GHG emission reduction targets
CosMX has taken greenhouse gas emission reduction and carbon neutrality as our long-term development strategy. By 2025, the GHG emissions per unit product will be reduced by at least 25% compared with 2020, and it will achieve the goal of 100% renewable energy use by 2050. We joined the SBTi organization and formulated Science Based Targets. In January 2023, CosMX uploaded a standard commitment letter on the SBTi official website, which is currently marked as ‘commitment’. The current emission reduction action plan includes:
1. Scope 1&2: CosMX plans to reduce and offset the emissions caused by production and operation activities, including the use of electricity and natural gas, and gradually reduce the use of fossil energy and increase the use of renewable energy (e.g. solar power project is under construction). In addition to implementing energy conservation and emission reduction projects, we will also purchase green certificates in a planned way to increase the proportion of renewable energy in energy use ,with the goal of achieving 100% renewable energy use by 2050. Nowadays, our mid-term goal is to build up a Digital Energy Management Platform which will demonstrate the energy consumption status, it would be helpful for further identify the improvement room in future.
2. Scope 3: CosMX will also drive upstream & downstream in supply chain to reduce indirect GHG emission, we will work together with our supplier to build up their management system as well.
100% renewable energy target
CosMX is increasing the use of renewable energy to reduce greenhouse gas emissions in the process of product manufacturing, including reducing and offsetting carbon emissions caused by the use of electricity and natural gas, gradually reducing the use of fossil energy, and increasing the use of renewable energy (such as the construction of photovoltaic power generation projects). In addition to implementing energy conservation and emission reduction projects, we will also purchase green certificates in a planned way to increase the proportion of renewable energy in energy use, with the goal of achieving 100% renewable energy use by 2050.