TC Transcontinental, a flexible packaging company in North America, has received approval from the Science Based Targets initiative (SBTi) for its near-term science-based emissions reduction targets.
By 2030, the company aims to reduce absolute scope 1 and 2 greenhouse gas (GHG) emissions by 42%, compared to financial year 2021 (FY21).
In addition, TC Transcontinental is committed to minimising absolute scope 3 GHG emissions by 25% within the same timeframe.
Edison Energy, a sustainability consulting company, supported the development of these ambitious targets.
Following the approval from SBTi, these targets will serve as the company’s primary progress measurement on its sustainability objectives, which include the procurement of clean energy, and the commercialisation of sustainable packaging solutions.
TC Transcontinental employs approximately 7,600 people predominantly in Canada, the US, and Central America.
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The company reported a 28.4% decrease in net earnings attributable to shareholders in the second quarter of FY24, amounting to C$15.9m ($11.6m).
TC Transcontinental R&D, Sustainability and ESG senior vice-president Alex Hayden said: “We are now in a better position to support our customers on their own sustainability journeys, and better suited to focus our actions on what matters the most to fight climate change.
“As an industry leader in packaging, retail services and printing, we know our stakeholders expect us to mitigate climate risks while capitalising on growth opportunities. We believe this new commitment is fully in line with those expectations.”
The SBTi is recognised as a key corporate climate action organisation, empowering companies and financial institutions across the globe to contribute to the fight against the climate crisis.
Late last month, the SBTi officially approved global packaging solutions provider Amcor’s long-term carbon reduction targets.
