Siegwerk, a global provider of printing inks and coatings for packaging applications and labels, has had its science-based climate targets validated by the Science Based Targets initiative (SBTi).
Siegwerk joined the initiative with a commitment letter in 2022, and has set near- and long-term company-wide emission reductions in line with science-based net-zero with the SBTi.
SBTi is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The We Mean Business Coalition is a global coalition of nonprofits working together to accelerate the transition to a net-zero economy. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
Siegwerk has had the following science-based targets validated:
Overall net zero target: Siegwerk commits to reach net-zero greenhouse gas emissions across the value chain by 2050.
Near-term targets: Siegwerk commits to reduce absolute scope 1 and 2 GHG emissions 42 percent by 2030 from a 2020 base year. Siegwerk also commits to increase active annual sourcing of renewable electricity from 0 percent in 2020 to 100 percent by 2025, and to continue active annual sourcing of 100% renewable electricity through 2030. Siegwerk further commits to reduce absolute scope 3 GHG emissions from purchased goods and services 25 percent by 2030 from a 2020 base year.
Long-term target: Siegwerk commits to reduce absolute scope 1 and 2 GHG emissions 90 percent by 2050 from a 2020 base year. Siegwerk also commits to reduce absolute scope 3 GHG emissions 90 percent within the same timeframe.