Magna enters a new era in the company’s sustainability journey with its announcement to achieve carbon neutrality in its operations by 2025 in Europe and by 2030 globally.
“While sustainability has long been ingrained in Magna’s culture, this decade will be our most decisive yet as we accelerate our efforts to protect the planet for future generations,” said Magna CEO Swamy Kotagiri. “We believe achieving carbon neutrality is both a social responsibility and a business imperative in the fight against climate change. This ambitious – and achievable – goal is rooted in a science-based approach that aligns with the Paris Climate Accord and places us among industry leaders in Europe and North America.”
In 2020, 12% of Magna’s global energy buy was from renewable energy sources, and plans are in place to transition all operations globally to renewable energy sources. In addition, over 91% of total waste outputs last year from operations were recycled or otherwise diverted from landfills.
At the same time, the company remains focused on delivering products that help customers achieve their own sustainability goals, including reaching a zero-emissions future and improving fuel economy. Such products include a suite of e-powertrain solutions, active-aerodynamics, and lightweight structures and exterior components.
“Delivering a sustainable, safer and more accessible future for all who share the road and the world drives our business decisions and fuels our innovations. Importantly, we are working alongside our customers, suppliers and employees throughout this journey,” added Kotagiri.
As further evidence of the company’s commitment, Magna also has signed on as the founding sponsor of the XPrize Abundant Energy Alliance, a global coalition of public, private, nonprofit and academic leaders and organizations that are advancing progress toward a net zero future.