Latest news with #ScienceBasedTargets
Yahoo
a day ago
- Business
- Yahoo
Crystal International Advances Smart Manufacturing
Crystal International Group Limited released its 2024 sustainability report outlining the apparel manufacturer's sustainability vision, strategies, key initiatives, achievements, and performance. The Hong Kong-based company produces denim, lifestyle apparel, sportswear and outdoor apparel, intimates, knits and fabrics across its production facilities in Vietnam, China, Cambodia, Bangladesh, and Sri Lanka. More from Sourcing Journal Teamsters President: 'UPS Will Be in for a Hell of a Fight' After Layoffs UPS Slashes 20,000 Jobs as it Weans Off Amazon Cone Denim Outlines Sustainability Gains in New Report In the report, CEO Andrew Lo described 2024 as a year of gradual recovery amidst geopolitical and macroeconomic challenges. Despite this, the company's efforts to reduce its environmental impact progressed. In 2024, Crystal's net zero target was validated by the Science Based Targets initiative. The company's long-term target is to reduce absolute Scope 1, 2, and 3 greenhouse gas emissions by 90 percent by 2050, based on a 2022 baseline. As Crystal's production scale gradually increases, the denim factory in Vietnam has expanded its existing wastewater treatment plant by adding a new treatment unit. Currently, the factory is using up to 60 percent recycled water in its production processes. Using sustainable inputs continues to be a priority. In 2024, 40 percent of Crystal's sportswear fabrics incorporated recycled polyester, while around 85 percent of its denim was BCI cotton. In Vietnam, 55 percent of the raw materials were certified with GRS or Recycled Claim Standard certification. In 2024, 80 percent of Crystal's chemicals conformed to the highest level 3 of the ZDHC MRSL. The report also gives insight into Crystal's investments in new technologies. Crystal's Digital Product Creation Center, which was established in 2022, is meeting the increasing demand for 3D virtual sampling. The number of physical samples shipped by Crystal's denim division to customers in 2024 decreased by more than 50 percent compared to 2018. The company is scaling smart manufacturing for denim to prepare for increased capacity, which is aimed at nearly doubling by 2029 compared to 2023. Crystal's denim factory in Vietnam is currently being transitioned to smart manufacturing. The overhaul includes a smart warehouse management system, a smart AGV system, a smart cutting system and smart production lines. Additionally, RFID technology is being utilized to identify and track the movement of semi-finished and finished products along the production process. Crystal said this advancement helps streamline inventory management, reduces the risk of loss or misplacement and enhances quality control by identifying issues swiftly. The overhaul is expected to be completed in mid-2026. Crystal said the denim team will continue to explore the application of artificial intelligence in the production processes, ensuring that we remain at the forefront of innovation in the industry. The newly extended drying hanger system at Crystal's denim factory in Cambodia enhanced the capacity of the pre-drying process, reducing the dryer's operation time by 20 minutes on average. Stretching 5,640 feet, it is the longest drying hanger track among Crystal's denim factories. The report states that it saved approximately 22 percent of steam and 3 percent of electricity consumption, resulting in an annual reduction of around 350 tonnes of carbon emissions. Crystal is planning to expand its FLAP model (short Finishing Center, Logistics Center, Assembly Center and Parts Manufacturing Center), which serves as a blueprint for automating its knits division. The model is being piloted at one of Crystal's lifestyle apparel factories in China. Colleagues from sister factories participating in months-long, in-depth training sessions at the factory to equip them with the knowledge and experience needed to implement FLAP at their factories. In general, Crystal is expediting its factories' transition to automation. Over 300 automated machines and robots in Crystal's knits factories in Vietnam, Cambodia, and Bangladesh since 2023. The technologies have reduced the amount of time it takes to produce a basic T-shirt by 34 percent compared to 2020. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RTÉ News
3 days ago
- Business
- RTÉ News
PTSB launches new Sustainability Strategy up to 2027
