Sensata Technologies (NYSE: ST) shares move higher Wednesday has established a new near-term goal supporting environmental sustainability and aims to achieve 45% absolute reduction in Scope 1 and 2 market-based emissions by 2030 compared to 2021 baseline. The new goal is in addition to the Company’s long-term goal to achieve carbon neutrality in its operations by 2050.
As outlined in Sensata’s 2022 Sustainability Report, Energy and Emissions is one of the Company’s key material topics, in addition to Diversity, Equity and Inclusion and Responsible Sourcing.
The new goal to achieve 45% absolute reduction in Scope 1 and 2 market-based emissions by 2030 compared to a 2021 baseline is consistent with climate science and supports the Paris Agreement in pursuing efforts to limit global temperature increase to 1.5°C above pre-industrial levels.
In 2021, Sensata committed to achieve carbon neutrality in its operations by 2050 and reduce Scope 1 and 2 market-based greenhouse gas (GHG) emissions intensity per $1 million in revenue by 10% by 2026, from a 2021 baseline. The Company exceeded this goal ahead of schedule in 2022, achieving 10.7% reduction in emissions intensity. Sensata also expects to exceed its 2023 goal to reduce Scope 1 and 2 market-based GHG emissions intensity by five percent compared to 2022.
ST shares took on 46 cents, or 1.3%, to $35.80.
