We are proud to announce that, as of June 20, 2024, Geekvape has officially committed to the Science Based Targets initiative (SBTi), becoming the first non-publicly listed vaping company in the world to do so. By taking this significant step, we demonstrate our steadfast commitment to address climate change and adhere to sustainable development.
Science Based Targets initiative (SBTi)
The Science Based Targets initiative (SBTi) was formed as a collaboration between CDP, the United Nations Global Compact（UNGC）, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). In 2023, it was incorporated as a charity in the UK. SBTi calls on companies to set ambitious, science-based emissions reduction targets. Its core mission is to ensure that corporate emission reduction actions effectively contribute to the ambitious goal of limiting global temperature rise to 1.5°C compared to pre-industrial levels, as outlined in the Paris Agreement.
In the wave of global net-zero transition, joining SBTi and setting science-based targets has become a new business practice for companies to demonstrate their sustainability competitiveness and sense of responsibility. To date, more than 8,000 companies worldwide have joined SBTi, with over 5,000 of these companies successfully setting science-based targets.
Number of companies joining the SBTi worldwide (as of June 20, 2024)
In the first quarter of this year, Geekvape conducted a comprehensive greenhouse gas (GHG) inventory for the baseline year of 2023, covering scope 1, scope 2 and scope 3 emissions. This lays a solid foundation for the company's carbon reduction management and carbon neutrality goal setting. Moving forward, Geekvape will formulate science-based emissions reduction targets and action plans according to SBTi guidelines and will officially submit our targets for SBTi validation. Specifically, Geekvape commits to reducing scope 1 and scope 2 greenhouse gas emissions by 90% and scope 3 emissions (covering 67%) by 25% by 2030, compared to the baseline year of 2023.
Looking ahead, Geekvape will unwaveringly take concrete actions to support the achievement of global climate goals. We will continuously offer products and services with lower carbon footprint and greater environmental friendliness. By ensuring that our company's development progresses along a green and low-carbon path, we aim to contribute to global green and sustainable development.
