What are Science Based Targets?
Science Based Targets is the scientific model that is available today for organizations and companies to calculate how much greenhouse gases a business can emit to allow the globe to avoid warming more than 1.5 degrees. The Science Based Targets Initiative (SBTi) is a global collaboration between CDP, UN Global Compact, WRI and WWF.
What happens if the globe heats up more than 1.5 degrees?
If our planet is heated by more than 1.5 degrees Celsius compared to pre-industrial levels, the UN Climate Panel IPCC shows that our world will be hit even harder than today by extreme weather events that will affect for example the earth's resources, ecosystems, biodiversity, food security and cities negatively. The greater the warming, the worse the consequences for all of us animals and plants living on our planet.
How does Holmen help reduce global warming?
Holmen is a forest-owned company whose business counteracts global warming through the absorption and storage of carbon dioxide as well as the production of climate-smart products and renewable energy.
Our growing forests bind carbon dioxide and provide us with renewable alternatives to fossil materials. The growth in the forest is a result of our active and sustainable forestry that creates prosperous forests, rich in plant and animal species. Younger trees grow faster and absorb significantly more carbon dioxide than older forests where growth has slowed. And as we harvest less than the annual growth, the amount of wood in our forests increases every year that goes by. Together with our decreased use of fossil fuels and our increased production of renewable energy, our positive climate effects are reinforced.
The need for renewable and fossil-free products is increasing and we are offering our customers sustainable alternatives to fossil-based materials. In addition, the products can be reused and recycled, which minimizes the environmental impact further.
What are Holmen's climate objectives?
Holmen's climate objective is that the climate benefit from our business should increase by our growing wood supply binding more and more carbon dioxide, and at the same time our products shall replace fossil-based alternatives and we shall reduce the fossil emissions in our value chain. In addition to this, our expansion of wind power shall contribute to transformation to a fossil-free energy system in Europe.
Holmen had an early climate target, and as early as 2005 we established that fossil fuels in our industries would decrease by 90% by 2020. We are proud that we have succeeded in reducing the use of fossil fuels by 87% in year 2019 compared to year 2005.
Why does Holmen want to set a Science Based Target?
Holmen's existing climate objective expires in 2020 and needs to be renewed. As we act on a global market, it is important for us to use a globally viable method to ensure that we do enough to avoid warming the earth more than 1.5 degrees. It is also important for us that we base our goals on a scientific basis. We also see that our climate responsibility extends beyond our own operations, and we will therefore include emissions that occur in our value chain.
We see today that both our customers and investors have high confidence in the SBT methodology, and as it meets the requirements that we have in the form of global, scientific and value chain-based methodology, we at Holmen strives to achieve that the part of our climate objective that includes emissions from our value chain shall be in line with SBT from 2021 onwards.
How does Holmen work to set Science Based Target?
Holmen is currently carrying out an extensive climate calculation project in accordance with the methodology recommended by SBT. The calculations are based on 2019 years figures, in order to have that year as base year. Depending on what the calculations and the analysis of the calculations show, Holmen's hope is to be able to present an SBT target by the end of the year 2020/2021.
It is important for us at Holmen that we are able to take actions to achieve the goals we set. We are therefore careful to do a thorough survey and analysis of climate emissions in our value chain before deciding on what Holmen's new goal for reducing greenhouse gas emissions should be.