Severfield receives validation from the Science Based Targets initiative (SBTi) on greenhouse gas emissions reduction targets

We are delighted to announce that the Science Based Targets initiative (SBTi) has validated our near-term, long-term, and overall Net-Zero targets for reducing greenhouse gas (GHG) emissions:

• Near-term, we commit to reduce absolute scope 1 and 2 GHG emissions 50.4% and to reduce absolute scope 3 GHG emissions 50.4% by FY2033

• Long-term, we commit to reduce absolute scope 1 and 2 GHG emissions 90% by FY2040 and to reduce absolute scope 3 GHG emissions by 90% by FY2050

• Overall, our net-zero target is to reach net-zero GHG emissions across the value chain by FY2050.

All targets are set from an FY2023 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks.

These targets fully support our strategic Net Zero Roadmap 2050, and also align with the Paris Climate Agreements aim to limit global warming to 1.5°C and build resilience to climate change. We are also one of the first ten companies in the UK construction and engineering sector to have all three of our targets fully verified by the SBTi.

Michaela Lindridge, Severfield’s Head of ESG, said: “the validation of our greenhouse gas emissions reduction targets is a crucial step in our journey to Net Zero. As market leaders in the steel industry, we are committed to reducing our impact on climate change and aligning our Net Zero targets with science. We also look forward to working with and encouraging our stakeholders to commit to setting science-based 1.5oC and net zero targets themselves, as we support the industry decarbonisation agenda.”

Michael Sansom, Sustainability Manager at the BCSA (British Constructional Steelwork Association), said: “steel has an important role to play in the delivery of sustainable, low-carbon infrastructure and buildings, and this requires action by all parts of the steel construction supply chain. The UK steel construction sector is implementing its 2050 decarbonisation roadmap and BCSA members are working hard to reduce their carbon emissions. Severfield are leading by example and by committing to science-based targets, they are encouraging other BCSA members to take action and commit to carbon reductions.”

What is Science Based Targets initiative?

The Science Based Targets initiative (SBTi) is a global body with a goal to accelerate companies across the world to support the global economy to halve emissions before 2030 and achieve net-zero emissions before 2050.

It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.

The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.