Driving an ambitious agenda towards the reduction of greenhouse gas (GHG) emissions across its value chain by more than 50% by 2030 and reaching ‘net-zero’ by 2050, Epson’s targets have now been formally approved by the Science Based Targets initiative. SBTi is a corporate climate action organization that has developed standards, tools and guidance to enable companies ‘to set GHG emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest’.
Articulating its long-term goals in its ‘Environmental Vision 2050’ strategy document, Epson is actively working to reduce the environmental footprint of its products and business activities across the value chain by drawing on the strength of its efficient, compact and precise technologies.
The company first received approval for its targets in 2018. These targets were subsequently raised in line with the Paris Agreement's renewed goal of limiting global warming to 1.5℃.. Epson achieved the elevated targets ahead of schedule by transitioning to 100% renewable electricity worldwide.
As a result, Epson needed to revise its next set of strategic targets and submitted updated targets to the SBTi, which have now been reviewed and approved and include:
/ near-term targets
- Reduce total scope 1 + 2 + 3 emissions2 by 55% by 2030.
- Reduce total scope 1 + 2 emissions2 by 90% by 2030.
/ long-term targets
- Reduce total scope 1 + 2 + 3 emissions2 by 90% by 2050.
- Achieve net-zero in 2050.
Reducing GHG emissions across the value chain, which accounts for 90% or more of Epson's total emissions, requires close collaboration with its suppliers and has prompted the recent launch of a supplier engagement program: the ‘Epson Green Supply Chain’. Under this program, Epson has moved to increase the accuracy of primary GHG emissions data collected from suppliers by introducing a visualisation solution, as well as exploring a framework under which Epson and their main suppliers can jointly procure renewable electricity.
Meanwhile, Epson is also developing CO2 absorption technology as a key project in its environmental technology development.