PTSB has today launched its new Sustainability Strategy, which covers the years from 2025 to 2027, and which will focus on channeling investment and directing impact towards areas that enhance societal wellbeing. These include a specific focus on providing finance to SMEs that have an environmental and social impact as well as expanding supports for personal customers through sustainable products and services. The bank also plans to enhance its financial literacy and financial wellbeing and also plans to reducing carbon emissions in line with Science Based Targets. It will also invest in local community initiatives and advocating for social inclusion, such as PTSB's Community Funding Programme and its partnership with autism charity AsIAm. Meanwhile, a new report from PTSB shows that most Irish businesses are looking at new commercial opportunities in sustainability, in areas such as energy efficiency, climate technology, circular economy, renewable energy and organic food production. PTSB's latest "Reflecting Business" report also shows more and more Irish businesses see the benefits of sustainability initiatives for both their commercial and their environmental benefit. The research found that 78% of Irish businesses see the sustainability market as a major growth opportunity to win more customers and increase revenues, while 92% say their customers are interested in sustainable products and services. It also reveals that 74% of business here said they have supported customers in making more sustainable choices, or plan to do so, while 73% said they have engaged with suppliers to source more sustainable goods or services, or plan to do so. Meanwhile, 80% of businesses said they are are interested in Impact Lending, where loans are offered to businesses on the basis of providing a positive environmental or social impact. Despite rising costs and global economic uncertainty, today's research found cautious levels of optimism among businesses, with 98% of businesses expecting to grow or remain the same over the next 12 months. 45% are expecting growth, 53% expect to remain the same, while 2% expect to decline. PTSB said that increased cost of goods and global economic turbulence are seen as the biggest challenges to growth that face businesses, with 36% citing increased cost of goods as an issue and 35% citing global economic turbulence. But despite these headwinds, 80% of businesses feel it is likely or somewhat likely that they will invest further in their business over the next 12 months, with 20% saying they are not likely to. Leontia Fannin, PTSB's Chief Sustainability and Corporate Affairs Officer, said the research shows that more and more Irish businesses are identifying the commercial opportunities that sustainability can bring. "Customers are changing their buying habits to become more sustainable and businesses are increasingly seeing the benefits of reflecting this shift, enhancing both their own offering and how they source their supplies," she said. "By embracing sustainability, businesses are changing their behaviours, not just for the environmental and societal benefits this can bring, but for the cost efficiencies and commercial benefits too," she added. Seán Farrell, PTSB's Head of Business Banking, said the commercial case for sustainability is growing. He said that businesses have identified the importance that existing and potential customers are placing on sustainability, and they are reacting accordingly. "Our Reflecting Business research confirms that Irish businesses recognise the competitive and strategic advantage of embedding sustainability into their operations. This reflects our own experience, with 23% of our new SME lending in 2024 to businesses that have an environmental or social impact," he said. "Businesses who invest in sustainability are also investing in their growth potential by lowering their energy usage, transport costs and by reducing waste," he added.
Yahoo
3 days ago
- Business
- Yahoo
Shein's Climate Ambitions Have Been Validated. Now What?
'I am dubious,' Kenneth Pucker wrote—succinctly and pointedly—on LinkedIn on Tuesday. The Fletcher School at Tufts University professor of the practice was expressing his feelings about Shein, which revealed the same day that it had attained a 'milestone' in its 'climate journey' following the Science Based Targets initiative's validation of its goal to reach net-zero greenhouse gas emissions across its entire value chain by 2050. This means it would remove more carbon dioxide from the air than it would release. More from Sourcing Journal EU Watchdog Says Shein Violated Bloc's Consumer Laws H&M Foundation's 10 Global Change Award Winners Have One Thing in Common Who Benefited From Shein, Temu Troubles? The Chinese-founded e-tail Goliath said it will achieve this through a 'decarbonization roadmap,' developed with advisory firm Anthesis Group, to reduce its absolute Scope 1 and 2 emissions—that is, those produced directly by Shein and the energy it purchases—by 42 percent and its absolute Scope 3 emissions—those produced by its suppliers—by 25 percent by 2030. Steps will include deploying only renewable energy at all directly managed facilities, phasing out fossil fuels in its operations by transitioning to electric vehicles, minimizing the adoption of virgin materials and cutting transportation distances by ramping up local procurement and optimizing logistical routes. 'SBTi's validation of our net-zero targets marks an important step in Shein's decarbonization journey,' Mustan Lalani, a Tetra Pak vet who joined the Singapore-headquartered company as its global head of sustainability in January, said in a statement. 