In an industry-first move for a standalone major music company, Universal Music Group N.V. (EURONEXT: UMG), the world’s leading music-based entertainment company, proudly announces the approval of its greenhouse gas (GHG) emission reduction targets by the prestigious Science Based Targets initiative (SBTi), setting a gold standard for corporate climate goals.
Boyd Muir, UMG’s Executive Vice President, Chief Financial Officer, and President of Operations, expressed pride in the organization’s collective efforts, stating, “By aligning our operations with science-based targets, we deepen our commitment to embed sustainability principles into our business practices and to innovate for a resilient future in which both global communities and music lovers thrive.”
The Science Based Targets initiative (SBTi) has validated UMG’s science-based GHG emissions reduction targets, confirming alignment with the SBTi Criteria and Recommendations (version 5).
As reported in PR Newswire This milestone reflects UMG’s dedication to addressing environmental impacts and underscores its commitment to lead transformative change on a crucial public health issue. As a founding member of the Music Climate Pact, a global platform of music companies combating the climate crisis, UMG consistently ensures its carbon reduction objectives align with the latest scientific research.
UMG has committed to ambitious GHG emissions targets across all scopes, aiming to:
- Reduce absolute scope 1 and 2 GHG emissions by 58% by 2032 from a 2019 base year, in line with a 1.5áµ’C trajectory.
- Decrease scope 3 GHG emissions from various activities by 62% per EUR value added within the same timeframe.
The Greenhouse Gas Protocol categorizes emissions into “Scope 1” (direct emissions from owned or controlled sources), “Scope 2” (emissions associated with purchased electricity, heating/cooling, or steam), and “Scope 3” (indirect emissions, including third-party supplier energy consumption, product manufacturing, and logistics).
