onsemi Validates Emissions Reduction Targets
onsemi, a leader in semiconductor technology, has celebrated a significant milestone by achieving validation for its near-term science-based emissions reduction targets. This approval comes from the Science Based Targets initiative (SBTi), evidencing onsemi's commitment to reducing greenhouse gas emissions (GHG) in a manner that aligns with the global goal of limiting temperature rise to 1.5 degrees Celsius.
Commitment to Sustainability
The validation marks a pivotal moment for onsemi, as it underscores their dedication to implementing strategic measures aimed at mitigating harmful ecological impacts. With this endorsement, onsemi lays out ambitious goals, focusing on significant decreases in absolute GHG emissions moving towards 2034 metrics.
Detailed Emission Reduction Plans
On the agenda are various targets: a 58.8% reduction in absolute scope 1 and 2 GHG emissions from a baseline year of 2022, alongside a 35% decrease in scope 3 emissions related to fuel and energy activities over the same timeframe. Furthermore, by 2029, onsemi aims for 71.3% of its key suppliers to have established their own science-based targets.
Benefits of Meeting Targets
Achieving these emissions reductions is projected to result in about one million metric tons of CO2 equivalent being eliminated by 2034. To put that in perspective, this reduction equates to the annual emissions of over 19,000 gas-powered cars. Achieving such an impactful reduction could require an equivalent environmental effort, such as planting approximately 1.3 million tree seedlings which would need sustained growth over ten years.
Diverse Strategies for Decarbonization
To realize these ambitious goals, onsemi has outlined a comprehensive approach to decarbonization across three essential scopes of emissions:
Scope 1 Emissions
For scope 1 emissions, which arise directly from production processes, onsemi intends to adopt advanced technologies such as process gas replacements and point-of-use abatement tools to minimize their footprint.
Scope 2 Emissions
In tackling scope 2 emissions that are primarily due to energy consumption, onsemi emphasizes deep decarbonization efforts coupled with energy conservation practices. This will be followed by a transition to renewable energy solutions.
Scope 3 Emissions
Scope 3 emissions, which originate from supply chain activities, will be addressed concurrently. Strategies include collaborating with suppliers to not only reduce energy-related emissions but also encouraging them to adopt their own science-based targets to enhance collective impact.
Visible Accountability Through Reporting
The SBTi evaluation process was rigorous, ensuring that onsemi’s proposed targets met high standards of transparency and accountability. Moving forward, the company has committed to disclosing its emissions and the progress toward its targets in its annual sustainability reports, offering clear metrics for stakeholders.
About onsemi
onsemi, traded on NASDAQ under the ticker ON, is at the forefront of creating innovative technology solutions that foster a sustainable future. The company's offerings span various high-demand markets, including automotive and industrial sectors, playing a vital role in emerging megatrends such as the transition to electric vehicles, sustainable energy productions, and industrial automation.
With a commitment to excellence and sustainable practices, onsemi offers unique products that enhance efficiency, demonstrating their intent to solve complex global challenges. Recognized in prestigious indexes like the Fortune 500 and NASDAQ-100, onsemi continues to set industry standards while prioritizing environmental impact.
Frequently Asked Questions
What are onsemi's emissions reduction goals?
onsemi aims to reduce its scope 1 and 2 GHG emissions by 58.8% and scope 3 emissions by 35.0% by 2034 based on 2022 levels.
How will onsemi achieve its emissions targets?
Through strategies focusing on process improvements, energy efficiency, and supplier collaboration, onsemi is positioned to meet its ambitious emissions goals.
What is the significance of SBTi validation?
The SBTi validation provides third-party accountability and transparency, affirming that onsemi’s targets align with global climate goals.
Why is reducing scope 3 emissions important?
Reducing scope 3 emissions is crucial as they encompass the majority of a company’s total carbon footprint, particularly from the supply chain.
What sectors does onsemi focus its innovations on?
onsemi's innovations target the automotive, industrial, and AI data center markets, addressing megatrends like electrification and sustainable energy.
