Commercial, Energy Efficiency, GHG Emissions  -  November 26, 2024

Element Receives SBTi Validation for Near-Term Targets

Element Fleet Management Corp., an automotive fleet manager, announced the validation of its near-term goals by the Science Based Targets initiative (SBTi).

Element commits to the following near-term science-based targets:

• Reduce absolute Scope 1 and 2 GHG emissions 63.7% by 2034 from a 2019 base year.
• Reduce Scope 3 GHG emissions from use of sold products and downstream leased assets 66.4% per USD value added within the same time frame.

Scopes 1 and 2 pertain to Element’s own operations. Scope 1 includes direct emissions from sources owned or controlled by a company, such as fuel for vehicles. Scope 2 includes direct emissions from purchased electricity, heat, steam and cooling to power facilities. Scope 3 encompasses all other emissions associated with a company’s activities and value chain, such as purchased goods and services, use of sold products and downstream leased assets.

“The fleet management industry has both the opportunity and obligation to be part of the solution,” said Sheri McGrath, VP, Sustainability at Element, in a statement. “The SBTi validation strengthens our commitment to measurable sustainability initiatives. Our focus remains on advancing decarbonization and electrification strategies as we drive meaningful progress towards a low-carbon future.”

The company notes that commitments and targets are aspirational and may be influenced by near-term global challenges including, but not limited to, the production and availability of electric vehicles, client decisions, prevalence and availability of charging infrastructure and government support of electrification in the regions where Element operates.