COP28, the 28th annual United Nations climate meeting, commenced in Dubai from November 30 to December 12, 2023, with a focus on addressing climate change. The primary objective was to uphold the commitment made in Paris in 2015 to limit global temperature rises to 1.5C. Current warming is at around 1.1C or 1.2C compared to pre-industrial times, but projections indicate a path towards approximately 2.7C by 2100, highlighting the urgency of action.
The conference emphasised key goals, including fast-tracking the transition to clean energy to reduce greenhouse gas emissions before 2030, securing financial support for climate initiatives in developing nations, and fostering an inclusive approach. COP28 also addressed issues related to nature, people and had themed days focusing on health, finance, food and nature.
Notably, COP28 concludes the first global stocktake (GST), the primary mechanism for assessing progress under the Paris Agreement. The global community acknowledges that current efforts are insufficient to meet the agreement’s goals. The hope is that governments will use COP28 to devise a roadmap for accelerating climate action.
Where does Colt’s stand?
Despite mixed feelings about how COP28 has concluded, at Colt we stand firm that to effectively contribute to addressing the risks posed to both humanity and the planet, we need robust, science-based long-term goals. We are dedicated to reducing our environmental footprint by actively managing how we develop and deliver our products and services.
We report our sustainability activities to several standard rating organisations and we have just been awarded a Platinum rating 2023 from EcoVadis, one of the world-leading sustainability ratings providers, placing Colt in the top 1% of all rated companies. In December 2022, Colt Group resubmitted an updated near-term science-based target to ensure our baseline is aligned to best practice and the most recent requirements set by the Science-Based Targets initiative (SBTi). We also submitted our long-term and Net Zero targets, which were approved in 2023.
These targets are now set on a baseline that includes Well-To-Tank (WTT) emissions for relevant Scope 3 categories. We used this opportunity to update previously estimated data to actual data.
Net Zero Target
Colt Group commits to reach net-zero GHG emissions across the value chain by 2045.
Near-Term Target
Colt Group commits to reduce absolute scope 1 & 2 GHG emissions 47% by 2030 from a 2019 base year.
Colt Group commits to reduce absolute scope 3 GHG emissions 28% by 2030 from a 2019 base year.
Long-Term Target
Colt Group commits to reduce absolute Scope 1, 2 and 3 GHG emissions 90% by 2045 from a 2019 base year.
Main initiatives to achieve Colt Group Net Zero targets:
- We will procure renewable power and achieve 100% Scope 2 renewable electricity for all sites globally by 2030. Future savings will be achieved through purchase agreements or self-generation.
- We will engage with our top 356 suppliers in terms of emissions (93% supply chain emissions) to request they align to a Scope 1 and 2, 1.5-degree science-based target by 2025.
- We will reduce indirect emissions by finding alternatives to travel and encourage colleagues to choose better travel options for the environment. We have set an internal cost for carbon of 11 GBP per tCO2e, with a plan to offset some of our business travel emissions by investing in green innovations such as Carbon Capture and Storage or internal decarbonisation projects.
- We will decarbonise our in-house fleet through electrification and we have committed to a 75% pure electric fleet by 2030, with an interim target of 38% by 2025.
You can read more about current progress and what we’re doing to deliver our promises in our 2022 Sustainability Report.
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