18 September 2023 – THG PLC ("THG" or the "Group"), the global proprietary technology platform specialising in taking brands direct to consumers ("D2C"), announced today the validation of its Net-Zero targets by the Science Based Targets Initiative (SBTi).
The SBTi has confirmed that THG’s sustainability targets align with the latest climate science, aimed at limiting global warming to 1.5°C above pre-industrial levels.
As part of the SBTi’s requirements, THG successfully completed and submitted its science-based targets (SBT’s) at the end of 2022. To gain validation for its near and long-term targets from the SBTi, THG submitted the following:
- THG commits to reduce absolute Scope 1 & 2 GHG emissions 42% by 2030 from a 2020 base year.
- THG PLC also commits that 85% of its suppliers by spend covering purchased goods and services and upstream transportation and distribution will have science-based targets by 2027.
- THG PLC commits to reduce absolute scope 1 and 2 GHG emissions 97.7% by 2040 from a 2020 base year. THG PLC also commits to reduce absolute scope 3 emissions 90% within the same timeframe.
The SBTi is a global body dedicated to empowering businesses to establish ambitious emissions reduction targets in accordance with the latest climate science. The SBTi’s primary objective is to encourage ambitious corporate climate action. The current climate science dictates that emissions need to halve by 2030, and reach net-zero by 2050.
Matt Moulding, Chief Executive Officer at THG, commented: “THG has taken a significant stride forward as our net-zero targets have been officially validated by the SBTi. Two years ago, we signed a commitment letter with the SBTi stating that we would be aligning our climate mitigation targets with the latest science. Today, the validation of our net zero targets by the SBTi reaffirms our dedication to achieving a net-zero status as a company, minimizing our climate impact."
Mark Jones, Chief Sustainability Officer at THG, added: “THG recognises the importance of achieving rapid and substantial emission reductions to cut global emissions in half by 2030 and reach net-zero under the Paris climate agreement. Since the launch of our sustainability strategy in 2021, we have implemented near-term and long-term company-wide emission reductions in line with the latest climate science.”
In less than two years since the launch of THG’s sustainability strategy, THG x Planet Earth, the Group has established and begun action on three key priorities focused on driving positive change:
- Protecting Climate and Nature: THG has committed to invest and procure 100% of renewable energy to power across global operations by 2030. The group is 63% toward its goal and continues to make progress towards it. Additionally, THG acquired the More:Trees platform in 2020 to support the Group’s customers on their journey to decarbonise and protect our planet’s future.
- Strengthening the Group’s Supply Chain and Circularity: In September 2023, THG was awarded the EMEA Circular economy Transition of the Year Award in the 2023 Sustainable Company Awards from Environmental Finance for the company’s initiative to turn unused Myprotein products into fish feed.
- Empowering People and Communities: THG recently introduced their THG in the Community initiative in 2023 to create social change in the Group’s local communities.
To learn more about THG Sustainability and THG x Planet Earth, visit http://www.sustainability.thg.com/.