Naspers and Prosus have announced that the Science Based Targets initiative (SBTi) has validated the Group’s science-based climate targets. This is a major milestone in our commitment to decarbonise our business while we support a just and fair transition to a low-carbon economy aligned with the Paris Agreement to limit global warming to 1.5°C.
Prajna Khanna, Global Head of Sustainability said: “As a global company, operating in more than 100 countries, we are keenly aware of the need for urgent climate action. The majority of our businesses operate in countries that historically have had an immaterial contribution to global emissions, but which are most vulnerable to the impacts of global warming. Therefore, just and fair transitions are critical to our global climate strategy. SBTi’s validation of our targets marks a significant milestone on our journey.”
Our validated commitments include:
o Operational emissions: We will reduce our corporate emissions in line with a 1.5°C climate scenario by achieving 100% reduction of our absolute scope 1 and 2 GHG emissions by FY2028 from a FY2020 base year. Upon realising this reduction, we commit to maintaining the emissions at zero for the future.
o Supply chain emissions: We will reduce our absolute corporate scope 3 GHG emissions from air business travel by 30% by FY2030 from a FY2020 base year.
o Portfolio emissions: Our portfolio coverage target is for 50% of our portfolio, measured by invested capital, to have set their own science-based reduction targets by FY2030.
The anticipated impact of our multi-year commitment is substantial – our portfolio coverage target primarily focuses on our majority-owned or controlled companies but our commitment extends to include listed and minority holdings.
To deliver on the corporate emissions reductions, we will continue to reduce the use of fossil fuels and promote the switch to renewable energy. The electricity used for Prosus’s headquarters in Amsterdam and our office in London is already 100% renewable.
Reducing emissions from our business travel means we will critically look at our corporate travel and utilise technology where possible to conduct our business. Equally, we recognise the aviation industry requires a systemic decarbonisation, which is why we have invested in a multi-year offtake agreement to purchase sustainable aviation fuel (SAF) credits from SkyNRG. These credits present the only feasible short-term solution to structurally decarbonise the aviation industry.
We have applied the SBTi guidance for financial institutions and investors to set our portfolio coverage target. We will continue to leverage our influence as a shareholder and board member to engage and support our portfolio companies to define their climate journey. We have a longstanding tradition to work closely with our subsidiaries and associates to support their GHG data collection, footprint measurement, emissions management and reduction target development. With this target, we commit to ensure this happens in alignment with the Paris Agreement and ambition to limit global warming to 1.5°C.