid – by mid-2026, and entirely battery-electric by 2030.