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(Alliance News) - Ibstock PLC announced on Friday its new carbon reduction commitments, including a target to be net zero in carbon emission by 2040.
The Leicestershire-based clay and concrete building products manufacturer said that, following the achievement of its existing 15% reduction in carbon dioxide per tonne of production target, the company has established more ambitious goals.
Ibstock said it now intends to achieve a 40% reduction in CO2 by 2030 and to be net zero for carbon emissions by 2040.
These targets will cover scope one and two emissions and will include investment in more efficient production processes and in environmental projects to offset residual carbon.
Scope one emission cover the emissions a company makes directly through its operations, while scope two emissions cover emissions made indirectly by a company, such as the energy used at its facilities.
Ibstock said a strategy to reduce its scope three carbon emissions, which it added contribute less than 40% of the business impact, will be developed in 2022.
Scope three emissions concern emissions that the company is indirectly responsible for, up and down its value chain, such as procurement and haulage.
Full details of Ibstock's new sustainability strategy and net zero journey will be published in March as part of the group's 2021 results, it said.
Shares in Ibstock were up 1.8% at 199.80 pence on Friday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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