SBTi Verifies Olympus’s Net-Zero Science-Based Target by 2040

The net-zero target, which was included in the Company Strategy announced in May 2023, is to achieve net-zero greenhouse gas emissions (Scope 1, 2, and 3) for the entire supply chain by 2040 and was certified as a goal consistent with the 1.5 degrees Celsius increase limit target defined by the Paris Agreement.

December 04, 2023. By News Bureau

Olympus Corporation (Olympus) announced that the Science Based Targets initiative (SBTi) has verified Olympus’s net-zero science-based target by 2040.

The net-zero target, which was included in the Company Strategy announced in May 2023, is to achieve net-zero greenhouse gas emissions (Scope 1, 2, and 3) for the entire supply chain by 2040 and was certified as a goal consistent with the 1.5 degrees Celsius increase limit target defined by the Paris Agreement. It also included a near-term target to reduce absolute Scope 1 and 2 GHG emissions 70% by FY2031.

Olympus strongly believes that climate change and ecosystem deterioration, brought about by human activities impacting the environment and pollution, must be addressed promptly. In May 2021, the company added 'carbon neutral society and circular economy' to its materiality items. In addition, in May 2023, it formulated and announced a target of achieving net-zero greenhouse gas emissions throughout the entire supply chain (Scope 1, 2, and 3) by 2040 in order to contribute broadly to the realization of a decarbonized society.

Now, Olympus’ near-term target and net-zero target have acquired certification from SBTi as goals consistent with the target 1.5 degrees Celsius increase limit outlined by the Paris Agreement.

Olympus commits to reach net-zero GHG emissions across the value chain by 2040. It commits to reduce absolute scope 1 and 2 GHG emissions 70% by FY2031 from a FY2020 base year. The company also commits that 80% of its suppliers by emissions covering purchased goods and service, capital goods, and upstream transportation and distribution will have science-based targets by FY2028.

Yasuo Takeuchi, Olympus Director, Representative Executive Officer, and Executive Chairman and ESG Officer, said “Olympus has incorporated the concept of ESG into our corporate strategy toward the realization of Our Purpose of “making people's lives healthier, safer and more fulfilling” and is actively developing various initiatives. The results of our efforts to date include a 45.7% reduction in greenhouse gas emissions in FY2023 compared to FY2020 and a 71.9% introduction rate of electricity derived from renewable energy. We recognize that this progress acknowledges our efforts towards setting and working to achieve our targets. We will continue to improve manufacturing, promote energy saving and introduce renewable energy at Olympus sites globally while implementing measures to develop environmentally-conscious products, improve logistics efficiency, set voluntary reduction targets in cooperation with suppliers, and support decarbonization initiatives.”

Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative, said “Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change. Olympus Corporation’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow.”

Tags:

Business

Olympus Corporation

Greenhouse gas emissions

Science Based Targets initiative (SBTi)

Paris Agreement

Net-Zero Science-Based Target

Supply chains

Transportation