Telefónica claims to be the first telco in the world to obtain validation from the Science Based Targets (SBTi) initiative, according to the new ‘Net-Zero Standard’, of its net zero environmental targets, both in the short, medium and long term.
Telefónica’s Net-Zero targets include:
- a committment to achieving net zero Greenhouse Gas (GHG) emissions across the value chain by 2040, which means an effective reduction of at least 90% of all its emissions (direct and indirect) and neutralising the remaining emissions (less than 10%) through high quality carbon credits.
- an intermediate target of reducing absolute GHG emissions in Scope 1 and 2 by 80% and 56% in Scope 3 (value chain) by 2030.
The company says it has already decreased all its emissions by more than 40% (70% for Scope 1+2 since 2015 and 27% for Scope 3 since 2016).
“Protecting the environment is a top priority for Telefónica, which is why we are working to curb climate change and reverse biodiversity loss. The fact that our emissions reduction targets are validated by SBTi according to the new ‘Net-Zero Standard’ demonstrates the company’s commitment to leading the energy and digital transition as they go hand in hand to build a greener future for all,” said Elena Valderrábano, Global Chief Sustainability (ESG) Officer.