Magna Commits to 2050 Goal - Smart Energy Decisions

Energy Efficiency, GHG Emissions, Industrial  -  August 31, 2023

Magna Commits to 2050 Goal

Magna took a significant step forward in its commitment to sustainability and environmental stewardship by submitting net-zero emissions targets for validation by the Science Based Targets initiative (SBTi).

The mobility technology company in the automotive sector set a goal to reach net-zero emissions status by 2050 and meet its near-term Scope 1, 2 and 3 targets by 2030.

“Magna has focused on creating a better world of mobility, and the company’s pursuit of net-zero emissions reflects this commitment,” said Magna CEO Swamy Kotagiri in a statement. “To reach this ambitious target, we are addressing not only the emissions we produce within our own facilities but also those of our entire supply chain, while supporting the industry move to low-carbon mobility technology. By embracing sustainable practices, shifting to renewable energy sources, making our manufacturing processes more efficient and partnering with our customers in the transition to electric vehicles, we want to make a positive impact on the planet and future generations.”

Magna’s pursuit of net-zero emissions will involve several interim steps, including transitioning to 100% renewable electricity use in the company’s European operations by 2025 and globally by 2030.

The company’s net-zero strategy includes a near-term commitment to reduce approximately 42% of the company’s Scope 1 and 2 emissions and approximately 25% of its Scope 3 emissions, both by 2030. Magna also submitted these near-term targets to the SBTi.

In 2023, the company is on track to achieve its commitment to reduce global energy intensity by 10% in all manufacturing facilities, with a target of 20% energy intensity reduction by 2027. Additionally, over 30 divisions at Magna achieved carbon neutrality over the last two years.

Tags: Magna

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