Automotive supplier and mobility technology provider Magna International announced a series of new climate-focused commitments, including a new target to achieve net zero emissions by 2050, and 100% renewable electricity use globally by 2030.
Additional interim goals announced by the company included transitioning to 100% renewable electricity use in its European operations by 2025, and 2030 targets to reduce Scope 1 and 2 emissions by 42%, and Scope 3 emissions by approximately 25%.
Magna added that it has submitted its net zero and its neat-term targets for validation by the Science Based Targets initiative (SBTi).
Magna CEO Swamy Kotagiri said:
“Magna has focused on creating a better world of mobility, and the company’s pursuit of net-zero emissions reflects this commitment. To reach this ambitious target, we are addressing not only the emissions we produce within our own facilities but also those of our entire supply chain, while supporting the industry move to low-carbon mobility technology.”
The automotive industry is responsible for approximately 9% of global greenhouse gas emissions. As one of the world’s largest suppliers to the sector, Magna’s net zero plans could contribute significantly to automakers’ value chain decarbonization strategies.
In a statement announcing the new goals, Magna said that the achievement of the mobility industry’s sustainability goals “will require immense collaboration amongst employees, suppliers, customers, consumers, and partners to ultimately drive scale and reach.”
Ahmed ElGanzouri, Global Director, Sustainability and Energy at Magna, said:
“We know we can’t fight climate change alone, which is why we are working with our customers and partners, including 10,000 supplier companies, to optimize our natural resources. Beyond Magna, I see a true cooperative spirit across the industry to identify the challenges and address them together.”