Engagement issue
Company net-zero carbon targets
Engagement Objective
To encourage portfolio companies to set a target of net-zero carbon emissions by 2030 ideally or by 2050 at the latest.
Scope and process
We first wrote to Intertek to encourage the company to set a 2030 net-zero carbon emissions target in 2019. At that time, the company elected to reaffirm an existing target ‘to strive for a reduction in greenhouse gas emissions per employee by 5% against a 2018 base year’.
With a strong practice in this carbon measurement and advisory, we felt that Intertek was well positioned to set a more ambitious emission reductions target for their own business. We responded to the company encouraging them to set a target that is aligned to the Paris Agreement and consistent with a business that has a leading approach to sustainability. We also led a collaborative initiative with another investor to jointly put this issue to the company.
Outcome: Successful
Intertek has since announced more progress. It has now committed to achieving a net-zero carbon target by 2050 and fully offset its carbon emissions in 2020. Furthermore, it will ensure that the 2050 target is science-based. We continue to engage the business to encourage it to publish detailed plans and set interim carbon-reduction targets.