We are committed to minimising our environmental impact and are working to set Science Based Targets to achieve Net Zero by 2040
Lowell has joined 5,500 companies globally to commit to the Science Based Target initiative (SBTi) – a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
Over the next 24 months we will work with SBTi to agree new greenhouse gas (GHG) reduction targets, to be published by end 2025, that align to what climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5˚C above pre-industrial levels.
Our end goal is to be Net Zero, in line with the stringent guidelines set by SBTi, by 2040 – 10 years ahead of the global deadline.
How have we changed our original climate goals?
Our original climate goals were set in 2021 and a lot has changed since then. We have strengthened the goals that relate to our own operational emissions (those we generate from our offices, company cars and business travel) by adding a specific target to reduce our operational emissions by 65% by 2025 compared to 2019 emissions.
We have revised our Net Zero goal to align to Science Based Target initiatives’ (SBTi) guidelines (current requirement is to account for 90% of your value chain emissions and reduce these emissions by 90%). Our original goal was to be Net Zero by 2030 and this was set before the SBTi guidance was in place. We still plan to deliver significant reductions by this time – however, it is unlikely we will reduce emissions by enough to meet the SBTi Net Zero standard. Our new goals will see us deliver Net Zero to the SBTi Net Zero standard over two milestones, with the detail to be verified by SBTi and published by end 2025.
Lowell's re-set climate goals as of August 2023 are:
- To achieve a 65% reduction in operational emissions (scope 1 and 2 emissions and from business travel) from a 2019 baseline by 2025
- To be carbon neutral by 2025 (including our Scope 1 and 2 emissions and business travel)
- To use 100% renewable electricity in all offices by 2025
- To agree a ‘Near-term target’ to deliver significant reductions in value chain emissions within the next 5-10 years within Science Based Target initiative (SBTi) guidelines and publish the target by end of 2025
- To agree a ‘Long term target’ to reach SBTi Net Zero standard by 2040 and publish the target by end of 2025
Carol Ord, Group Head of Sustainability at Lowell, said:
"Aligning with SBTi global standards is the most credible way to make a real impact. We are proud to be one of circa 5,500 companies leading the charge and will continually review our goals based on scientific recommendations to limit global warming. Our ambitious 2040 deadline precedes the global Net Zero target of 2050 and we will continue to deliver carbon emissions reductions as quickly as we can to make the biggest and fastest contribution to a low carbon world”