Olympus's Net-Zero Targets Approved by SBTiOlympus aims to achieve net-zero greenhouse gas emissions throughout the entire supply chain by 2040
November 30, 2023
TOKYO, November 30, 2023 - Olympus Corporation (Olympus), a global MedTech company committed to making people’s lives healthier, safer and more fulfilling, today announced that the Science Based Targets initiative1 (SBTi) has verified Olympus’s net-zero2 science-based target by 2040. The net-zero target, which was included in the Company Strategy announced in May 2023, is to achieve net-zero greenhouse gas emissions (Scope 1, 2, and 33) for the entire supply chain by 2040 and was certified as a goal consistent with the 1.5 degrees Celsius increase limit target defined by the Paris Agreement. It also included a near-term target to reduce absolute Scope 1 and 2 GHG emissions 70% by FY2031.
Olympus strongly believes that climate change and ecosystem deterioration, brought about by human activities impacting the environment and pollution, must be addressed promptly. In May 2021, the company added "carbon neutral society and circular economy" to its materiality items. In addition, in May 2023, it formulated and announced a target of achieving net-zero greenhouse gas emissions throughout the entire supply chain (Scope 1, 2, and 3) by 2040 in order to contribute broadly to the realization of a decarbonized society. Now, Olympus’ near-term target and net-zero target have acquired certification from SBTi as goals consistent with the target 1.5 degrees Celsius increase limit outlined by the Paris Agreement.
- Olympus’ net-zero target
Olympus commits to reach net-zero GHG emissions across the value chain by 2040.
- Olympus’ near-term targets
- Olympus commits to reduce absolute scope 1 and 2 GHG emissions 70% by FY2031 from a FY2020 base year.
- Olympus also commits that 80% of its suppliers by emissions covering purchased goods and service, capital goods, and upstream transportation and distribution will have science-based targets by FY2028.
Comment from Yasuo Takeuchi, Olympus Director, Representative Executive Officer, and Executive Chairman and ESG Officer
Olympus has incorporated the concept of ESG into our corporate strategy toward the realization of Our Purpose of “making people's lives healthier, safer and more fulfilling” and is actively developing various initiatives. The results of our efforts to date include a 45.7% reduction in greenhouse gas emissions in FY2023 compared to FY2020 and a 71.9% introduction rate of electricity derived from renewable energy. We recognize that this progress acknowledges our efforts towards setting and working to achieve our targets. We will continue to improve manufacturing, promote energy saving and introduce renewable energy at Olympus sites globally while implementing measures to develop environmentally-conscious products, improve logistics efficiency, set voluntary reduction targets in cooperation with suppliers, and support decarbonization initiatives.
Comment from Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative.
Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change. Olympus Corporation’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow.
1 An international initiative jointly established by WWF, CDP, the World Resources Institute (WRI), and the UN Global Compact. They encourage companies to set science-based greenhouse gas reduction targets in order to limit the increase in the average global temperature due to climate change to 1.5 degrees Celsius above pre-industrial levels.
2 Net zero means reducing greenhouse gas emissions (Scope 1, 2, and 3) as much as possible (at least 90%) in line with the latest climate science (1.5°C scenario) and using credits derived from carbon sequestration and removal (such as afforestation and CO2 capture and storage) for an amount equivalent to the residual greenhouse gas emissions (less than 10%) to achieve a balance.
Scope 1: Direct greenhouse gas emissions by combustion of fuels in our sites.
Scope 2: Indirect greenhouse gas emissions from our sites use of electricity, heat or steam supplied by other companies.
Scope 3: Other, indirect emissions of greenhouse gas emissions (excluding Scope 1 and 2).
For more information on Olympus’ ESG initiatives, please refer to the Sustainability page on its website.
At Olympus, we are committed to Our Purpose of making people’s lives healthier, safer and more fulfilling. As a global medical technology company, we partner with healthcare professionals to provide best-in-class solutions and services for early detection, diagnosis and minimally invasive treatment, aiming to improve patient outcomes by elevating the standard of care in targeted disease states. For more than 100 years, Olympus has pursued a goal of contributing to society by producing products designed with the purpose of delivering optimal outcomes for its customers around the world. For more information, visit https://www.olympus-global.com/ and follow our global X account: @Olympus_Corp.
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