Epson is seeking to decarbonise and has set strategic targets for the reduction of greenhouse gas (GHG) emissions. The SBTi has validated them as being science-based and aligned with the 1.5℃ goal of the Paris Agreement.
The company has articulated its long-term goals in ‘Environmental Vision 2050’ and 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. Epson first received approval for its targets in 2018. These targets were subsequently raised to align with the 1.5℃ goal. Epson achieved the elevated targets ahead of schedule by transitioning to 100% renewable electricity worldwide.
As a result, Epson needed to enhance consistency with the total reduction targets already set forth in their environmental vision. Thus, Epson submitted the following updated targets to the SBTi. The SBTi reviewed and approved the targets, which are part of a broader strategic plan by Epson to tackle climate change long term.
Approved Targets
- Achieve net-zero in 2050.
The 2050 net-zero target is based on the SBTi Net-Zero Standard. Directly reducing all scope 1, 2, and 3 GHG emissions compared to the baseline year is the priority. Neutralisation of all residual emissions that cannot be eliminated will be achieved through permanent carbon removal or storage. Reducing GHG emissions across the value chain, which accounts for 90% or more of Epson’s total emissions, requires close collaboration with suppliers. To reduce the environmental impact of purchased goods and services (scope 3, category 1), Epson launched a supplier engagement program called 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.
Epson has also begun exploring a framework under which the company and its main suppliers jointly procure renewable electricity. Meanwhile, Epson is also developing CO2 absorption technology as a key project in its environmental technology development.
Beyond achieving their science-based targets, Epson aim to contribute to the decarbonisation of society by pursuing their additional goal of becoming carbon negative.
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