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Reconomy collaborates to benefit nature and receives SBTi validation of its net zero targets

Circular economy specialist, Reconomy has partnered with Shropshire Wildlife Trust (SWT) and Quarry Farm – a Shropshire landowner – in an initiative to promote biodiversity, nature recovery and offset carbon emissions.

The collaboration with SWT and Quarry Farm comes as part of Reconomy’s Nature Positive Climate Strategy.

Across the 0.3-hectare plot, 340 native broadleaf trees will replace conifer woodlands to create wildlife corridors, increase biodiversity and support natural habitats. It will connect hedgerows and other areas of woodland, including ancient woodland.

The broadleaf trees will capture 340 tonnes of CO2e which will be used to offset essential Reconomy business travel. The tree planting project commenced in December 2023 and is set to complete by March 2024, with ongoing maintenance for three to six years to ensure the protection and health of the newly planted trees. Reconomy is running a volunteer programme for its staff to take part in the initiative.

The project aligns with Reconomy’s commitment to promoting the circular economy and contributes to carbon capture, as each tree is estimated to capture 1 tonne of CO2e over 40 years.

The partnership represents the first of its kind for Shropshire Wildlife Trust, Quarry Farm, and Reconomy, aligning with the government’s ‘test and trial’ initiative which encourages businesses and landowners to collaborate in protecting and benefiting from nature.

Diane Crowe, Group Head of Sustainability at Reconomy, commented: “At Reconomy, we understand the crucial role businesses play in supporting the environments and communities we live in. The enthusiasm from the team at Reconomy and our partner organisations has been an encouraging demonstration of the healthy business appetite to drive change.”

Luke Neal, Technical Manager, from Shropshire Wildlife Trust, said: “We are delighted to be working with Reconomy to bring private finance into the farmed landscape for the benefit of nature and wildlife. This long-term initiative will support natural habitats and we hope the results will inspire more businesses to engage in similar initiatives.”

SBTi validation

In a separate announcement, Reconomy has had its overall net-zero science based emissions reduction target approved by the Science Based Targets initiative (SBTi).

Reconomy has committed to the Science Based Targets initiative Net-Zero Standard by setting long-term emissions reductions targets in line with reaching net-zero by 2050 and joining the Business Ambition for 1.5°C and UNFCCC Race to Zero campaign.

To achieve its near-term science based emissions reduction target, Reconomy will reduce absolute scope 1 and 2 Greenhouse Gas (GHG) emissions 33.6 per cent by 2028 using 2021 as its base year. It also commits to increasing active annual sourcing of renewable electricity from 86 per cent in 2021 to 100 per cent in 2028. Furthermore, Reconomy will reduce scope 3 GHG emissions 44 per cent per USD value added within the same timeframe.

To hit its overall Net-Zero Standard, Reconomy commits to reaching net-zero GHG emissions across its value chain by 2040. In other long-term targets, Reconomy will reduce absolute scope 1 and 2 GHG emissions 90 per cent by 2040 using 2021 as its base year and reduce scope 3 GHG emissions 97 per cent per USD value added over the same timeframe.

Crowe commented: “The climate emergency necessitates urgency of action in achieving the rapid and deep emission cuts we need to halve global emissions by 2030 and achieve net-zero before 2050. It is still possible to limit global temperature rises to 1.5°C but the window for action is closing and we take our responsibility to act seriously.

“Reconomy is an international specialist in the circular economy and enabling greater sustainability so we are delighted to have our net-zero targets validated. We will be encouraging all stakeholders within the business and throughout our supply chain to similarly commit to the science-based 1.5°C and net-zero targets too. We must work collaboratively to achieve the tangible change needed to deliver on our climate objectives.”

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