'We are committed to reducing emissions across our value chain and recognize that addressing Scope 3 emissions is a complex but critical part of that effort. As we continue this work, we will build on our momentum and adapt our approach in line with evolving technologies, policies and industry best practices.' But Shein's planet-warming emissions have never declined year over year, Pucker noted. They have, in fact, nearly tripled over the past three years. In 2023, the Temu nemesis' carbon footprint swelled to 16.7 million metric tons of carbon dioxide, up 45 percent from the previous year and 175 percent from the year before that. The number outlaps not only the 16.4 million metric tons in emissions produced by Zara owner Inditex, fashion's previous top polluter, but also those of several countries. It wouldn't be hyperbole to say that Shein is the industry's biggest environmental offender. At best, Shein's plans are misleading because they focus on Scope 1 and 2 targets that account for less than 0.5 percent of its total emissions, said Rachel Kitchin, senior corporate climate campaigner at a Canadian watchdog group that ranks the ultra-fast-fashion purveyor last in its Fossil-Free Fashion Scorecard. At worst, its proposal is unattainable without severe changes to its production and distribution model, which is heavily reliant on coal-stoked power generation, high production volumes and extensive air freight, she said. 'We need to see Shein commit to concrete targets—with a goal to phase out on-site coal by 2030 and transition to renewable energy across supply chains—to take this plan seriously,' she said. 'Until the company stops flying millions of small packages around the world, commits to phasing out coal and actively supports a transition to renewable energy across its supply chain, we're deeply skeptical that this announcement is anything more than PR.' It's perhaps also worth noting that SBTi doesn't probe deeply into a company's underlying business model when reviewing a target, said Michael Sadowski, a climate and sustainability consultant and former Nike director of sustainable business and innovation. What the nonprofit looks at is the data shared voluntarily during target submissions to ensure that it meets the SBTi criteria. 'I don't have any inside info on Shein, and so observing their astronomical growth over the last decade, coupled with their business model, makes me question how they will reduce scope 3 emissions by 25 percent by 2030,' he said. 'I would like to see a detailed plan for how they will achieve this: Will they not ship individual packages by air? Will they fund renewable energy at suppliers or commit to long-term supplier relationships so these partners can invest in renewable energy? Will they invest in fuel switching at mills?' Sadowski said that fiber switching and 'supporting' manufacturers in transitioning to renewable energy alone won't help Shein reach 25 percent. He said he knows of only a 'small handful' of apparel and footwear brands that have reduced Scope 3 emissions on an absolute basis. They have done so only by investing a lot of money in manufacturers with which they have maintained longstanding relationships. Shein's announcement comes among rumors that it's pursuing a listing in Hong Kong after Chinese regulators, specifically the China Securities Regulatory Commission, failed to give it the go-ahead for a London IPO after Britain's Financial Conduct Authority greenlit the move. Unnamed sources told Reuters Wednesday that the company plans to go public in the special administrative region within the year. This would make it the third try at going public for Shein, which did not respond to a request for comment. Before its attempt in the United Kingdom, the Missguided owner was reportedly hoping for a New York debut. This was scuppered, it's been said, by a rare united front by Republican and Democratic lawmakers that threw conditions over concerns about China's influence and the potential forced labor of persecuted Muslim minorities. The retail giant has also had to grapple with questions of trustworthiness. Just this week, national consumer authorities in Belgium, France, Ireland and the Netherlands joined the European Commission to ask Shein to fix practices on its platform that appear to flout EU consumer law, including what they say are 'giving false or deceptive information about the sustainability benefits of certain products.' In 2024, Italy's antitrust agency opened an investigation into a company that manages Shein's online presence in the country over possible greenwashing. Shein has said that it is ready to cooperate openly with authorities. 'If Shein delivers on its plan to grow approximately 25 percent over the near term, that would mean that the carbon intensity unit would have to fall by 85 percent to achieve their target,' said Pucker, still unconvinced. 'Will they achieve their plan?' On the plus side, Shein's disclosure of SBTi-approved emissions reduction targets, when more than half of 250 major fashion brands fail to do so, is commendable in and of itself, said Liv Simpliciano, policy and research manager at Fashion Revolution, a grassroots organization that scores companies on their transparency—or lack thereof. But it's also what she calls the bare minimum. So far, Shein hasn't divulged its supplier list or annual production volumes, which activists say are necessary to verify brand claims and hold them to account. And by her estimation, only four brands—Asics, H&M Group, Marks & Spencer and Patagonia—have carbon reduction targets that meet the level of ambition that the Paris Agreement has determined will stave off the worst effects of climate change. 