Magna Sets Net-Zero Emissions Target for 2050

Magna, the Canadian parts manufacturer for automakers, has submitted net-zero emissions goals for validation by the Science Based Targets initiative (SBTi). This initiative is a recognized benchmark for decarbonization objectives in line with the Paris Climate Agreement. Magna’s goal is net-zero emissions by 2050, with near-term Scope 1, 2, and 3 targets by 2030.

Magna CEO Swamy Kotagiri said the company aims to address internal and supply chain emissions, supporting the shift to low-carbon mobility and renewable energy. Sustainable practices, efficient manufacturing, and EV transition support are key strategies.

Magna’s net-zero plan involves steps like moving to 100% renewable electricity in European operations by 2025 and globally by 2030. Targets entail around 42% reduction in scope 1 and 2 emissions, and about 25% in scope 3 emissions by 2030. These targets were submitted alongside the net-zero goal for validation.

“Achieving sustainability goals requires collaboration among employees, suppliers, customers, consumers, and partners,” Ahmed ElGanzouri, Global Director of Sustainability and Energy, said. Magna engages with over 10,000 supplier companies to optimize resources.

Magna participates in organizations like the Suppliers Partnership for the Environment (SP), fostering collaboration in the automotive supply chain. Kellen Mahoney, SP Director, sees Magna’s commitment as driving industry sustainability.

Learn more: AutoEconomicTimes