SANTA MONICA, Calif., Nov. 13, 2023 /PRNewswire/ -- In a first for a standalone major music company, Universal Music Group N.V. (EURONEXT: UMG), the world's leading music-based entertainment company, today announced that its greenhouse gas (GHG) emission reduction targets have been approved by the Science Based Targets initiative (SBTi), the gold standard for establishing corporate climate goals.
UMG's Executive Vice President, Chief Financial Officer and President of Operations Boyd Muir said, "I am incredibly proud of the organization-wide efforts that have brought us to this milestone. By aligning our operations with science-based targets, we deepen our commitment to embed sustainability principles into our business practices and to innovate for a resilient future in which both global communities and music lovers thrive."
The Science Based Targets initiative (SBTi) has validated that the science-based greenhouse gas emissions reductions targets submitted by UMG conform with the SBTi Criteria and Recommendations (version 5).
Today's milestone announcement reflects UMG's dedication to addressing its environmental impacts and amplifies its determination to continue delivering pacesetting change on one of the most important public health issues of this era. UMG is also a founding member of the Music Climate Pact, the global platform of music companies engaged in collective action combating the climate crisis. The Company regularly works to assure its carbon reduction objectives are aligned with the latest scientific research.
Specifically, Universal Music Group N.V. has committed to achieving ambitious GHG emissions targets across all scopes and has outlined a pathway to:
- Reduce absolute scope 1 and 2 GHG emissions 58% by 2032 from a 2019 base year, an ambition which is in line with a 1.5ᵒC trajectory; and
- Reduce scope 3 GHG emissions from purchased goods & services, capital goods, fuel- and energy-related activities, upstream transportation and distribution, waste generated in operations, business travel, and employee commuting by 62% per EUR value added within the same timeframe.
The Greenhouse Gas Protocol defines "Scope 1" emissions as direct emissions from owned or controlled sources, "Scope 2" as emissions associated with the generation of electricity, heating/cooling, or steam purchased for the reporting organization's own consumption, and "Scope 3" as indirect emissions other than those covered in scope 2 (such as a third-party supplier's energy consumption, product manufacturing, and logistics).
About Universal Music Group
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group, please visit www.universalmusic.com
About the Science-Based Targets initiative (SBTi)
The Science Based Targets initiative (SBTi) is a global body enabling companies and financial institutions to set ambitious emissions reduction targets in line with the latest climate science. The SBTi's goal is to accelerate businesses across the world to support the global economy to halve emissions before 2030 and achieve net-zero before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets. For more information, please visit sciencebasedtargets.org.
Cautionary Statement on Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements with respect to UMG's business, strategy and plans. Such forward-looking statements may be identified by the use of words such as 'forecast', 'expect', 'estimate', 'project', 'anticipate', 'should', 'intend', 'plan', 'probability', 'risk', 'target', 'goal', 'objective', 'will', 'endeavour', 'optimistic', 'prospects' and similar expressions or variations on such expressions. Although UMG believes that such forward-looking statements are based on reasonable assumptions, they are not guarantees of future performance. Actual results may differ materially from such forward-looking statements as a result of a number of risks and uncertainties, many of which are related to factors that are outside UMG's control, including, but not limited to, changes in laws and regulations and/or the other risks that are described in our 2022 Annual Report. Accordingly, UMG cautions readers against placing undue reliance on such forward-looking statements are made as of the date of this press release. UMG disclaims any intention or obligation to provide, update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.