Arendals Fossekompani recognises the critical urgency of addressing climate change and is proud to announce that our climate targets have been formally approved by the Science Based Targets Initiative (SBTi). This endorsement underscores our commitment to rapid and deep reductions of greenhouse gas (GHG) emissions, a necessary step to combat the accelerating impacts of global warming.
In response to the escalating climate crisis, Arendals Fossekompani has committed to a substantial reduction in our Scope 1 and Scope 2 GHG emissions. We aim to achieve a 42% reduction by 2030, using 2021 as the baseline year. Our plan addresses emissions from both direct sources and indirect sources. This goal is not just a target but a necessity as we join global efforts to limit the temperature increase to 1.5 degrees Celsius, as outlined in the Paris Agreement.
In line with our emissions reduction efforts, we are intensifying our commitment to renewable energy. Continuously sourcing 100% renewable electricity is not just a choice but an imperative action for Arendals Fossekompani. This commitment reflects the urgent need to transition away from fossil fuels and towards sustainable energy sources.
In regard to Scope 3, Arendals Fossekompani will put strength and influence where it matters most and commit 60% of its eligible private equity and listed equity portfolio by book value settings, to have SBTi validated targets by 2027.
See the full wording here: Target language and summary Arendals Fossekompani ASA
Adhering to Science-Based Targets
Our alignment with the SBTi, ensures that our climate targets are not only ambitious, but also scientifically grounded. The SBTi provides a framework for corporations to contribute meaningfully in the global effort to mitigate climate change, emphasising the importance of rapid, science-based action.
“I am proud work for a company who sets ambitious, concrete goals towards reducing our greenhouse gas emissions. This achievement reflects our dedication and collective commitment in the fight against climate change.”- Ingunn Ettestøl, Chief Sustainability Officer
The path to 2030 demands more than gradual change. It requires a new approach to how we conduct our business, investments in cutting-edge, sustainable technologies and constant re-evaluation of our operational practices will be essential in achieving our goals.
The approval of our targets by the Science Based Targets Initiative is more than a corporate milestone. It represents our acknowledgment of the urgent need for environmental change and our responsibility to take decisive action. We are committed to playing a pivotal role in the global effort to combat climate change and urge others in our industry to recognize and act on this pressing imperative.