Banking service provider Temenos has stepped up its plans to help reduce its carbon emissions after receiving validation for its Scope 1, 2 and 3 reduction targets from the Science Based Target initiative (SBTi).
The SBTi recognises the best practices put forward by Temenos during its evaluation as the banking provider aims to reduce GHG emissions by 50% from its initial 2019 start date to 2030.
The validation affirms that Temenos is in line to help keep global warming to no more than 1.5°C compared to pre-industrial levels, dubbed the “most ambitious reduction goal” of the Paris Agreement.
Both Scope 1 and 2 fall in line with this lofty goal, with Scope 3 also exceeding the minimum ambition for the 2°C pathway under the Absolute Contraction Approach, in the target year of 2030.
This commitment underpins Temenos’ strategy to integrate ESG into its operations and product offering, aiming to become a net zero organisation by 2050, across its global operations and value chain, while helping clients transform into smart, inclusive and sustainable organisations.
“We are proud to join the world’s top businesses in this race towards a net-zero economy because we believe that climate change is not only one of the greatest risks facing the planet, but also one of the greatest opportunities for sustainable innovation,” said Kalliopi Chioti, Chief ESG and Marketing Officer, Temenos.
SBTi defines and promotes best practice in science-based target setting to prevent the most damaging effects of climate change and independently assesses companies’ targets.
Temenos is one of 2218 companies with an officially validated target, to reduce its emissions in line with climate science.
SBTi is a collaboration between Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
Kalliopi added: “Our focus on ESG is a key part of our business strategy. We believe ESG and digital transformation belong together, and so our mission is to help clients digitally transform with an open cloud platform that also empowers the transition to a low-carbon global economy.”