'That being said, targets are only as meaningful as the action that follows,' she said. 'The fashion industry remains far off track from delivering the rapid, large-scale emissions cuts that climate science makes unequivocally clear are needed. The polluter pays principle must apply: those with the largest footprints carry the greatest responsibility to act. Targets and ambition levels must match pollution levels.' More than anything, Peter Ford, a decarbonization consultant who previously worked at H&M Group, thinks that Shein whiffed a chance to have reduction goals with real bite. He said that while all companies need to interrogate their carbon emissions and set targets to reduce them, it is especially imperative that any company whose Scope 3 emissions account for 'practically all of its existing contributions to global heating' set targets that are 'high enough to be impactful.' 'The announced targets for Shein are small, and not even close to aligning with current industry-standard goal of 50 percent reduction by 2030 that UNFCCC Fashion Charter signatories have committed to,' he said, using an acronym for the United Nations Framework Convention on Climate Change. 'Industry giants H&M Group and Inditex have SBTis that are even more ambitious, and I feel Shein has missed an opportunity to highlight that it clearly understands the role it currently plays in contributing to global heating—and demonstrate a commitment to meaningfully reduce it.'
Newsweek
4 days ago
- Business
- Newsweek
Measuring Climate Tech Investment Yields a New Shade of 'Green' Business
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Newsweek's 2025 ranking of the World's Greenest Companies highlights major global companies taking action to reduce their impacts on the environment and our climate. Newsweek's data partners, Plant-A Insights Group and GIST Impact, reviewed public information on thousands of companies and scored them on performance in greenhouse gas emissions, water use, waste generation and commitment to disclosure of sustainability data. The resulting list includes 750 large companies. More than half of those companies have had their emissions reduction goals certified by Science Based Targets initiative (SBTi). An independent nonprofit, SBTi evaluates a company's decarbonization plans according to how much and how quickly they need to cut emissions to meet international targets to prevent the worst effects of climate change. The companies on the list have undertaken important and often difficult work to reduce the carbon pollution from their operations, energy consumption and supply chains. But as crucial as those efforts are, a company's low carbon footprint isn't the only way to assess its climate impact. A Harvard Business School measure of business investments in climate solutions provides a different perspective on green companies. A Harvard Business School measure of business investments in climate solutions provides a different perspective on green companies. Photo-illustration by Newsweek/Associated Press/Canva "Many companies that need to transition in order for the world and the economy to transition to a low carbon economy have a fundamentally high carbon footprint," Harvard Business School Professor of Business Administration George Serafeim told Newsweek. Companies in information technology, electronics and financial services tend to dominate rankings of green companies—industry sectors that are inherently less carbon-intensive by the nature of their work. But Serafeim said it is the highly-polluting sectors such as steel, cement and heavy manufacturing that must do the dirty work of decarbonizing, cleaning up the industries with the most emissions. "The question is, how can those companies develop products and services to satisfy demand in the marketplace in a way that creates lower carbon emissions?" he said. Serafeim is co-leader of a lab within Harvard's Digital Data Design Institute that set about developing a way to measure climate work that tackles the hard-to-decarbonize areas of the economy. The researchers started by turning the problem on its head. Net-zero targets or other emissions reduction plans take a business risk approach, Serafeim said—carbon pollution presents a risk the company is seeking to reduce. "We have adopted a business opportunity perspective rather than a business risk perspective," he said. The team identified about 80 business opportunities in key technologies and practices that are most important to a low-carbon economy, including renewable energy, batteries, electric vehicles (EVs), plant-based foods, recycling solutions and low-emissions manufacturing. Instead of looking for company pledges to reduce emissions, Serafeim and his team looked for proof that companies were increasing investments in those climate solutions. They tapped another emerging technology, artificial intelligence, to help them find proof, developing a large language model to scan business disclosure documents. The result, called the Institute for Business in Global Society (BiGS) Climate Innovators 100, is a list of companies that you might call a