Speedy adopts science-based net zero targets

UK equipment rental company Speedy has committed to adopting science-based targets (SBT) to achieve net zero carbon emissions before 2050, as well as joining leading business sustainability alliances, one of them aligned to the UN.

The company says it is the first UK hire company to publicly commit to SBT, which provide a pathway for companies to reduce greenhouse gas emissions, helping prevent the impacts of climate change.

An electric vehicle from Speedy.

An emissions target is considered ‘science-based’ if it is in line with the reductions needed to meet the global commitment under the Paris Agreement to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.

Speedy’s targets will be verified by the Science Based Targets initiative and published, alongside the first year’s progress, over the coming financial year.

Speedy is also joining We Mean Business coalition of companies, which drives collaborative leadership to solve the climate crisis. It is also joining the United Nations Global Compacts, a voluntary initiative based on CEO commitments to accelerate an inclusive transition to a net zero economy.

The moves follow Speedy’s commitment made earlier this year to reach net zero emissions by 2050. 

Other recent sustainability commitments for the company include trialling electric delivery vehicles, the introduction hybrid and electric company cars, the switch to fuelling powered access machinery with hydrotreated vegetable oil (HVO), and working with customers and suppliers to trial the use of hydrogenated vegetable oil (HVO), which reduces carbon emissions by up to 90%.

Speedy Chief Executive Russell Down said the company was switching to SBT “to challenge ourselves in a transparent and measurable way.”

“As a key enabler within the supply chain, our aim is to inspire confidence in our people, customers and supply chain partners by reducing the carbon output of our hire and vehicle fleet through the use of new technologies. We will be working collaboratively with all our stakeholders to deliver net-zero carbon within the industry.”

IRN recently highlighted 9 other firms that are adopting carbon reduction strategies. Find out which companies are involved by clicking here.