CIECH's new goal was recognised by the SBTi as consistent with the Paris Agreement, which assumes actions to limit global warming to a target of 1.5°C relative to the pre-industrial era in order to reduce the risk and damage caused by climate change. The approval of the Group's goal by the Science Based Targets initiative is yet another step on the path to achieving by CIECH, soon Qemetica, its own ambitious climate neutrality goal. At the same time, it proves CIECH's responsible approach to setting goals on its decarbonisation path and consistency in implementing the energy transformation, which is a pillar of the Group's new strategy.
The SBTi is a climate action organisation that develops standards, tools and guidelines to enable companies and financial institutions to define their greenhouse gas emission reduction targets in line with what is needed to keep global warming below alarming levels and achieve net zero emissions by 2050 at the latest.
New ambitious goal
Approved by the Science Based Targets initiative, the new ambitious goal of the CIECH Group assumes reducing greenhouse gas emissions from Scope 1 and Scope 2 by 63% by 2033 compared to the base year 2019. CIECH also defined new strategic goals for the next 6 years, which, in addition to improving financial results, include the implementation of ambitious ESG-related plans, such as reducing CO2 emissions by 33% by 2026 and 45% by 2029 (compared to 2019) and it maintained its intention to completely eliminate coal from the production of electricity and heat by 2033.
- The pillar of our strategy for the coming years is transformation, with focus on energy efficiency and reducing CO2 emissions. In line with the goal of our ESG Strategy, in 2023 we started the process of verifying our emissions and defining the goal of reducing greenhouse gas emissions in accordance with the assumptions of the Paris Agreement. We have adopted a new target, endorsed by the Science Based Targets initiative (SBTi), which further confirms our determination to achieve our decarbonisation goals - says Kamil Majczak, President of the Management Board of CIECH S.A.
In addition to the new emission reduction target, in the validation process, CIECH also unified the methodology for calculating greenhouse gas emissions in accordance with SBTi guidelines, taking into account all assets of the Group, including CIECH Soda Romania. In addition, the Group updated the methodology for calculating Scope 2 emissions, switching to a more accurate market-based method, which is based on emission indicators from energy suppliers, and calculated indirect Scope 3 emissions.
Climate neutrality in 2040
CIECH is continuously implementing its own internal initiatives aimed at decarbonisation and pursues the ambitious goal of achieving climate neutrality by 2040. It was the first large industrial company in Poland to sign up for the Science Based Targets initiative in 2021. As a modern chemical group, CIECH wants to be a leader in innovation in the chemical sector, and at the same time, take care of responsibility for our planet. This is not only a commitment for the Group, but also an expression of its values, activities consistent with global standards and the implementation of ambitious ESG goals, which form an integral part of the Group's business strategy.