What does Net Zero mean?
Scope 1 Emissions Direct greenhouse gas emissions that occur from sources owned or controlled by a company, such as emissions from combustion of fuels in on-site boilers, furnaces, or vehicles.
Scope 2 Emissions Indirect greenhouse gas emissions that result from the generation of purchased electricity, steam or other forms of energy consumed by a company.
To achieve Net Zero, companies aim to reduce emissions in line with science-based targets (SBTs). These are set by organisations and are “science- based” when they align with the reductions needed to keep global temperature rise below 1.5°C as per the Paris Agreement. SBTs provide companies with a pathway for sustainably transforming to a low carbon economy.
Current guidance from the Science Based Targets Initiative (SBTi) states that most businesses should reduce their total emissions across all scopes by 90% by 2050 at the latest. Carbon removals should then be used to neutralise the residual emissions. Net Zero targets must include Scopes 1, 2 and 3.
Scope 3 Emissions All other indirect greenhouse gas emissions that occur in an organisation’s value chain, including emissions from upstream and downstream activities.
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