GlobalData offers a comprehensive analysis of Magna, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Magna’s ESG performance. GlobalData’s company profile on Magna offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Magna, a global automotive supplier, is committed to reducing its greenhouse gas (GHG) emissions.
The company aims to achieve carbon neutrality in Europe by 2025 and extend this goal worldwide by 2030. In 2022, the company reported Scope 1 and Scope 2 greenhouse gas emissions of 25,721.2 tCO2 equivalent (market-based) and 45,606 tCO2 equivalent (location-based). For Scope 2 emissions, the company calculates market-based emissions, considering only heat purchases. In the case of location-based Scope 2 emissions related to electricity consumption, the calculation employs the emission factor for electricity generation in Austria. In 2022, Magna offset the unavoidable Scope 1 and Scope 2 emissions through a Gold Standard certified wind energy project.
The company is participating in the DeCarb Innovation Camp, which focuses on various aspects of sustainability and decarbonization. Modules such as decision-making methods, solution findings, digital tools, decarbonization technologies, energy system classification, and legal frameworks are being explored. These initiatives aim to raise awareness and develop strategies for emission reduction.
Magna has also implemented mandatory sustainability training for managers and employees to increase awareness and promote sustainable practices within the company. Additionally, the company is investing in infrastructure upgrades and energy-efficient technologies to reduce energy consumption and emissions. For example, the installation of photovoltaic systems and the replacement of transformers and lighting systems with more energy-efficient alternatives are being pursued.
The company is also addressing other sustainability aspects such as waste generation, land consumption, noise pollution, and employee mobility. Initiatives include optimizing packaging materials, exploring recycling opportunities, upgrading biodiversity in green spaces, and promoting alternative forms of transportation for employees.
In conclusion, Magna is actively working towards reducing its GHG emissions. Through participation in training programs, investment in energy-efficient technologies, and implementation of sustainable practices, the company aims to achieve its emission reduction goals. These initiatives demonstrate Magna's commitment to sustainability and its efforts to contribute to a greener future in the automotive industry.