Foxconn Pledges to Reach Net Zero GHG Emissions by 2050
Taiwan-based electronics manufacturing giant Hon Hai Technology Group, known internationally as Foxconn, announced a series of sustainability climate-related commitments. The company’s new targets include achieving net zero greenhouse gas emissions by 2050, in line with the goals of the Paris Agreement.
In its release, Hon Hai also stated that it aims to align the company’s climate initiatives with the proposals of Climate Action 100+, an investor initiative, with over 500 investors representing more than $47 trillion in assets, that targets the world’s largest corporate greenhouse gas emitters to promote taking necessary action on climate change.
In September, Climate Action 100+ announced that it will release a new benchmark, aiming to provide comprehensive analysis on which companies are leading the transition to net-zero emissions, and sent a letter to high-emissions companies calling on them to come forward with net-zero by 2050 business strategies, including supply chain emissions. Hon Hai’s commitments address these factors.
Hon Hai listed its new commitments as follows:
1. Comply with the carbon emission policies of local governments where Hon Hai Technology Group’s factories are located.
2. Hon Hai Technology Group’s greenhouse gas (GHG) emissions policies across the value chain are consistent with the goals of the Paris Agreement and we aim to achieve the goal of net zero greenhouse gas emissions by 2050.
3. Hon Hai Technology Group aims to take actions to fulfill the following 3 goals proposed by the Climate Action 100+ Steering Committee:
a. Strengthen climate change governance
b. Take action toward the group’s greenhouse gas (GHG) emissions across the value chain
c. Provide disclosures in accordance with the Climate-Related Financial Disclosure Recommendations (TCFD)