UK-based conglomerate Virgin announced that its climate targets, including its goal to achieve net-zero greenhouse gas emissions (GHG) across the value chain by 2050, have been approved by the Science Based Target initiative (SBTi).
Among the goals approved by the SBTi is a commitment by the company to ensure that 68% of its companies by emissions will have science-based targets in place by 2029. Virgin companies span a wide range of sectors and include airline Virgin Atlantic, music and entertainment companies Virgin Music, Virgin BET and Virgin Records, fitness brand Virgin active, banking business Virgin Money, technology and communication companies Virgin Mobile and Virgin Media, among others.
In addition to its net zero goal, Virgin’s newly approved climate goals include an interim commitment to reduce absolute scope 1 and 2 GHG emissions 50% by 2030, and long-term targets to reduce absolute Scope 1, 2 and 3 GHG emissions by 2050, from a 2023 base year.
In a statement announcing the achievement of SBTi approval, Virgin said:
“The science couldn’t be clearer – the world is dangerously close to breaching the 1.5°C temperature rise threshold. The UN has called it a “code red for humanity”, and it demands urgent, decisive action from all of us. That’s why Virgin’s targets are built around absolute immediate emission cuts. Halving global emissions by 2030 and hitting net-zero by 2050 isn’t just an ambition, it’s a deadline backed by science.”
