Wolters Kluwer today announced that the Science Based Targets initiative (SBTi) has approved its near-term science-based emissions reduction targets. Wolters Kluwer is committed to minimizing its impact on the environment, in line with the COP21 Paris Agreement and the COP26 Glasgow Climate Pact on limiting global warming. The company also committed earlier in 2023 to set long-term emission reduction targets with the SBTi in line with reaching net-zero by 2050.
“SBTi validation of our greenhouse gas (GHG) emissions reduction targets provides clear goals, as we commit to minimizing our environmental footprint,” said Nancy McKinstry, CEO and Chair of the Executive Board, Wolters Kluwer. “As a company with market leading ESG solutions, within our Corporate Performance and ESG division, we are committed to reducing the environmental impact of our own operations and value chain, while delivering sustainable growth for our stakeholders.”
SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Initiative (WRI) and theWorld Wide Fund for Nature (WWF). The SBTi defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets. It is the global Net-Zero Standard for corporate climate action.
Based on the company’s GHG assessment, Wolters Kluwer has developed abatement plans to reduce GHG emissions in line with a pathway to limit global warming to 1.5°C. The validated emissions reduction targets are:
- Reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2019 base year
- Reduce absolute scope 3 GHG emissions 30% by 2030 from a 2019 base year.
The company’s scope 1 and 2 GHG emissions reduction target is mainly related to energy consumption from its offices, and the scope 3 GHG emissions reduction target covers value chain emissions from purchased goods and services, capital goods, upstream transportation and distribution, business travel and employee commuting.
Efforts to reduce scope 1 and 2 GHG emissions include reducing the company’s organic office footprint and moving to renewable electricity. Decarbonization of Wolters Kluwer’s supply chain will be key to reduce scope 3 emissions, implying a greater focus on engaging with suppliers. Over the coming years, the company will implement additional initiatives to reduce its scope 1, 2 and 3 GHG emissions in line with these targets, while continuing to inform stakeholders of progress in its Annual Reports.
A breakdown of scope 1, 2 and 3 GHG emissions for base year 2019 is available in Wolters Kluwer’s 2022 Annual Report (pages 51-56). Through its membership of The European Round Table for Industry, Wolters Kluwer is also a signatory of the CEO Climate Action Statement endorsed by CEOs and Chairs of leading global companies, available here.