Zurich, 30 January 2024 – South Pole's long-term target to reduce its total global greenhouse gas (GHG) emissions to net zero by 2040 has been validated by the Science Based Targets initiative (SBTi).
In addition, South Pole's near-term targets - committing South Pole to ambitious 2030 scope 1, 2 and 3 emissions reduction targets - have been validated. South Pole will prioritise direct emissions reductions, and ensure that all residual emissions will be neutralised in line with the SBTi criteria before reaching net zero emissions.
In 2021, South Pole had its original near-term targets approved by the SBTi, as a small-to-medium-enterprise (SME). However due to significant growth in the company, the decision was taken to commit to new, improved targets.
South Pole has committed to a long-term target to reduce absolute scope 1, 2, and 3 GHG emissions by 90% by 2040 from a 2019 base year. For the near-term, the now validated targets are:
João Sargedas, Senior Manager, Sustainability, Compliance and Risk at South Pole, said, “The SBTi is truly the marker of best practice in the realm of setting credible, science-based emission reductions targets. We are delighted to have had our targets validated and can now continue the critical work of reducing our emissions in a structured and ambitious way. South Pole will prioritise direct emission reductions, and ensure that all residual emissions will be neutralised in line with the SBTi criteria before reaching net zero emissions. This is another big step on our own net zero journey, and one we're very proud of."
South Pole has been calculating and disclosing its greenhouse gas emissions for many years, having had its first independent Limited Assurance in 2023, to further increase the quality of its disclosures.
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practice in science-based target setting and independently assesses companies' targets. More than 4,000 businesses around the world are already working with SBTi, in having validated targets that are aligned with the latest climate science, so it was only natural that we kept being a part of this initiative.
ENDS
South Pole is the world's leading carbon asset developer and climate consultancy.
Since 2006, South Pole has been a trusted partner and advisor to governments, public sector organisations, and leading businesses on their decarbonisation journeys. South Pole serves over 1,000 clients across the world, and its global team of experts has helped many Fortune 500 businesses implement comprehensive strategies that help build resilience and turn climate action into long-term business opportunities.
In line with its mission to deliver true climate impact for all, South Pole has used the power of markets to help channel climate finance to over 850 projects in more than 50 countries across the globe. To date, these projects have helped reduce over 200 million metric tonnes of CO2 emissions, accelerated low-carbon transformations across several sectors, and provided measurable benefits to communities vulnerable to climate change.
The business is supported by world-class investors, including Temasek's GenZero, Lightrock, Corisol, and Salesforce Ventures.
South Pole is a social enterprise recognised by the World Economic Forum's Schwab Foundation, and committed to becoming a B Corp globally across all of its local entities.
For more information, visit www.southpole.com or LinkedIn.
