Accounting solutions provider Xero has updated its near-term goals to achieve net-zero carbon emissions in support of the Paris Agreement to limit climate change. The new goals build on the company's existing "Net Zero @ Xero" program.
Xero is now aiming for a 42% reduction on Scope 1 (direct greenhouse gas emissions) and Scope 2 (indirect emissions associated with the purchase of electricity, steam, heat or cooling) emissions from its fiscal year 2020 to fiscal 2030. Meanwhile, the company is aiming for a 17% in Scope 3 emissions (the result of activities from assets not owned or controlled by the reporting organization, but that the organization indirectly impacts in its value chain) by 2030.
In the long term, the company aims to achieve net zero emissions (cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere, by oceans and forests for instance) by 2050.
"The climate crisis is affecting all of us, and every business has a role to play in supporting the transition to a net-zero economy," Xero CEO Steve Vamos said in a statement. "We're proud to be on a carbon reduction journey, and setting these targets provides a clear direction for us to reduce our greenhouse gas emissions, while building on our current initiatives."
Xero will work toward achieving these targets by focusing on the areas of increased renewable energy uptake, being more strategic about business travel, and switching to more sustainable catering wherever possible.
