LONDON (dpa-AFX) - Victrex plc (VCT.L), on Thursday, announced that its long-term decarbonisation targets have been approved and validated by the Science Based Targets initiative or SBTi for emissions reductions across Scope 1, 2, and 3. These targets include an interim goal by 2032 and a net zero goal by 2050, in line with the 1.5C emissions reductions scenario.
SBTi targets offer the opportunity to further enhance Victrex's Sustainability & ESG credentials, which show Victrex PEEK's main polymer grade, 450G, has a global warming potential (GWP) lower than the GaBi database standard for PEEK# based on a validated Lifecycle Analysis study.
Victrex's lightweight and durable materials also support CO2 reduction in Aerospace and Automotive industries, energy efficiency in Electronics applications, and clinical outcomes in Medical applications. The Group is also focusing on supporting customers and supply chains with increasing circularity in the future.
The company expects to reduce the group's greenhouse gas emissions (Scopes 1+2) by 50.4% in FY 2032 from a FY 2022 base-year, and to reduce the group's greenhouse gas emissions (Scope 3) by 30% in FY 2032 from a FY 2022 base-year.
Long term, the company estimates to reduce the group's greenhouse gas emissions (Scopes 1+2+3) by 90% in absolute terms by FY 2050 from a FY 2022 base-year.
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