Magna has submitted net-zero emissions targets for validation by the Science Based Targets initiative (SBTi).
The company said its goal is to achieve net-zero emissions status by 2050, and meet its near-term Scope 1, 2 and 3 targets by 2030.
“To reach this ambitious target, we are addressing not only the emissions we produce within our own facilities but also those of our entire supply chain, while supporting the industry move to low-carbon mobility technology,” said Magna CEO Swamy Kotagiri.
“By embracing sustainable practices, shifting to renewable energy sources, making our manufacturing processes more efficient and partnering with our customers in the transition to electric vehicles, we want to make a positive impact on the planet and future generations.”
The Canadian parts manufacturer aims to transition to 100% renewable electricity use in its European operations by 2025 and globally by 2030.
Its newly defined strategy includes a commitment to reduce 42% of its scope 1 and 2 emissions, and 25% of its scope 3 emissions, by 2030.
“We know we can’t fight climate change alone, which is why we are working with our customers and partners, including 10,000 supplier companies, to optimise our natural resources,” said Ahmed ElGanzouri, Global Director, Sustainability and Energy at Magna.
Magna said it has been achieving its targets in 2023 and is on track to reduce its global energy intensity by 10%, with a target of 20% by 2027. In addition, it said 30 of its divisions have achieved carbon neutrality over the last two years.