March 31, 2020
Science Based Targets initiative approves climate targets
During the reporting year Lenzing announced its goal of a substantial reduction in CO2 emissions, for which investments of more than EUR 100 mn in sustainable technologies and production facilities are earmarked in the coming years. As a first milestone set for the year 2030, Lenzing aims to cut its own CO2 emissions per ton of product by 50 percent. For 2050, Lenzing has announced a vision towards net-zero CO2 emissions. The Science Based Targets initiative, the most recognized organization in the field of climate-relevant target setting, scientifically validated Lenzing’s climate targets in the second half of 2019. Lenzing is consequently the first producer of wood-based fibers with set science-based targets.
Lenzing sets ambitious goals for 2024
The Lenzing Group worked on adapting its goals as part of the sCore TEN strategy in the reporting period. The primary focus in the coming years is on the implementation and execution of set climate targets and investment projects in Thailand and Brazil. Lenzing aims to increase the share of high-quality specialty fibers in fiber revenue to 75 percent by 2024 and the share of internally produced pulp to more than 75 percent. In line with its strategic commitment for 2024, Lenzing strives to reduce CO2 emissions per ton of product by more than 40 percent compared with 2017. The EBITDA target for 2024 is EUR 800 mn.
The solid development in recent years despite very difficult market environment at times, reassures Lenzing in its strategic direction. Today, the company is substantially more resilient than it was a few years ago due to its specialty strategy and its strong brands based on innovation and acting sustainably. Lenzing continues to see strong structural growth in the global fiber market over the coming years, with demand for wood-based cellulosic fibers expected to grow 4 to 6 percent per year until 2024, thus nearly twice as fast as the global fiber market.
Contact: Dandy Huang
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