(Alliance News) - Essentra PLC on Wednesday received approval for its near- and long-term sustainability goals from a UN-backed environmental standards organisation.
Essentra is an Oxford, England-based manufacturer of plastic, vinyl and metal components for use in industrial applications.
The company said that its near- and long-term emission-reduction targets, including its 2050 net-zero goal, had been approved by the Science Based Targets Initiative.
The SBTi is a collaboration between the CDP, United Nations Global Compact and the Worldwide Fund for Nature, which enables businesses to "set ambitious emissions reductions targets in line with the latest climate science".
According to Essentra, the approval demonstrates "a key milestone in the company's sustainability strategy", and signals progress towards its goal of becoming "the world's leading responsible hassle-free supplier of essential industrial components".
Essentra's near-term targets include the reduction of absolute scope 1 and 2 greenhouse gas emissions 50% by 2030, and a 55% reduction of scope 3 emissions.
The company said it is already making progress toward these ends, having reduced scope 1 and 2 emissions by 27% and emissions intensity by 35% since 2019.
The company's full climate transition plan will be included in the 2023 annual report, due to be released in April.
Shares in Essentra were down 0.4% at 166.40 pence each in London on Wednesday morning.
By Hugh Cameron, Alliance News reporter
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Essentra (ESNT)