Science Based Targets for sustainable innovation
As part of our vision to “Bring tomorrow’s electronics to life”, Mycronic is devoted to reducing greenhouse gas emissions in line with the goals of the Paris agreement. In September 2022, Mycronic committed to setting Science Based Targets. During 2023, we worked on developing our future targets and, by year-end, submitted our proposals. But what does this mean for Mycronic? One person who can explain this in more detail is Sara Mårtenson, Sustainability Specialist, Mycronic Global Functions.
Sara, tell us about Science Based Targets
- In short, Science Based Targets are greenhouse gas emission reduction targets set by companies to ensure that our emissions are in line with the latest climate science and the Paris Agreement. Established in 2015, 195 governments worldwide have committed to the Paris agreement. Its goal is to mitigate the worst effects of climate change and limit global warming to 1.5 degrees Celsius above pre-industrial levels.
- The targets must adhere to the criteria defined by the Science Based Target initiative (SBTi) and undergo official validation by experts to qualify as science-based. At the start of 2024, over 7,000 companies have committed to setting such targets. These companies represent over a third of the global market capitalization.
Why is Mycronic doing this?
- We submitted our Science Based Targets in December 2023. We did this not only to help us in our work to reduce greenhouse gas emissions, but also to act in accordance with our guiding principle: to have a “long-term sustainability mindset." We want to accelerate the transition to a sustainable electronics industry and as a leading company in our industry, we can contribute to the global work to achieve the Paris Agreement and inspire other companies in the industry to join the efforts.
By setting targets, we challenge ourselves to develop and supply innovative, sustainable, and energy-efficient solutions to our customers. This gives us a competitive advantage.
How does setting Science Based Targets benefit Mycronic?
- By setting targets, we challenge ourselves to develop and supply innovative, sustainable, and energy-efficient solutions to our customers. This gives us a competitive advantage but also reduces our risk of exposure to the regulatory pressures in the climate area, which are expected to rise over time. We also challenge ourselves to optimize our own operations, which very often goes hand in hand with cost reductions.
What does the process look like?
- Setting Science Based Targets is a five-step process: First, you submit a letter establishing your intent to set these targets, then you work on defining targets in line with the SBTi’s criteria, which are later presented and submitted for validation. When your targets have been validated by the SBTi, you inform your stakeholders and report company-wide emissions and progress on the targets annually.
At what stage in the process is Mycronic currently?
- Mycronic has submitted its targets and is awaiting validation from SBTi. Having our targets approved by this internationally recognized organization would mean that our targets for reduction have been evaluated by a competent third party and considered to be based on sound data and estimates.
More about Sara Mårtenson
Sara, our Sustainability Specialist, joined Mycronic last year. With a background as a sustainability consultant, she has experience in climate-related tasks, including calculation, roadmaps, and reporting for various listed companies. Sara’s academic credentials include an M.Sc. in Engineering with a major in Industrial Ecology. At Mycronic, Sara is managing sustainability data collection and reporting for our Annual Report. As part of the Mycronic Global function, she also collaborates closely with our divisions, providing valuable support for their sustainability initiatives.
Read more about our sustainability work here: https://www.mycronic.com/about-us/sustainability/