As part of our One Planet strategy, we are pleased to announce that the Group has taken another important step on our sustainability journey by having both near- and long-term decarbonisation targets externally approved by the Science Based Targets initiative (SBTi).

The SBTi drives ambitious climate action in the private sector by enabling organisations to set emissions reduction targets in line with the latest climate science. It’s based on a partnership between the United Nations Global Compact (UNGC), World Resources Institute (WRI), the Carbon Disclosure Project (CDP) and the Worldwide Fund for Nature (WWF).

In 2021, after launching our One Planet: Engineering with Purpose Sustainability Strategy, the Group committed to the ‘Business Ambition for 1.5°C’ campaign aligning ourselves with the latest climate science requirements to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels.

The verification and approval received from the SBTi for our targets provides a clearly defined pathway for the Company to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proofing our business growth.

Spirax Group’s targets

The Group’s targets verified and approved by the SBTi are to:

• Reduce near-term absolute scope 1, 2 and 3 emissions 50.4% by 2032*
• Achieve net zero no later than 2050 in scope 1, 2 and 3, which includes a minimum 90% reduction in greenhouse gas emissions*
• Reach net zero greenhouse gas emissions across the value chain** by 2050

*From a 2021 base year
**A company’s value chain covers all its activities from design, sourcing, manufacturing, and the use of its products by customers

Prior to signing up to the SBTi and the ‘Business Ambition for 1.5°C’ campaign, the Group had already set ambitious internal targets to decarbonise our scope 1 and 2 emissions by 2030. These targets still remain, and we are well on track with our progress, having already achieved a 41% reduction by the end of 2022. Additional work to address scope 3 emissions has also started with an initial focus on carbon intensive purchased goods and contractor logistics by road, sea and air.