On 31 October 2024, CAREL announced the submission of its short-term emissions reduction targets to the Science Based Targets initiative (SBTi), reaffirming its commitment to combating climate change and achieving its environmental sustainability objectives. 

SBTi is an organization that promotes corporate climate action, enabling companies and financial institutions around the world to contribute to tackling the climate crisis. It develops standards, tools and guidance that enable companies to set greenhouse gas (GHG) emissions reduction targets in line with what is needed to keep global warming below catastrophic levels and achieve carbon neutrality by 2050 at the latest.

CAREL’s proposed 10-year plan aims to significantly reduce GHG emissions in its processes and across the company’s entire value chain, in line with global efforts to limit rising temperatures as set out in the Paris Agreement. The plan’s main objectives until 2033 include:

• 54.6% reduction in Scope 1 and Scope 2 emissions, with 2023 as the reference year.
• 32.5% reduction in Scope 3 emissions, also with reference year 2023.

To achieve these commitments, CAREL has defined a decarbonisation plan that includes several measures, such as:

• Use of energy from renewable sources, through self-production and acquisition of green electricity.
• Significant investments to replace non-renewable sources (such as natural gas) through the electrification of its facilities and machinery.
• Supply chain involvement in energy saving and emissions reduction initiatives.

The deadline for possible approval of the plan depends on the SBTi schedule.

Francesco Nalini, CEO of CAREL Group, and Carlotta Rossi Luciani, Member of the Board of Directors responsible for ESG, jointly commented:

"The submission of our Emissions Reduction Plan to SBTi is another step in CAREL's ambitious sustainability programme, which includes investments in innovation, reducing environmental impact and promoting circular business models. We firmly believe that the private sector must play a central role in the fight against climate change, and our commitment is driven by the desire to actively contribute to preserving the planet for future generations.