Ricoh has revised its environmental goals, and outlined plans to reach a 63% reduction in greenhouse gas emissions (from a 2015 baseline) by 2030. Ricoh aims to reach a 30% reduction in 2022, eight years earlier than outlined in its previous plan.
Ricoh’s new 2030 target to reduce greenhouse gas (GHG) emissions has been approved by the Science Based Targets Initiative (SBTi - a partnership between CDP, the UN Global Compact, World Resources Institute and the World Wildlife Fund Its aim is to help companies set science-based targets to limit global warming to 1.5°C above pre-industrial levels).
In April 2017, Ricoh outlined five priority issues (also known as material issues) and environmental goals, which included lowering its greenhouse gas emissions by 30% (from a 2015 baseline) by 2030, and by 100% by 2050. These goals were based on the Paris Agreement to limit global warming to less than 2°C above pre-industrial levels and approved by SBTi. That same year, Ricoh became the first Japanese company to join RE100, a global collaborative initiative launched in 2014 by Climate Group to bring together companies committed to sourcing 100% renewable electricity.
Ricoh said it is committed to reaching its new environmental goals through energy conservation and renewables. Key priorities are to strategically expand the use of renewable energy certificates, purchase more renewable electricity, install more private power facilities, and develop off-site renewable electricity facilities. Ricoh and MUFG Bank, Ltd., recently agreed to jointly explore the use of sustainable finance schemes.
Jake Yamashita, President and CEO of Ricoh, said: “We have incorporated environmental, social, and governance (ESG) targets in the new mid-term management plan that we will roll out in April because we recognise that they are vital to materialising sustainable corporate growth. Companies and governments must urgently redouble their efforts to combat the increasingly dire consequences of climate change. Science tells us that action over the next 10 years will be particularly important, which is why we have overhauled our group goals for 2030. We aim to help decarbonise the global economy by pursuing internal endeavors while at the same time motivating customers and business partners to do more in that respect.”