CyrusOne aims at new GHG reduction with SBTi-approved targets
CyrusOne has received certification from the Science Based Targets initiative (SBTi) to reach its approved near-term science-based carbon targets, another testament to our ongoing commitment to reducing the environmental footprint of our daily operations.
We are committed to the science-based target of reducing absolute Scope 1 and Scope 2 GHG emissions 38% by 2030 from a 2021 base year and to measure and reduce our Scope 3 emissions.
SBTi believes science-based targets offer the most clearly defined path for the private sector to cut GHG emissions to fight climate change and promote future business growth. It requires Scope 1 and Scope 2 targets to “be consistent with the level of decarbonization required to keep global temperature increase to 1.5°C compared to pre-industrial temperatures.” Scope 3 targets must “be aligned with methods consistent with the level of decarbonization required to keep global temperature increase well-below 2°C compared to pre-industrial temperatures.”
Further, the targets “must cover all relevant GHGs as required per the GHG Protocol Corporate Standard” and “the use of carbon credits must not be counted as emission reductions toward the progress of companies’ near-term science-based targets.”
As part of the process, CyrusOne set its targets based on SBTi’s science-based method. We then demonstrated internally our plan for achieving them, gained executive team and board approval for the formal commitment, applied through SBTi’s validation process and SBTi approved our targets.
To reach our goals, CyrusOne will upgrade efficiency of our existing facilities, build new facilities with higher efficiency, increase renewable electricity at existing facilities and start new facilities with renewable electricity.
Reporting back to SBTi is simple since we already report to CDP Climate and publish an annual sustainability report, which meets our obligations to SBTi.
CyrusOne is proud to join the roster of global companies committed to SBTi targets. In 2021, 2,253 companies across 70 countries and 15 industries, representing more than 33% ($38 trillion) of global market capitalization, had approved emissions reductions targets or commitments with the SBTi. And SBTi companies produce excess reductions at an accelerated rate compared to their peers, the organization said.
CyrusOne Vice President of EHS&S Kyle Myers said ongoing sustainability efforts like those with SBTi are vital to the company’s mission to serve its customers and reduce its environmental impact.
“This new target will launch us into the next phase of cutting greenhouse gases and shrinking our company’s carbon footprint,” Myers said.
CyrusOne President & CEO David Ferdman said he is proud of the company’s ongoing and diligent work on sustainability goals.
“Confirmation from the Science Based Targets Initiative is an exciting milestone and recognition that our team’s efforts to decarbonize are rising to the occasion for this important challenge,” Ferdman, stated.
As a newly private company with the backing of partners KKR and GIP, we remain as firmly committed as any publicly traded company to full disclosure about our impact on the world. Our commitment to transparency was already evidenced by our third annual sustainability report’s compatibility with four third-party standards: Global Reporting Initiative (GRI) Standards, The Task Force on Climate-related Financial Disclosures, the Sustainability Accounting Standards Board and Sustainable Development Goals Alignment. Its data was also assured by the ISOS Group, to provide extra trust in our numbers.
The 110-page publication covers corporate governance, environmental impact and social responsibility. You’ll find comprehensive reporting, charts, graphics, statistics, numbers, methodology and highlight stories that confirm our successes and reveal areas where we plan to improve. Read the full report here.