LEAX Group commits to the Science Based Targets initiative
LEAX Group is taking the next step to align the company to the ambitions of the Paris Climate Agreement. To be transparent in our progress, the company is now committing to the Science Based Targets initiative (SBTi).
"Our commitment to future generations is that the LEAX Group will do its part in achieving the goals of the Paris Climate Agreement. With this pledge to Science Based Targets we have the responsibility to report our progress openly and transparently” says Tony Nicol, President and CEO of LEAX Group.
“Setting targets on CO2 emission reduction is an ambitious step for LEAX” says Joacim Blomberg, CTO of LEAX, who will lead this initiative. “This period is crucial to progress knowledge and awareness on climate change mitigation. In the current program LEAX Group has set out to decrease energy consumption and reduce emissions from its own production and transports” he says.
Since the foundation of the company in 1982 environmental matters have been an important part of our business. We have taken different steps in our progress from Environmental Certification in the 1990’s to energy mapping and reduction activities this past decade and were an early adopter of the UN Global Compact.
As our next step in our climate strategy LEAX Group is now committing to the Science Based Targets initiative. During 2021 and 2022 our targets will be established with the associated roadmaps for achieving our goals. We will contribute to the target of keeping global temperature increase below 2 degrees Celsius compared to pre-industrial temperatures.
To improve the disclosure of climate-related financial risks and opportunities, LEAX Group supports the Task Force on Climate-Related Financial Disclosures (TCFD) and will continue to adopt its recommendations.
What are Science-Based Targets (SBT)
Science-based targets provide companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions. The Science Based Targets initiative champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC).
Definition of Science-Based Targets
Targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered “science-based” if they are in line with the level of decarbonization required to keep global temperature increase below 2 degrees Celsius compared to pre-industrial temperatures, as described in the Fifth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC AR5).
Links to sites where LEAX commitment is officially published.
https://sciencebasedtargets.org/
https://www.cdp.net/en
https://www.wemeanbusinesscoalition.org/
https://www.unglobalcompact.org/what-is-gc/participants
LEAX Group AB (publ) is the parent company of a group (“LEAX Group”) with about 1 100 employees. LEAX has operations in Köping, Falun and Falköping in Sweden, Riga and Rezekne in Latvia, Curitiba in Brazil, Detmold in Germany, Mezökövesd in Hungary and Wuxi in China. The Group is a manufacturer of mechanical components and subsystems for the heavy vehicle industry, passenger cars, mining and construction industries and other engineering industries. LEAX Group also delivers customized gearboxes for various mechanical engineering industries. The Group had a turnover of SEK 1,5 billion in 2020.