Net Zero Commitment

In line with the company’s policy of conserving energy and reducing carbon emissions, TWM declared 2022 as the starting year to reach Net Zero emissions. The board of directors on May 6th formally approved the important goal of achieving Net Zero emissions by 2050 and had submitted a commitment to reach that target to the Science-Based Targets initiative(SBTi) on June 15, 2022.

Our Near-term target (WELL-BELOW 2°C) which was approved by SBTi:

The scope 1 & 2 emissions reduction 30% from 2030 compare with 2019.
The scope3 emissions reduction 15% from 2030 compare with 2019.

In order to reach Net Zero, we need to resubmit an ambitious mid- to long-term targets with a tentative base year of 2021, while setting the Net Zero target year of 2050. The examination process by SBTi is ongoing.

TWM’s key measures to reach Net Zero include:
To reduce Scope 1 & 2 emissions by 90%, TWM would
  1. Increase the usage of renewable energy (RE100 plan),
  2. Improve energy efficiency,
  3. Enhance vehicle fuel management.
To reduce Scope 3 emissions by 90%, TWM would
  1. Require suppliers to meet their own GHG reduction targets.
For the remaining 10% of Scope 1 & 2 & 3 emissions reduction, TWM would adopt multiple projects to achieve net zero, such as:
  1. Direct Air Capture,
  2. Bio-Energy Carbon Capture Utilization and Storage(BECCUS),
  3. Nature-based Solutions(NBs).
  4. Investing in GHG emissions reduction activities beyond value chain, i.e. investing in renewable energy companies.