04:23 ETThe Science Based Targets initiative has validated Loomis' new emissions reduction targets

, /PRNewswire/ -- Loomis has set new near-term science-based GHG reduction targets within Scope 1, 2 and 3 and has become the first company in its industry to receive validation from the Science Based Targets initiative (SBTi). The validation demonstrates Loomis' commitment to reducing the Group's negative impact on the climate by adopting climate targets that conform to the IPCC's recommendation to limit global warming to well below 2°C. Loomis climate targets cover Scope 1, 2 and 3 and include both the company's direct and indirect emissions across the value chain. Loomis has chosen to set near-term targets to ensure that its emission reduction commitments are achievable, realistic, and grounded in operational realities. The science-based emissions reduction targets that have been validated by the SBTi are: Loomis commits to reduce absolute scope 1 and 2 GHG emissions 48.0 percent by 2030 from the base year 2019. Loomis also commits to reduce absolute scope 3 GHG emissions from capital goods, fuel- and energy-related activities, business travel, downstream transportation and distribution and downstream leased assets with 37.5 percent by 2035 from the base year 2024. Loomis already has a strategic target to reach a 34 percent absolute reduction in Scope 1 and 2 by 2027 compared to the 2019 base year. This target remains and is an important milestone to reaching the 2030 target. "Loomis' journey to mitigate climate change continues across the Group. With our new climate targets, we are demonstrating that it is possible to reduce the industry's climate impact while continuing to deliver critical infrastructure. We are taking a leading role in transforming the industry towards a more sustainable future," says Aritz Larrea, President and CEO of Loomis. Over the past years, Loomis has reviewed the company's direct and indirect climate impact. As a means of achieving the objectives, the company will especially focus on the transition to renewable energy and renewable fuel within both its operations and the value chain. The Science Based Targets Initiative is a joint venture between the Carbon Disclosure Project (CDP), the UN Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund For Nature (WWF). The Science Based Targets initiative develops the methodology that enables companies to set targets that are in line with the latest climate science. This secures that the targets are in line with the Paris Agreement, as adopted by 195 Parties at the UN Climate Change Conference (COP21) in December 2015. For more information, please contact:Jenny BoströmHead of Sustainability and IR[email protected]+46 79 006 45 92Fredrik HammarbäckMedia Relations and External Communications Manager[email protected]+46 76 311 56 29 This information was brought to you by Cision http://news.cision.com. https://news.cision.com/loomis-ab/r/the-science-based-targets-initiative-has-validated-loomis--new-emissions-reduction-targets,c4340437 The following files are available for download: https://mb.cision.com/Main/51/4340437/4059088.pdf The Science Based Targets initiative has validated Loomisâ€™ new emissions reduction targets https://news.cision.com/loomis-ab/i/loomis-electric-vehicle,c3531976 Loomis Electric Vehicle SOURCE Loomis AB