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Emira Property Fund has become the first African and South African company to have a greenhouse gas emissions (GHG) target approved by the Science Based Targets initiative (SBTi).
Emira’s science-based target provides a clear road map that is in line with the ambition of the Paris climate agreement to keep global warming below 2°C. It sets out how much and how quickly the company will reduce its greenhouse gas emissions.
Specifically, Emira intends to achieve the following by 2022: Emira Property Fund commits to reduce absolute scope 1 and 2 GHG emissions 13% by 2022 from a 2015 base year.
In terms of the SBTi, science-based targets are validated by technical experts and can help to safeguard a company’s growth and profitability by keeping business relevant and competitive during a transition to a low-carbon economy. These targets can also help companies buffer themselves against imminent national policy changes like the South African Carbon Tax Bill, due to be passed in January 2019.
Ten other South African companies have already committed to the international effort to limit global temperature rise with the SBTi, but have yet to have their emissions targets validated. These companies are: Exxaro Resources Ltd; Growthpoint Properties; Mediclinic Southern Africa; Netcare Limited; Pick ‘n Pay Stores Ltd; The SPAR Group Limited; Tiger Brands; Tongaat Hulett Ltd; Virgin Active South Africa (Pty) Limited; and, Woolworths Holdings Ltd.
Alex Farsan, WWF Global Lead, Science Based Targets and member of the Science Based Targets initiative steering committee, said: "We congratulate Emira Property Fund on becoming the first South African company to have their emission reduction targets validated by the Science Based Targets initiative. By setting targets that align their business with global efforts to avoid the worst impacts of climate change, Emira Property Fund is positioning itself to thrive as the global economy transitions to a low-carbon future."