Topsoe increases climate commitment by setting ambitious, industry-leading net-zero targets
Topsoe, a global leader in carbon emission reduction technologies, today announces its commitment to reach net zero emissions by 2040, setting near-and long-term company-wide emission reduction targets. The target commitments have been sent to SBTi for validation.
- Topsoe commits to net zero by 2040 in line with the Science Based Target initiative (SBTi) Net-Zero Standard
- Follows Topsoe’s announcements earlier this year, to achieve net zero emissions from its own operations by 2030
- Builds on Topsoe’s target of reducing its customers’ greenhouse gas (GHG) emissions by 12 million tonnes in 2022. Topsoe has decided to increase this target to 16 million tonnes in 2022 due to significant interest in Topsoe’s decarbonization solutions
Through investment in renewable energy technology and changes to production processes, Topsoe aims to reduce operational emissions by 30% in 2024 and at least 95% in 2030, with a transition to 80% renewable power within all the Company’s operations by 2025.
This is the latest milestone in Topsoe’s transformational decarbonization strategy. By engaging with suppliers on their emission reduction progress and collaborating with customers and other business partners, Topsoe believes it can reach net zero a decade ahead of the Paris targets.
The Science Based Targets initiative (SBTi)
- The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments.
- The SBTi is the lead partner of the Business Ambition for 1.5°C campaign– an urgent call to action from a global coalition of UN agencies, business and industry leaders, mobilizing companies to set net-zero science-based targets in line with a 1.5°C future.
- Source: sciencebasedtargets.org
Kim Grøn Knudsen, Chief Strategy and Innovation Officer, said:
“Our vision is to become the global leader in carbon reduction technologies. Net-zero by 2050 as set out in the Paris Agreement can only be achieved through a joint effort between companies, countries, and citizens. But we need to focus on ourselves as much as on our customers. By moving first and demonstrating that an energy-intensive company such as Topsoe is ready to do what it takes to achieve these ambitious targets, we hope to inspire others in the industry to set bold targets to create a more sustainable future.”
Roeland Baan, CEO of Topsoe, said:
“Our commitment to reaching net zero in our entire value chain, builds on our aim to reduce our customers’ greenhouse gas emissions. We already deliver insights, technology, and solutions to the entire value chain for low-carbon emission fuels and chemicals, so we are uniquely positioned to help our customers and society in this battle against climate change. Our customers expect us to take a lead – and we are doing so.”
Net-zero definition
Setting corporate net-zero targets aligned with meeting societal climate goals means 1) achieving a scale of value chain emissions reductions consistent with the debt of abatement at the point of reaching global net-zero in 1,5 degree Celsius pathways and 2) neutralizing the impact of any residual emissions by permanently removing an equivalent volume of CO2.
Earlier this year, Topsoe announced its ambitious target of reducing its customers’ greenhouse gas emissions by 12 million tonnes in 2022. Due to a significant interest in Topsoe’s decarbonization solutions the first half year of 2022, Topsoe has decided to increase its 2022 target to 16 million tonnes CO2e. Topsoe aims to achieve the target with its portfolio of renewable fuels and low carbon technologies for hard-to-abate industries, such as transport, chemicals, steel and cement.
Earlier this month, Topsoe announced Final Investment Decision on the construction of a 500 MW solid oxide electrolysis plant, which will be the world’s largest, in Herning, Denmark. The plant is expected to be operational in 2025.
Read more about Topsoe’s sustainability commitments at www.topsoe.com/sustainability-now
Topsoe’s sustainability commitments
