Ricoh receives Science Based Target approval for greenhouse gas reduction
The SBTi is a partnership between CDP, the UN Global Compact, World Resources Institute (WRI), and the World Wildlife Fund (WWF). Its aim is to help companies set science-based targets to limit global warming to 1.5°C above pre-industrial levels.
Ricoh started its 20th Mid-Term Management plan from April 2020. To coincide with the plan, Ricoh revised its 2030 Environmental Goals to include a 63% reduction of its greenhouse gas emissions from a 2015 baseline. Through this revision, Ricoh would reach its 30% reduction in 2022, eight years earlier than originally planned.
In 2018, the Intergovernmental Panel on Climate Change (IPCC) published a special report on the impacts of global warming of 1.5°C above pre-industrial levels. This report became the subject of extensive international debate at the UN Climate Change Summit 2019 and the 2019 UN Climate Change Conference.
Ricoh’s revised Environmental Goals
| Set in 2017 | Revised in 2020 | ||
| 2050 Goal | Zero greenhouse gas emissions from entire value chain | No change | |
2030 Goal (from 2015 baseline) | Scope 1 and 2 (direct emissions) | 30% reduction | 63% reduction |
Scope 3 (indirect emissions) | 15% reduction | 20% reduction | |
In April 2017, Ricoh outlined five priority issues (also known as material issues) and new Environmental Goals which included lowering its greenhouse gas emissions by 30% (from a 2015 baseline) and 100% by 2050. These goals were based on the Paris Agreement to limit global warming to less than 2°C above pre-industrial levels and approved by SBTi. That same year, Ricoh became the first Japanese company to join RE100, a global collaborative initiative launched in 2014 by Climate Group to bring together companies committed to sourcing 100% renewable electricity.
Ricoh is committed to reaching its new environmental goals through energy conservation and leveraging its expertise to harness renewable energy across all regions. Key priorities are: to strategically expand the use of renewable energy certificates, purchase more renewable electricity, install more private power facilities, and develop off-site renewable electricity facilities. Ricoh and MUFG Bank, Ltd., recently agreed to jointly explore the use of sustainable finance schemes.
Jake Yamashita, President and CEO of Ricoh, said, “We have incorporated environmental, social, and governance (ESG) targets in the new mid-term management plan that we will roll out in April because we recognize that they are vital to materializing sustainable corporate growth. Companies and governments must urgently redouble their efforts to combat the increasingly dire consequences of climate change. Science tells us that action over the next 10 years will be particularly important, which is why we have overhauled our group goals for 2030. We aim to help decarbonize the global economy by pursuing internal endeavors while at the same time motivating customers and business partners to do more in that respect.”
The Ricoh Group will keep focusing on its energy-saving initiatives and use of renewable energy to cut its greenhouse gas emissions in line with its commitment to the SBTi’s 1.5°C target. Such initiatives will enable the Group to eliminate GHG emissions from its value chain by 2050 and aim to realize a zero-carbon society.