Magna commits to carbon neutrality in global operations by 2030
The auto parts maker has also signed on as a founding sponsor of XPrize Abundant Energy Alliance.
Automotive parts maker Magna International has pledged to achieve carbon neutrality in its operations by 2025 in Europe and by 2030 globally.
“While sustainability has long been ingrained in Magna’s culture, this decade will be our most decisive yet as we accelerate our efforts to protect the planet for future generations,” said Swamy Kotagiri, CEO of the Aurora, Ont.-based company. “We believe achieving carbon neutrality is both a social responsibility and a business imperative in the fight against climate change. This ambitious – and achievable – goal is rooted in a science-based approach that aligns with the Paris Climate Accord and places us among industry leaders in Europe and North America.”
In 2020, 12 per cent of Magna’s global energy buy was from renewable energy sources, and plans are in place to transition all operations globally to renewable energy sources. In addition, over 91 per cent of total waste outputs last year from operations were recycled or otherwise diverted from landfills.
Magna has also signed on as the founding sponsor of the XPrize Abundant Energy Alliance, a global coalition of public, private, non-profit and academic leaders and organizations that are advancing progress toward a net zero future.