Commercial, GHG Emissions - September 21, 2021
American Express Commits to be Net Zero by 2025
American Express announced Sept. 21 its new commitment to reach net-zero emissions by 2035.
The credit card company plans to establish interim targets in line with the Science Based Targets initiative over the next two years to address emissions in both its global operations and its supply chain. American Express first achieved carbon neutrality in its operations and 100% renewable energy use in 2018 and plans to work with suppliers to further reduce its carbon footprint.
The company plans to work with the vendors that account for the top 50% of its annual third-party spend to set their own reduction targets and support other suppliers with tracking, reducing and neutralizing their own emissions.
“Climate change is one of the most pressing issues we face right now, and we are seeing the devastating impacts around the world that remind us that we have a responsibility to take decisive action,” Stephen J. Squeri, chairman and CEO, said in a statement. “To further our impact, we will seek to innovate and advance sustainable solutions, and work with our business, vendor, and community partners to achieve net-zero emissions by 2035.”
American Express also plans to join the Business Ambition for 1.5°C commitment and Race to Zero campaign, while providing at least $10 million in funding for climate change-oriented organizations and initiatives through 2025. The company also will support the Task Force on Climate-Related Financial Disclosures.