23 May 2024
Victrex plc
Approval of
carbon reduction targets aligned to Net Zero
*Validation by Science Based
Targets initiative (SBTi) for 2032 and 2050 targets across all
emission scopes*
*Targets build on
Sustainability & ESG credentials, including products supporting
CO2 reduction & energy efficiency*
Victrex plc is an innovative world leader in high performance polymer
solutions, delivering sustainable products which enable
environmental and societal benefit in multiple
end-markets. The Group is pleased to
announce that its long-term decarbonisation targets have been
approved and validated by the Science Based Targets initiative
(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 ability to achieve SBTi targets is based
upon the UK government meeting their stated Net Zero##
targets, which are based on a decarbonised electricity grid, as
well as access to green technologies, low carbon fuels and
sufficient electricity capacity.
Victrex retains optionality for
delivery of its decarbonisation plans, which could include a
combination of reduced gas useage for manufacturing - with
electrification or alternative fuels - alternative processes for
manufacture and other options. Victrex already uses 100% renewable
electricity in the UK, and 90% globally.
The
company's approved SBTi and Net Zero targets:
· Interim targets:
· To reduce the group's greenhouse gas emissions (Scopes 1+2) by
50.4% in FY 2032 from a FY 2022 base-year.
· To reduce the group's greenhouse gas emissions (Scope 3) by
30% in FY 2032 from a FY 2022 base-year.
· Long
term targets:
· 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**
Investment to support decarbonisation
Victrex has projected capital
investment of up to £50m over the period to 2032, in support of
decarbonisation. This is already included within its overall
capital allocation guidance.
Commenting on the SBTi approval, Chief Executive of Victrex,
Jakob Sigurdsson, said:
"Victrex is proud to receive
validation from SBTi, which underpins our decarbonisation plans. It
also aligns with our purpose, to bring transformational and
sustainable solutions which address world material challenges and
support our customers.
"Our products are lightweight,
durable, offer recyclability properties and can replace metal. We
already have a strong track record of supporting CO2 reduction and
carbon abatement in a number of industries and look forward to
supporting the cars and planes of tomorrow, as well as energy
efficiency in multiple applications.
"Alongside the role our materials
play, developing science-based targets for the reduction of
greenhouse gas emissions is the next step in our ESG
agenda."
Notes:
1/ The SBTi is a global organization
of collaborative initiatives, comprised of CDP (an international
NGO whose predecessor is the Carbon Disclosure Project), the United
Nations Global Compact, World Resources Institute, and the
Worldwide Fund for Nature. The Science-Based Targets are the
greenhouse gas emissions reduction targets ambitiously set by
companies, based on climate science, to meet the 2015 Paris
Agreement goal of keeping the increase in global average
temperature to below 1.5ºC compared to pre-industrial
temperatures.
#Lifecycle Assessment based on
Victrex PEEK 450G using solely UK produced BDF vs PEEK standard via
GaBi database)
##The UK
government has set a legally binding target for the UK to become
Net Zero by 2050 (as detailed in COP 26). As part of this target,
the UK government has committed to decarbonise the electricity
system by 2035 and will support the UK to transition away from
reliance on fossil fuels. They will achieve this by supporting
technologies such as offshore wind, hydrogen production, nuclear
energy, and expansion of the electricity distribution network to
increase capacity
** With remaining emissions
permanently neutralised at the net-zero target year and any GHG
emissions released into the atmosphere thereafter in line with the
SBTI net zero standard.
Victrex plc:
Andrew Hanson, Director of Investor
Relations, Corporate Communications & ESG +44
(0) 7809 595831
Melanie Embery, Head of Marketing
Communications
+44
(0) 1253 898024
About Victrex:
Victrex is an innovative world
leader in high performance polymer solutions, focused on the
strategic markets of Automotive, Aerospace, Energy &
Industrial, Electronics and Medical. Every day, millions of people
rely on products or applications which contain our sustainable
materials, from smartphones, aeroplanes and cars to energy
operations and medical devices. With over 40 years' experience, we
are moving beyond the polymer into semi-finished and finished
products which shape future performance for our customers and our
markets, enable environmental and societal benefit for our
customers and drive value for our shareholders. Find out more
at www.victrexplc.com