Telefónica is the first telco in the world to obtain validation from the Science Based Targets (SBTi) initiative, according to the new ‘Net-Zero Standard’, of its validated Net-Zero Targets, both in the short, medium and long term. The company thus confirms that its decarbonization path is aligned with science.
Thus, Telefónica is committed to achieving net zero Greenhouse Gas (GHG) emissions across the value chain by 2040, which implies an effective reduction of at least 90% of all its emissions (direct and indirect) and to neutralize the remaining emissions (less than 10%) through high quality carbon credits.
As an intermediate target, Telefónica will reduce absolute GHG emissions in Scope 1 and 2 by 80% and 56% in Scope 3 (value chain) by 2030.
In six years, the company has decreased by more than 40% all its emissions (by 70% for Scope 1+2 since 2015,and by 27% for Scope 3 since 2016).
Telefónica is ahead of the 2050 net-zero emissions target proposed by the United Nations and the Paris Agreement.
“The protection of the environment is a priority issue for Telefónica, We are working to curb climate change and reverse biodiversity loss. The fact that our emissions reduction targets are validated by SBTi according to the new ‘Net-Zero Standard’ demonstrates the company's commitment to lead the energy and digital transition, as both go hand in hand to build a greener future for everyone,” said Elena Valderrábano, Global Head of Sustainability at Telefónica.
The SBTi is calling on companies around the world to align with its ‘Net-Zero Standard’ to accelerate immediate corporate emissions reductions. As of today, there are only 34 companies with approved net-zero targets, including Telefónica, and more than 1,000 committed.
The Science Based Targets (SBTi) initiative is a global body, in partnership with CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wildlife Fund (WWF) and one of the commitments of the We Mean Business Coalition, which enables companies to set ambitious emissions reduction targets in line with the latest climate science. It aims to accelerate companies around the world to halve their emissions by 2030 and achieve net emissions by 2050.
Climate Action Plan
To ensure compliance with emission reduction targets, Telefónica has integrated these targets into its governance model through its Climate Action Plan in which it defines how its existing assets, operations and business model are aligned with the most ambitious scientific climate recommendations.
It quantifies the company's GHG emissions and defines its objectives and specific actions, with associated KPIs, both for the operational model and for its commercial and financial models, as well as in its cooperation with customers and suppliers and with society as a whole.
On its route to Net Zero, it is essential to continue optimizing its internal processes, collaborating with suppliers and promoting the circular economy, helping to decarbonize its customers' activities, aligning environmental and financial sustainability, being transparent and involving everyone.
