Mondi’s science-based Net-Zero targets for greenhouse gas emissions reduction validated by SBTi

• Mondi is among the first packaging and paper companies with validated Net-Zero targets

• Near-term targets by 2030: 46.2% reduction of absolute Scope 1 and 2 GHG emissions and 27.5% reduction of Scope 3 GHG emissions

• Long-term targets by 2050: 90% reduction of absolute Scope 1, 2, and 3 GHG emissions

Mondi, a global packaging and paper solutions provider, confirms that the Science Based Targets initiative (SBTi) has assessed and approved its science-based Net-Zero targets. The targets covering greenhouse gas (GHG) emissions from Mondi’s operations and supply chain (Scopes 1, 2, and 3) are consistent with a reduction required to keep global warming to 1.5oC, needed to prevent the most damaging effects of climate change according to the latest climate science. Mondi announced its commitment to Net-Zero GHG emissions reduction in January 2022 and is among the first companies in the packaging and paper sector to have validated Net-Zero targets from the SBTi.

In the near term, Mondi has committed to reducing absolute Scope 1 and 2 GHG emissions by 46.2% and Scope 3 GHG emissions by 27.5% by 2030 from a 2019 base year. Our long-term target is to reduce absolute Scope 1, 2, and 3 GHG emissions by 90% by 2050.

Mondi has already made strategic energy-related investments across its pulp and paper mills, with more than 650 million euros invested since 2015. We generate most of our energy needs in energy plants on-site and our pulp and paper mills are largely electricity self-sufficient.

The IPCC special report on 1.5°C highlights the necessity to reach net-zero emissions by 2050. The setting of a science-based reduction target is an important step in supporting the achievement of Sustainable Development Goal (SDG) 13 Climate Action and is an important next step on the decarbonization trajectory while supporting transparency and accountability through annual disclosures.

"The approval of science-based Net-Zero targets according to SBTi’s Net-Zero Standard underlines the long-term commitment to taking action on climate. Mondi has already made significant progress, achieving a 46% reduction of our specific CO2e emissions to 2021 against our initial 2004 baseline. We are pleased to be among the first in our sector to have approved Net-Zero targets and recognize that much more needs to be done swiftly and urgently. As we move towards a low-carbon, circular economy," says Andrew King, chief executive officer, Mondi Group.