To support the Science-Based Targets Initiative (SBTi), COSCO SHIPPING Logistics has recently submitted to the organization a 1.5°C pathway-based scientific emission reduction target for COSCO SHIPPING Logistics Chongqing.
As an organization co-initiated by four NGOs, SBTi focuses on encouraging companies to set GHG emission reduction targets based on climate science, helping them shift to the low-carbon economy and enhance their competitive advantage. With COSCO SHIPPING Logistics Chongqing as the project subject, COSCO SHIPPING Logistics has been vigorously exploring a new path of green development in order to promote its high-quality development.
In the early stage, China Standard Inspection (a subsidiary of COSCO SHIPPING Logistics), worked efficiently with the company’s Container Logistics Business Division to formulate an overall project promotion plan according to the requirements of the enterprise’s scientific-based target; meanwhile, as a greenhouse gas verification organization and a product and management system certification body registered with the Certification and Accreditation Administration of China (CNCA), China Standard Inspection carried out Scope 1, Scope 2 and Scope 3 GHG emission accounting work based on the international GHG accounting system (GHG Protocol) for COSCO SHIPPING Logistics Chongqing. In line with the 1.5ºC temperature rise target specified in the Paris Agreement, it set immediate and long-term (net-zero) emission reduction targets for the company by taking the Absolute Contraction Approach and Sectoral Decarbonization Approach based on the relevant SBTi tools and methodological requirements, and successfully submitted the target to SBTi.
COSCO SHIPPING Logistics will further implement the concept of green development, strengthen innovation, operate with more stringent standards, and make great strides forward on the road of low-carbon sustainable development.