Net-Zero Validation: A Magna Sustainability Milestone
At Magna, sustainability is part of every decision we make. We have momentum, and we just hit a significant milestone in our journey. Our ambitious targets to reduce greenhouse gas emissions and achieve net-zero by 2050 have been verified by the Science Based Targets initiative (SBTi), a global body enabling companies to set emissions reductions targets in line with the latest climate science. This verification is a significant step forward in the company’s commitment to sustainability and contributing to the fight against climate change.
It's gratifying to report that we made significant progress in our sustainability goals in 2023 in a company-wide endeavor. Today, 75 divisions use 100% renewable electricity, with 150 expected to achieve that goal by 2025. The number of divisions using solar panels tripled in one year. And with one energy-saving project alone, our company saved approximately 280,000 megawatts of energy, resulting in about 62,000 tCO2e (market-based emissions) reduction across our manufacturing operations. To put that in perspective, it’s enough energy to power 27,000 homes.
But that’s just a start.
The SBTi has validated Magna’s Scope 1, 2 and 3 near-term (2030) and long-term (2050) science-based emission reduction targets. Based on 2021 baseline metrics, the company is targeting a 90% reduction in Scopes 1, 2 and 3 by 2050, with near-term commitments to reduce approximately 42% of Scopes 1 and 2 emissions, and 25% of Scope 3 emissions by 2030. Scope 3 emissions are those generated across the company’s entire value chain, from mining and suppliers to the vehicles on the road.
We’re turning to teams in every aspect of our global business, including operations, real estate, facilities, engineering and R&D, to hit our net-zero targets. We think big – a Magna core value – and understand the definition of sustainability goes far beyond environmental concerns. It also involves water, food access, education, and other needs that contribute to our quality of life. That’s why the energy and sustainability champions in all of our manufacturing facilities help with everything from energy reduction to community involvement.
Looking at everything through an ecological framework of understanding, one that encompasses all aspects of the business, is important, too. That’s why we launched new supplier sustainability roundtables in late 2023 in a collaborative effort to help reduce emissions throughout our supply chain. Internal working groups within Magna also meet weekly to discuss everything from sustainable materials to smarter processes.
An exciting new program invites everyone at Magna to become a sustainability ambassador. So far, 100 of our employees have signed up and meet regularly to discuss how to live sustainably 24/7. Our talks range from how to set up an environmentally friendly kitchen to tips on eating to save resources. We’ve discovered that what we’re accomplishing in our work can be a lens for thinking about personal choices.
As we continue on our net-zero journey at Magna, we’re structuring sustainability solutions that can grow with the needs of the business. There are no constraints. There is freedom to think creatively as we build a more sustainable and inclusive transportation future.
To learn more about Magna’s sustainability strategy, visit magna.com/company/sustainability and download our recently published 2023 Sustainability Report.
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