Carbon Reduction Plan
To achieve Net Zero by 2045, we have committed to remove Greenhouse Gas (GHG) emissions from our operations and wider business activities consistently each year until it reaches a Net Zero position for Scope 1, Scope 2 and material Scope 3 emissions. We also commit to an interim target of reducing Scope 1 and Scope 2 CO2e emissions by 50% by 2030 from the 2022 baseline.
Our ambition is to measure and control Scope 3 emissions so that by 2030, its total CO2e emissions reduce by 47% from the 2022 baseline position. Polar Speed already used 97% renewable electricity under the Market Based methodology and is committed to using 100% renewable electricity by 2035, as described in the Energy Reduction Strategy in our report (see page 19). These targets are consistent with a 1.5°C reduction pathway and are set in accordance with the Science-Based Targets Initiative (SBTi) guidance.