Swire Pacific commits to net zero carbon emissions by 2050
Swire Pacific announced today a refreshed and expanded sustainable development strategy, SwireTHRIVE 2.0, outlined in its 2020 Sustainable Development Report. The strategy reinforces the company’s longstanding commitment to sustainable development and reflects the need for increased ambition and action from the global business community to help address some of the world’s most pressing challenges.
The latest iteration of SwireTHRIVE builds on the company’s 2016 environmental strategy and covers five priority areas: Climate (decarbonisation and resilience), Waste, Water, People (diversity and inclusion and health and safety), and Communities. The strategy is underpinned by stretching targets to reduce carbon, water withdrawal and waste, and to strengthen diversity and inclusion. As a group, Swire Pacific commits to achieving the following targets by 2030:
• 50% reduction in greenhouse gas emissions from direct operations (excluding Cathay Pacific’s jet fuel) from a 2018 base year;
• 27% reduction in water withdrawal from a 2018 frozen efficiency baseline;
• 55% waste managed by us diverted from landfill; and
• 30% women in senior management roles by 2024.
Beyond 2030, Swire Pacific will continue to reduce its carbon emissions to achieve net zero by 2050. This level of ambition is in line with the 1.5°C goal of the Paris Agreement and supports national and local decarbonisation commitments. The company has also set stretching targets to achieve water neutrality and zero waste to landfill by 2050. It continues to actively promote diversity and inclusion both in the workplace and more broadly.
Dr Mark Watson, Group Head of Sustainability said, “Avoiding the worst impacts of climate change requires the world to reach net zero carbon emissions by 2050. At Swire Pacific, we have aligned our ambition with the agreed climate science. Not only is this the right thing to do for the long term, but it will enable Swire Pacific to be a more resilient, futureproof business and to capitalise on important opportunities for further innovation and sustainable growth. SwireTHRIVE 2.0 focusses on those areas where we aim to create positive impact and change, and to be clear in communicating our progress going forward.”
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