Mondi PLC Mondi's Net-Zero targets validated by SBTi
December 16 2022 - 4:00AM
UK Regulatory
TIDMMNDI
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00B1CRLC47
JSE share code: MNP
16 December 2022
Mondi's science-based Net-Zero targets for greenhouse gas emissions reduction
validated by SBTi
* Mondi among the first packaging and paper companies with validated Net-Zero
targets
* Near-term targets by 2030: 46.2% reduction of absolute Scope 1 and 2 GHG
emissions and 27.5% reduction of Scope 3 GHG emissions
* Long-term targets by 2050: 90% reduction of absolute Scope 1, 2 and 3 GHG
emissions
Mondi, a leading global packaging and paper solutions provider, confirms that
the Science Based Targets initiative (SBTi) has assessed and approved its
science-based Net-Zero targets. The targets covering greenhouse gas (GHG)
emissions from Mondi's operations and supply chain (Scopes 1, 2 and 3) are
consistent with a reduction required to keep global warming to 1.5oC, needed to
prevent the most damaging effects of climate change according to the latest
climate science[1]. Mondi announced its commitment to Net-Zero GHG emissions
reduction in January 2022 and is among the first companies in the packaging and
paper sector to have validated Net-Zero targets from the SBTi.
In the near-term, Mondi has committed to reduce absolute Scope 1 and 2 GHG
emissions by 46.2% and Scope 3 GHG emissions by 27.5% by 2030 from a 2019 base
year[2]. Our long-term target is to reduce absolute Scope 1, 2 and 3 GHG
emissions by 90% by 2050.
Mondi has already made strategic energy-related investments across its pulp and
paper mills with more than ?650 million invested since 2015. We generate most
of our energy needs in energy plants on-site and our pulp and paper mills are
largely electricity self-sufficient.
The IPCC special report on 1.5°C highlights the necessity to reach net-zero
emissions by 2050. The setting of a science-based reduction target is an
important step in supporting achievement of Sustainable Development Goal (SDG)
13 Climate Action and is an important next step on our decarbonisation
trajectory, while supporting transparency and accountability through annual
disclosures.
Andrew King, Mondi Group CEO, said: "The approval of our science-based Net-Zero
targets according to SBTi's Net-Zero Standard underlines our long-term
commitment to taking action on climate. Mondi has already made significant
progress, achieving a 46% reduction of our specific CO2e emissions to 2021
against our initial 2004 baseline. We are pleased to be among the first in our
sector to have approved Net-Zero targets and recognise that much more needs to
be done swiftly and urgently as we move towards a low-carbon, circular
economy."
Enquiries
Susan Brunner
Senior Sustainability Positioning Manager
susan.brunner@mondigroup.com
Greg Salmon
Senior Investor Relations Manager
gregory.salmon@mondigroup.com
Chris Gurney
Senior Corporate Communication Manager
chris.gurney@mondigroup.com
About Mondi
Mondi is a global leader in packaging and paper, contributing to a better world
by making innovative solutions that are sustainable by design. Our business is
integrated across the value chain - from managing forests and producing pulp,
paper and films, to developing and manufacturing sustainable consumer and
industrial packaging solutions using paper where possible, plastic when useful.
Sustainability is at the centre of our strategy, with our ambitious commitments
to 2030 focused on circular driven solutions, created by empowered people,
taking action on climate.
In 2021, Mondi had revenues of ?7.0 billion and underlying EBITDA of ?1.2
billion from continuing operations, and employed 21,000 people worldwide. Mondi
has a premium listing on the London Stock Exchange (MNDI), where the Group is a
FTSE100 constituent, and also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a
BofA Securities.
About Science Based Targets initiative
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). SBTi defines and promotes best practice in
science-based target setting, offers resources and guidance to reduce barriers
to adoption, and independently assesses and approves companies' targets.
[1] https://www.ipcc.ch/sr15/
[2] The target boundary for Scopes 1 and 2 includes biogenic land-related
emission and removals from bioenergy feedstocks
END
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