Oct 17, 2024

Panasonic HD secures SBTi verification for 2050 Net-Zero Emissions Target

Responsabilidad Social Corporativa (RSC)

Osaka, Japan, October 17, 2024 – Panasonic Holdings Corporation (Panasonic HD) announced today that the Science Based Targets initiative^(*1), a global body driving ambitious corporate climate action, has verified the company’s greenhouse gas (GHG) 2050 reduction target as a “Net-Zero Science-Based Target.”

The SBTi promotes science-based GHG reduction targets for companies, aiming to limit global temperature rise to 1.5°C above pre-industrial levels. Its certification standards for short-term (2030) so-called “1.5°C Targets” and long-term (2050) “Net-Zero Targets” have become the global benchmark for corporate climate goals aligned with the Paris Agreement.

In May 2023, Panasonic HD received SBTi approval for its 1.5°C Target. Now, the company has secured verification from the body for its Net-Zero Target after submitting detailed plans to achieve net-zero emissions by 2050, in line with SBTi guidelines.

Panasonic HD's Net-Zero Target commits to reducing GHG emissions across the company’s entire value chain. This includes scope 1 emissions from the company’s own activities, as well as scopes 2 and 3 emissions, from indirect activities, by at least 90% by FY2050 compared to FY2019 levels. The company pledges to neutralize the remaining 10% through proprietary carbon removal technologies.

SBTi verification validates that a company's GHG reduction targets are appropriately set, enhancing stakeholder trust in its climate action efforts. Globally, 1,138 companies have received Net-Zero Target certification, including 52 in Japan^(*2).

Panasonic HD remains committed to achieving net-zero emissions across its value chain and contributing to GHG reductions in society, driving impact toward achieving a decarbonized world.

The Panasonic Group's SBTi 1.5℃ targets

The Panasonic Group's SBTi Net Zero target

*1: Joint initiative by CDP, UN Global Compact, World Resources Institute and World Wide Fund for Nature.
*2: As at the end of August, 2024.

Panasonic Group Environmental Initiatives

The Panasonic Group has set forth its long-term environmental vision, “Panasonic GREEN IMPACT,” with the aim of achieving both a better life and a sustainable global environment for all. Under PGI, Panasonic Group strives towards achieving virtually net zero CO₂ emissions from its own operations by 2030, and will contribute an impact of more than 300 million tons ^(*3) of reduced and avoided CO₂, which is equivalent to about 1 percent of the current global total of approximately 31.7 billion tons ^(*4) by 2050. The group also works on business activities to realize a circular economy in which resource efficiency contributes to decarbonization and reduces the consumption of limited natural resources.
Panasonic GREEN IMPACT - Corporate Information - Panasonic Holdings
https://holdings.panasonic/global/corporate/panasonic-green-impact.html

*3: CO₂ Emission factor based on 2020
*4: 31.7 billion tons of energy-derived CO₂ emissions in 2020 (Source: IEA)

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