different shade of green. "Many of those are not the companies that you would think about necessarily as green companies," Serafeim said. "They are sometimes in energy intensive and, as a result, high carbon-emission industries, and they are transitioning their product portfolios to provide solutions." The BiGS Climate Innovators list is not meant to supplant a list of green companies; rather, it supplements rankings of businesses with strong emission reduction goals to provide additional context about the efforts that are needed to meet the climate challenge. There is some overlap between the Harvard list and the Newsweek ranking of Greenest Companies. EV makers General Motors and Tesla show up on both lists, as do low-carbon energy companies such as Array Technologies and Public Service Enterprise Group. Agriculture company Bunge makes both lists due to its aggressive emissions reduction targets and its investments in climate solutions. Last June, Bunge officials told Newsweek about the company's work to cut emissions of a powerful greenhouse gas, N2O, that can arise from the use of nitrogen fertilizer. In Brazil, where Bunge and its partner companies grow sugarcane for ethanol, the crop has traditionally relied heavily on nitrogen fertilizer. But by switching to biological products instead of mineral additives, the company cut its use of nitrogen fertilizer in half and reduced greenhouse gas emissions by a third. Other companies on the Harvard list of Climate Innovators might raise some eyebrows among environmentalists. Oil and gas company Valero Energy Corp ranks highly, as does chemical manufacturing giant Dow. "They are actually providing a lot of advanced materials that are needed," Serafeim said. "You see a lot of those examples in the list, which reflects the underlying reality, which is basically that they are providing lots of the solutions that the world needs." Serafeim said this approach can be a challenge for traditional Environment, Social and Governance investors who seek out companies with the cleanest profiles for a low-carbon portfolio. "That is just not the way that the world will decarbonize," he said. "The uncomfortable reality is that we need most of the energy-intensive and, as a result, high carbon-emission companies and industries to be innovating and to be deploying capital for those solutions."
Yahoo
4 days ago
- Business
- Yahoo
Universal Corporation's GHG Emissions Target Approved by SBTi
RICHMOND, Va., May 27, 2025--(BUSINESS WIRE)--Universal Corporation (NYSE:UVV), a global business-to-business agriproducts company, announced its ambitious Net-Zero target has been approved by the Science Based Target initiative (SBTi). This significant achievement underscores Universal's commitment to sustainable business practices and its proactive approach to mitigating climate-related impacts. The SBTi approval confirms that Universal Corporation's current net-zero target meets the rigorous criteria set by the initiative. This target is part of Universal's broader sustainability strategy, which includes reducing greenhouse gas (GHG) emissions across its entire value chain and investing in innovative solutions to mitigate the Company's environmental impact. Specifically, Universal Corporation has committed to: Overall Net-Zero target: Reach net-zero greenhouse gas (GHG) emissions across the value chain by 2050 Near-term targets: A 45 percent reduction in absolute scope 1 and 2 GHG emissions by 2030 as compared to 2024 A 25 percent reduction in absolute scope 3 GHG emissions from purchased goods and services, capital goods, waste generated in operations, business travel, processing of sold products, and use of sold products within the same timeframe Long-term target: A 90 percent reduction in absolute scope 1, 2 and 3 GHG emissions by 2050 as compared to 2024 Universal Corporation also commits to no deforestation across its primary deforestation-linked commodities by December 2025. These targets are part of Universal's broader sustainability strategy, which include reducing greenhouse gas (GHG) emissions across its entire value chain and investing in innovative solutions to mitigate environmental impact. Preston D. Wigner, Chairman, President, and Chief Executive Officer of Universal, said, "Sustainability is good for our business and is good stewardship in the communities in which we operate. Our business strategy integrates responsible business practices, and we believe our commitment to sustainability is a competitive advantage in the global marketplace. The approval of our net-zero target by the SBTi is a testament to our ability to drive positive business results while making a positive commitment to stewardship." About the Science Based Targets initiative The Science Based Targets initiative (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. Partner organizations who facilitated SBTi's growth and development are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets. About Universal Corporation Universal Corporation (NYSE: UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit View source version on Contacts Universal Corporation Investor RelationsPhone: (804) 359-9311Fax: (804) 254-3584Email: investor@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
