VOL. 24 November ISSUE YEAR 2023
in Vol. 24 - November Issue - Year 2023
Near-term and Net-zero Targets
Global group reports progress against 2021 baseline three years ahead of schedule
The Science-Based Targets initiative (SBTi) - a partnership between the UN Global Compact, CDP, the World Resources Institute and the World Wide Fund for Nature - has validated Norican Group’s near-term science-based emissions reduction target.
Norican Group has also committed to setting long-term emission reduction targets with the SBTi, in line with reaching net zero by 2050, making it one of 2200 companies in the world to have net zero targets validated by the SBTi and the only one in our industry.
Norican Group is home to global industrial equipment brands DISA, ItalPresseGauss, Simpson, StrikoWestofen, Wheelabrator and IIoT brand Monitizer. It submitted its targets for validation in December 2022.
To reduce absolute Scope 1 and 2 greenhouse gas emissions by 50.4% by 2032 from 2021 base year levels
Since establishing the Group’s emissions baseline, the Norican team has embarked on an intensive programme of actions and initiatives to ensure that no time is lost while targets are being scrutinised.
This means that in less than two years after committing to the set targets, the Group has identified and approved emission reduction initiatives that would yield a 27,4% reduction in Scope 1 and 2 CO2 emissions by 2025 – three years ahead of our initial plan.
Anders Wilhjelm, CEO of Norican Group, comments: “As practitioners in this industry, Norican and its peers around the world can make a significant contribution to the fight against climate catastrophe. It’s our duty to act with urgency.
“I’m proud of the progress the company has made so far, but we will not be complacent. Addressing our Scope 3 emissions will be a real challenge and something we will be measured against. The SBTi process has shown us the difference we can make when we commit to targets - and the team have made a great start. It’s down to us now to convince our suppliers and customers to do the same. We’re here to help them start their own journey.”
Solar panel installations, conversion of electricity contracts to green energy and reduced use of natural gas have had the greatest impact on reducing emissions at Norican so far.
Crucially, the Group has also committed to tackling its Scope 3 emissions by engaging both its supply chain and customers in setting emission reduction targets – with the aim of encouraging 25% of its suppliers by spending and 70% of its customers by revenue to commit to science-based targets by 2027*.
*of clearly defined customer and supplier categories
For Information: China Foundry Association
14th Floor, CAM Building, No.2 Shouti South Road, Haidian district, Beijing, China