What Element’s SBTi validation can mean for your fleet sustainability journey
December 04, 2024
With each passing day, the urgency of climate change is increasingly felt worldwide. Accordingly, businesses are stepping up their efforts to integrate sustainable fleet management into their core strategies.
The Science Based Targets initiative (SBTi) has recently validated Element Fleet Management’s emissions reduction targets, representing a significant milestone for us. This achievement underscores our commitment to reducing our carbon footprint.
A commitment to science-based targets for fleet sustainability
The Science Based Targets initiative (SBTi) provides a robust framework for businesses to set greenhouse gas (GHG) emissions reduction targets that align with the latest climate science and the goals of the Paris Agreement. By committing to these targets, companies demonstrate their dedication to limiting global warming to 1.5°C above pre-industrial levels—a critical threshold to avoid the worst impacts of climate change.
"Our science-based targets are based on the rigorous criteria set by the SBTi, ensuring that our efforts are truly aligned with the scientific community's understanding of what is necessary to combat climate change," explains Sheri McGrath, VP of Sustainability at Element.
“Walking the walk” in sustainable fleet management
Our validated targets include a 63.70% reduction in absolute scope 1 and 2 GHG emissions by 2034 from a 2019 baseline and a 66.40% reduction in scope 3 GHG emissions from the use of sold products and downstream leased assets, measured per USD value-added within the same timeframe.
For most companies, the two biggest levers for reducing Scopes 1 and 2 absolute emissions are their fleet and facilities. Accordingly, we are aiming to electrify our internal fleet, with a goal of full transition by the end of 2025.
“Our employees are experiencing the transition firsthand - from home charging installations to navigating public charging networks and driving a variety of EV makes and models. This hands-on experience helps us identify and address challenges, allowing us to better support our clients on their own electrification journeys,” Element Sustainability Reporting Manager, Tessa Denison explains.
A helpful guide for fleet sustainability
Those client journeys are going to increasingly involve meeting sustainability targets. Around the globe, organizations are being required to meet more stringent compliance standards surrounding sustainability reporting. Amongst the latest regulations are:
- The EU’s Corporate Sustainability Reporting Directive (CSRD)
- The United States’ proposed SEC rules that require climate-related disclosures in annual reports and registration statements
- The impending Canadian Securities Administrators (CSA) Climate Disclosure Requirements
Aside from being mandated to reduce emissions, a demonstrated commitment to sustainability targets is proving to be a competitive advantage.
More than 6,600 companies have approved Science-based targets and prefer working with partners who share similar values. Many of those companies have extended their goals to their supply chains, often including supplier/partner SBTi expectations in tenders, contracts and commitments.
“This accreditation signals to our partners that Element is strategically aligned,” Tessa explained. “It ensures we are well-positioned to help them navigate a more sustainable future."
The road ahead in sustainable fleet management
With so many clients striving to achieve their own science-based targets, supporting their decarbonization roadmap is a big part of what we offer. Sheri notes that this roadmap is more nuanced than simply beginning the transition to electric vehicles.
“It's so much more than electrification. It's using our telematics to reduce idle time or our safety products to reduce collisions,” Sheri said. “There are a lot of different emissions reduction levers we can support, so organizations need to find the decarbonization pathway that best suits their needs. We can help them do that.”
Some of the ways we help our partners further their sustainability goals include:
- Replacing ICE vehicles with low- or zero-emission options
- Leveraging telematics to optimize routes
- Capturing fuel consumption data to improve fuel economy
- Tracking behaviors to reduce idling
- Providing safety offerings to reduce collisions
“We are dedicated to reducing our environmental impact through energy-saving initiatives and responsible practices,” Sheri said. “We are equally dedicated to serving as a guide to help our partners do the same.”
To find out more about how we can help your organization get on the road to fleet decarbonization, don’t hesitate to reach out to our team of trusted advisors.
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