NYK Receives SBT Initiative Verification For Commitment To Greenhouse Gas Reduction
NYK’s reduction target for greenhouse gases (GHG) has been recognized as science-based by the international Science Based Targets (SBT) initiative.* To achieve this target, NYK will be making cooperative efforts with shipowners, ship-management companies, crews, ship operators, and related parties to create new value by making use of the latest digital technology.
Background
The number of investors who recognize the importance of a company’s environmental, social, and governance (ESG) activities has grown significantly over the years. And in the new medium-term management plan “Staying Ahead 2022 with Digitalization and Green” that NYK announced in March, the company indicated its goal to integrate ESG principles into management strategies to contribute to the sustainable development of society and enrichment of the company’s corporate value.
NYK thus submitted the below GHG reduction target to keep a wide range of stakeholders involved in the company’s proactive approach to environmental advancement, and the company’s targets have now been verified to meet the criteria set by the SBT initiative.
NYK’s GHG Reduction Target
NYK’s submitted GHG reduction target reads as follows: “Nippon Yusen Kabushiki Kaisha commits to reduce scope 1** GHG emissions 30% per ton-kilometer by 2030 from 2015 base year, and 50% per ton-kilometer by 2050 from the same base year.”
The NYK Group will make its best efforts to reduce GHG emissions by increasing the efficiency of fleet allocation, vessel operation, and cargo handling; striving to achieve zero downtime; and realizing visualization and optimization through hardware innovation and digitalization.
Through environment-friendly operations aimed at addressing global environmental regulations and maintaining a sustainable society, NYK is moving forward with the development of new technology that will enhance its corporate value.
*SBT Initiative
A collaboration among the Carbon Disclosure Project (CDP), the World Resources Institute (WRI), the World Wild Fund for Nature (WWF), and the United Nations Global Compact (UNGC) to encourage adherence to science-based emission-reduction targets that are in line with the level of decarbonization to keep global temperature increase below 2 degrees Celsius compared to preindustrial levels. Over 100 companies around the world have had their targets verified, and as of June 12, 2018, NYK was the 20th Japanese company to have done so. (Website: https://sciencebasedtargets.org/)
**Scope 1
Direct emissions from company owned or controlled sources, as defined by the GHG Protocol Corporate Standard, which classifies a company’s GHG emissions into three “scopes.” NYK’s scope 1 emissions come mainly from ship and airplane operations.
Press Release: nyk.com
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