The SBTi validates Toyota Material Handling Europe’s targets to reduce carbon emissions and reach net-zero by FY2041

The Science Based Targets initiative (SBTi) has validated Toyota Material Handling Europe’s near and long-term science-based emissions reduction targets aimed at reaching net-zero no later than FY 2041, which occurs mostly in 2040.

The company's Net-Zero Programme, which kicked off in May 2022, was crucial in driving emissions reductions targets across the company. It helped the company establish its corporate carbon footprint base year and prioritise key decarbonisation levers.

After submitting targets in October 2023, the SBTi has validated that Toyota Material Handling Europe’s near and long-term targets meet all criteria in terms of timeframe, emissions coverage and ambition, as well as Scope 1 and 2 target ambition supports a 1.5°C trajectory.

The near and long-term targets validated by the SBTi include following commitments:

Toyota Material Handling Europe AB commits to:

• • • Reduce absolute Scope 1 and 2 GHG emissions 50% by FY2031, from a FY2023 base year¹
      
      
    • Reduce absolute Scope 3 GHG emissions 25% by FY2031 from a FY 2023 base year¹
      
      
    • Reduce absolute Scope 1, 2 and 3 GHG emissions 90% by FY2041, from a FY2023 base year¹

SBTi commends Toyota Material Handling Europe's ambitious net-zero target, currently the most ambitious designation available through the SBTi process.

The company has also set a science-based net-zero target to reach net-zero greenhouse gas emissions across the value chain by FY2041. Direct emissions reductions will take priority, and all residual emissions will be neutralised in line with SBTi criteria before reaching net-zero emissions.

Ernesto Domínguez, President and CEO of Toyota Material Handling Europe, says, "I would like to praise the team efforts that made it possible to set and deliver these ambitious targets. This is an important milestone on the road to net-zero.”

“The SBTi is not just about compliance - it's about setting carbon reduction standards in line with climate science.  We all know that collaborative efforts make a significant difference. Therefore, we have invited our key suppliers to commit to SBTi. Together we can accelerate our value chain decarbonisation," concludes Domínguez.

Science-based targets provide a clearly defined pathway for companies to reduce greenhouse gas emissions in order to prevent the worst effects of climate change, and support ambitions to limit global warming to 1.5°C. The SBTi is a leading global organisation that defines and promotes best practice in emissions reductions and net-zero targets.

Further information on the Science Based Targets initiative and the company targets can be found Companies taking action - Science Based Targets Initiative (search ”Toyota Material Handling Europe”)

¹Note:  The majority of FY2031 occurs in 2030 & the majority of FY2041 occurs in 2040.