ATLANTA, GA – Essex Furukawa Magnet Wire is pleased to announce that the Science Based Targets initiative (SBTi) has approved our commitment of reducing absolute scope 1 and 2 greenhouse gas (GHG) emissions 22.5% by 2030. Additionally, SBTi approved a commitment to reduce absolute scope 3 emissions from purchased goods and services by 22.5% within the same timeframe. Both will be measured from a 2021 baseline.
Essex Furukawa is joining nearly 5,000 companies worldwide that are working towards a low carbon future by setting emission reduction targets grounded in climate science through the SBTi. The near-term emission reduction targets were approved by SBTi in August 2023 and publicly released at the beginning of November.
“The acceptance of our carbon reduction targets by SBTi continues to reinforce our commitment to holistic sustainability,” Daniel Choi, CEO of Essex Furukawa, said. “We have a strong foundation of social, environmental, and economic benefit objectives; we understand the importance of the climate and we intend to continue making meaningful progress towards achieving our goals.”
The SBTi classifies its targets against a long-term temperature reduction and its validation team determined that the Essex Furukawa target ambitions were in line with a ‘well-below 2°C reduction’ rating. Aligning with SBTi is a key step toward supporting our Vision 2030 progress and holistic sustainability program.
Essex Furukawa announced Vision 2030: A Sustainable Future, Our Driving Force in April 2021, as an initiative to shape the future. It charged the company to make each decision, partnership, and investment with the common goal of sustainability.
Recently, Essex Furukawa released its updated sustainability report which shared results from the last year and highlighted progress made toward achieving the long-term goals of Vision 2030—including significant achievements concerning Carbon Reduction targets. It also detailed the progress of Zero Waste to Landfill, Energy Reduction, and Renewable Energy efforts as they relate to Green Production while explaining the prioritization of Agile Digitization and partnering with customers to advance Disruptive Innovation in the magnet wire industry.
About Essex Furukawa Magnet Wire
Essex Furukawa Magnet Wire LLC is the leading, global provider of magnet wire that is used by most major OEMs, Tier 1 suppliers, and industry leaders in the automotive, energy, industrial, and commercial & residential sectors. The Atlanta-based company is a global joint venture formed in 2020 between Essex Magnet Wire and Furukawa Electric Co., Ltd., both leaders in magnet wire product development, and custom solutions. The combined entity, relying on the strengths of both Essex Magnet Wire and Furukawa Electric, draws on more than two centuries of combined experience and knowledge to push forward innovation while also remaining focused on delivering manufacturing excellence and outstanding customer service. essexfurukawa.com
About SBTi
The SBTi is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), the World Wildlife Fund for Nature (WWF), and one of the We Mean Business Coalition commitments.
