February’s net zero highlights: Etsy, IBM, Virgin Media and more
26 February 2021
Here’s your February roundup of the latest companies setting net zero goals…
Etsy commits to net zero by 2030
Online retailer Etsy is deepening its commitment to a sustainable future by announcing its goal to reach net zero emissions by 2030. Etsy has based its ambitions on the Science Based Targets Initiative to reduce carbon emissions across Scope 1 and 2 by 50%, as well as a 13.5% reduction in Scope 3 emissions. The company has also pledged to focus on working with sustainable vendors and suppliers, furthering its advocacy for the decarbonisation of the logistics and transportation sector, and addressing opportunities for cleaner fulfilment.
Virgin Media sets 2025 net zero goal
Virgin Media is stepping up action to tackle climate change with a goal to achieve net zero carbon operations by the end of 2025. Its targets encompass a reduction in Scope 1 and Scope 2 emissions by 25%, sourcing 100% renewable electricity and investing in carbon removal offsetting schemes for remaining emissions from 2025 onwards.
Bank of America sets out plans for a net zero supply chain
Bank of America has outlined the steps it will take in order to achieve net zero emissions in its financing activities, operations and supply chain before 2050. It plans to establish interim science-based emissions targets for high-emitting portfolios, including energy and power. As part of its transition to net zero emissions, the Bank of America joined the Partnership for Carbon Accounting Financials (PCAF) as a member of the Global Core Team.
Banks come together to define pathway to net zero
Executives from a number of the world’s largest banks have come together as members of the Sustainable Markets Initiative’s (SMI) Financial Services Task Force* (FSTF) to define a credible pathway for the banking sector to achieve net zero. The group, which includes HSBC, Barclays, Lloyds and NatWest, will also work to advance industry best practices, engage across industries to help accelerate the transition to a net-zero economy, and report publicly on progress of this work in the lead up to COP26.
IBM commits to net zero by 2030
IBM has become the latest tech firm to commit itself to a greener future, and said it will achieve net zero greenhouse gas emissions by 2030. The company says it will accomplish its goal by prioritising actual reductions in its emissions, energy efficiency efforts and increased clean energy across its worldwide operations. And as part of its commitment to sustainability and focus on the application of science and technology to solve major societal challenges, IBM Research has launched a Future of Climate initiative designed to accelerate the discovery of solutions to address the impacts of a changing climate.