Magna has submitted emissions targets for validation by the Science Based Target initiative (SBTi), with the overarching goal of achieving net-zero emissions by 2050.
Along with the net-zero target, the mobility technology company plans to transition to 100% renewable electricity use in their European operations by 2025 and globally by 2030. Magna also plans to reduce 42% of its Scope 1 and 2 emissions and 25% of its Scope 3 emissions by 2030. Scope 3 emissions include those not caused directly by the company itself but are incidentally caused along its value chain, making them more difficult to track and eliminate.
“Magna has focused on creating a better world of mobility, and the company’s pursuit of net-zero emissions reflects this commitment,” said Magna CEO Swamy Kotagiri. “To reach this ambitious target, we are addressing not only the emissions we produce within our own facilities but also those of our entire supply chain while supporting the industry move to low-carbon mobility technology.”
Within the company’s operations, Magna has made progress towards already-established sustainability targets. The company is currently on track to meet its goal of reducing global energy intensity by 10% in all of its manufacturing facilities, aiming to eventually reach 20% energy intensity reduction by 2027. Further, over 30 Magna divisions have reached carbon neutrality in the past two years.
Collective Efforts Drive Progress Towards Sustainability Targets
Magna’s engagement with other organizations and associations reflects a common trend in sustainability efforts: industry-wide, collective action is needed in order to meet climate goals.
As an example, Magna is a part of the Suppliers Partnership for the Environment, a collaborative forum for the global automotive supply chain that includes automakers, suppliers, the EPA, and other global government entities.
“We know we can’t fight climate change alone, which is why we are working with our customers and partners, including 10,000 supplier companies, to optimize our natural resources,” said Ahmed ElGanzouri, global director of sustainability and energy at Magna. “Beyond Magna, I see a true cooperative spirit across the industry to identify the challenges and address them together.”
The company claims, as one of the world’s largest automotive suppliers, it is presented with an opportunity for furthering collaborative efforts towards making sustainable practices an industry standard.