The ambitious emissions targets of Vitesco Technologies, a leading international supplier of modern powertrain technologies and e-mobility solutions, have now also been officially validated by the Science Based Targets initiative (SBTi). The associated certification demonstrates Vitesco Technologies' commitment to climate change mitigation while also ensuring that it is in line with the objectives of the Paris Climate Agreement and stands up to scientific scrutiny.
"Validation of our greenhouse gas (GHG) emissions reduction targets by the Science Based Targets initiative represents an important milestone in our climate journey," explains Ingo Holstein, Executive Board member for Human Relations and chairman of Vitesco Technologies' Sustainability Committee: "We are proud to be part of the global movement of companies that are actively combating climate change and wish to be measured on the basis of their statements."
Through a rigorous evaluation methodology and scientific investigation, the SBTi ensures that established goals are consistent with the best available scientific evidence. This is a joint initiative of CDP, the United Nations Global Compact, World Resources Institute (WRI) and World Wide Fund for Nature (WWF) and is one of the We Mean Business Coalition commitments. Its aim is to help companies around the world contribute toward limiting global warming to 1.5 degrees Celsius above pre-industrial levels.
Accordingly, Vitesco Technologies is committed to reducing its own operational GHG emissions (Scope 1 and 2) by 100 percent by 2030. Vitesco Technologies is also committed to a 25 percent reduction in absolute Scope 3 greenhouse gas emissions by 2030, taking 2021 as a baseline. The SBTi's assessment in accordance with the V5 standard has confirmed that the Group's proposed emissions reduction trajectory is consistent with the Paris Climate Agreement's 1.5 degrees Celsius target, currently the most ambitious target in the SBTi process.
At Vitesco Technologies, sustainability is already embedded at the heart of its corporate strategy. Beyond science-based targets, Vitesco Technologies aims to achieve net-zero GHG emissions by 2040. Three key levers for decarbonization are the electrification of the product portfolio, life-cycle engineering, and carbon neutrality in the company's own processes. This means eliminating materials, activities and processes that cause emissions to the greatest possible extent, or at least reducing or substituting them.
Vitesco Technologies is a leading international developer and manufacturer of cutting-edge drive systems for sustainable mobility. With intelligent system solutions and components for electric, hybrid, and internal combustion drive systems, Vitesco Technologies is making mobility clean, efficient, and affordable. The product portfolio includes electric drives, electronic controls, sensors and actuators, and exhaust gas treatment solutions. In 2022, Vitesco Technologies generated sales of around €9.07 billion and employs a workforce of around 38,000 employees at 50 locations. Vitesco Technologies is headquartered in Regensburg, Germany.