Marks & Spencer
Primary Climate Goal
Marks & Spencer's target annual Scope 1 + 2 emissions for 2030 should be equal to 128 Kt = 80% * 640 Kt, according to the company's stated climate goal.
In order to achieve this goal, Marks & Spencer would need to reduce its emissions at least by -5.6 Kt per annum over the period from 2022 to 2030:
-5.6 Kt = ( 128 Kt - 178 Kt ) / (2030 - 2021)
This translates into a -3.1% reduction in 2022.
The projected range shown on the chart is based on the Exerica's algorithm which takes account of both the company's stated goal and its past performance.
Marks & Spencer aims to reduce Scope 1 + 2 by 80% by 2030 from a base year 2007
Science Based Targets initiative In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
GHG emissions and Carbon intensity
Scope 1 + 2 GHG emissions (in tons of CO2e) divided by the company's Revenues (in USDm) for the same period
Marks & Spencer reported gross GHG emissions (Scope 1 + 2 before carbon offsets) for the twelve months ending 31 March 2021 at 178 Kt (-20 /-10.1% y-o-y). At the same time, carbon intensity increased to 16 t (+0.8/+5.4% y-o-y).
Marks & Spencer reported Scope 3 emissions for the the twelve months ending31 March 2021 at 32
The company is committed to reducing Scope 1 + 2 by 80% by 2030 from a base year 2007, which translates into the estimated reduction of -5.6 Kt per annum over the period of FY2022 - FY2030. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.
Marks & Spencer achieved carbon neutrality across its operations (Scope 1 + 2) in 2012. Companies normally become carbon neutral with the help of the acquisition of carbon offsets rather than absolute reductions in their own greenhouse emissions. Also, carbon neutrality does not include non-CO2 GHG emissions.
Marks & Spencer also has a science-based goal that, however, does not appear to explicitly target a company-wide reduction in emissions in absolute terms. Marks and Spencer PLC commits to reduce absolute scope 1 and scope 2 GHG emissions 55% by 2030 from a 2017 base year. Marks and Spencer PLC also commits to reduce absolute scope 3 GHG emissions 55% within the same time frame.