Globe is first publicly-listed Philippine company to get its Net Zero targets validated by SBTi
MANILA, Philippines, March 11, 2024 /PRNewswire/ -- Globe has made history as it becomes the first publicly listed company in the Philippines to get the Science Based Targets initiative's (SBTi) validation and approval of its near-term and net-zero science-based greenhouse gas (GHG) emission reduction targets.
This milestone underscores Globe's commitment to climate action by aligning its operational strategies with the global imperative to limit warming to 1.5°C above pre-industrial levels, consistent with the goals of the Paris Agreement and the UN-backed Race to Zero campaign.
The validation of Globe's targets by the SBTi is part of the company's strategic integration of sustainability into its core operations.
In June 2021, Globe positioned itself at the forefront of corporate environmental responsibility by committing to the SBTi's Business Ambition for 1.5°C, becoming the first Philippine company to make such a pledge.
Globe aims for a 42% reduction in absolute Scopes 1 and 2 GHG emissions by 2030, based on a 2021 baseline, and a 25% reduction in absolute Scope 3 GHG emissions within the same period. For the long term, it has set an even more ambitious target of reducing absolute Scopes 1, 2, and 3 GHG emissions by 90% by 2050 from a 2021 baseline.
"By acquiring this validation for our targets, we're not just adhering to our core values of responsible business conduct, we're also carving out a path for other companies in the Philippines to follow. We hope that we can inspire and catalyze a broader shift towards sustainable practices across industries, fostering an inclusive future where the country's business community thrives in harmony with the planet," said Yoly Crisanto, Globe Group Chief Sustainability and Corporate Communications Officer.
Globe's comprehensive strategy to meet its science-based targets involves a shift towards renewable energy, with 27 sites already powered by renewable sources and the exploration of alternative energy solutions such as solar hybrid gensets and onsite solar panels.
The company's deployment of over 9,000 green network solutions further exemplifies its commitment to minimizing its environmental footprint. These technological advancements are complemented by Globe's initiatives to engage its supply chain in its sustainability efforts, including the implementation of a Supplier Code of Ethics and the integration of sustainability criteria into supplier assessments.
Globe's sustainability journey emphasizes not only the establishment of ambitious targets but also the critical importance of transparency and accountability. The company commits to regular public disclosures on its progress towards emissions reduction, adhering to the SBTi's criteria and recommendations, ensuring its path towards sustainability is characterized by integrity and exemplary corporate leadership.
Globe's dedication to embedding sustainability into its business exemplifies how corporate achievements and environmental stewardship can coexist, establishing a standard for ethical corporate practices in the face of worldwide environmental challenges.
Learn more about Globe Sustainability by visiting the Globe Sustainability Website and the Globe Annual Integrated Report.
SOURCE Globe
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