CAREL Presents Carbon Footprint Reduction Plan to Science Based Targets Initiative

CAREL is pleased to announce that it has presented its near-term emissions reduction targets to the Science Based Targets initiative (SBTi), underscoring its dedication to combating climate change and advancing environmental sustainability goals.

The SBTi is a prominent corporate climate action organization that equips companies and financial institutions globally with the resources to address the climate crisis. By providing standards, tools, and guidance, the initiative helps businesses set emissions reduction targets that align with the levels required to prevent catastrophic global warming, with a goal of achieving net-zero by 2050. SBTi functions as a charitable entity, supported by partnerships with CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute, and the World Wide Fund for Nature.

CAREL’s 10-Year Plan to 2033 CAREL’s strategic 10-year plan aims for substantial reductions in greenhouse gas emissions within its operations and throughout its value chain, aligning with the objectives of the Paris Agreement to mitigate global temperature rise.

Plan Objectives:

• Scope 1 and Scope 2 emissions reduction: 54.6% (2023 baseline)
• Scope 3 emissions reduction: 32.5% (2023 baseline)

The plan encompasses various strategies, including the adoption of renewable energy through self-production and green electricity purchases, significant investments to replace non-renewable sources like natural gas with electrified systems and machinery, and collaboration with the supply chain to promote energy-saving practices and emission reductions. The timeline for approval is contingent on the SBTi’s schedule.

Francesco Nalini, CEO of CAREL Group, and Carlotta Rossi Luciani, Board Director responsible for ESG, stated: “Presenting our Emissions Reduction Plan to SBTi marks a critical step in CAREL’s comprehensive sustainability strategy, which features investments in innovation, minimized environmental impact, and the promotion of circular business models. We believe the private sector plays a crucial role in the fight against climate change, and our dedication reflects a strong commitment to protecting the planet for future generations.”