Magna

Magna, a company operating in the Furniture and other manufactured goods n.e.c. sector (36) with its headquarters in CA, has established comprehensive climate commitments and reported its carbon emissions.

Carbon Emissions:

For the reporting year ending in 2024, Magna reported a total of approximately 57.5 billion kg CO2e. This figure is comprised of:

• Scope 1 emissions: Approximately 418.9 million kg CO2e.
• Scope 2 emissions (market-based): Approximately 1.16 billion kg CO2e.
• Scope 3 emissions: Approximately 55.97 billion kg CO2e, with the largest contributors being purchased goods and services (approximately 28.87 billion kg CO2e) and the use of sold products (approximately 22.83 billion kg CO2e).

In 2023, Magna's total emissions were approximately 59.4 billion kg CO2e, with Scope 1 at roughly 424.6 million kg CO2e, Scope 2 at approximately 1.15 billion kg CO2e, and Scope 3 at approximately 57.84 billion kg CO2e.

Climate Commitments and Reduction Targets:

Magna has set ambitious targets to achieve carbon neutrality and net-zero emissions:

• Carbon Neutrality: The company is committed to achieving carbon neutrality for its global operations by 2030. This includes European operations by 2025.
• Net-Zero Emissions: Magna has committed to reaching net-zero greenhouse gas emissions across its value chain by 2050.
• Science-Based Targets Initiative (SBTi): Magna's commitments are aligned with the SBTi.
  • Near-Term Targets: A 42% reduction in absolute Scope 1 and 2 GHG emissions by 2030, and a 25% reduction in absolute Scope 3 GHG emissions by 2030, both from a 2021 base year.
  • Long-Term Targets: A 90% reduction in absolute Scope 1, 2, and 3 GHG emissions by 2050 from a 2021 base year.

The company is also working towards 100% renewable energy use at its European sites by 2025 and globally by 2030.