Malaysia's Sime Darby Plantation Berhad (SDP) announced it has become the first palm oil company to have its net-zero targets approved by the Science Based Targets initiative (SBTi).
The SBTi’s validation came a year after the company had announced its commitment to reach net-zero greenhouse gas (GHG) emissions across its value chain by 2050, SDP said on 14 December.
"The validation of our targets by the SBTi proves our commitment is real, meaningful and most importantly, measurable. The ongoing initiatives to reduce greenhouse gas (GHG) emissions across our business includes collaborative efforts with stakeholders throughout our value chain,” SDP group managing director Datuk Mohamad Helmy Othman Basha said.
In addition, SDP said it was one of the first global companies with validated reduction targets for emissions from ‘Forest, Land and Agriculture’ (FLAG) as well as energy and industrial sources.
The company said its three-pronged approach to achieving its net-zero targets included the acceleration of its renewables programme, land use transformation and increasing engagement with suppliers.
SDP’s net zero targets were an integral part of its Sustainability Focus Areas under three key elements: Climate Action, Human Rights and Responsible Sourcing, the company said.
Mohamad Helmy urged other industry players to commit to science-based net-zero targets.
“Given the urgency of the current climate crisis, achieving our net-zero targets has never been more important.
“If we all commit to these targets, we can work together to ensure the sustainability of our industry. It must be a collective effort,” he added.
The SBTi is a global body enabling businesses and financial institutions to set emissions reductions targets in line with climate science. Its focus is to help companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The SBTi defines and promotes best practice in science-based target (SBT) settings, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
A partnership between global non-profit organisation CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), the SBTi drives climate action in the private sector by enabling organisations to set science-based emissions reduction targets.
As part of its role, the SBTi provides technical assistance and resources to companies who set science-based targets in line with the latest climate science.
