Europcar Mobility Group Becomes the First Mobility Service Company to Have Its Ambitious Carbon Reduction Objectives Approved by the SBTi
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Regulatory News:
In line with its industry leadership in terms of ESG ratings*, Europcar Mobility Group (Paris:EUCAR) announces today that The Science Based Targets initiative** has validated the corporate greenhouse gas emissions reduction targets submitted by the company, deemed to be in conformance with the SBTi Criteria and Recommendations.
The SBTi’s Target Validation Team has classified the company’s scope 1 and 2 target ambition and has determined that it is in line with a 1.5°C trajectory. In that framework, Europcar Mobility Group commits to:
- reduce absolute scope 1 and 2 GHG emissions (direct emissions) 46.2% by 2030 from a 2019 base year,
- reduce absolute scope 3 GHG emissions (indirect emissions) 27.5% over the same timeframe.
The approval of these carbon reduction targets reinforces the Group's strategy, which aims at actively contributing to the low-carbon transition, by encouraging the shift from vehicle ownership to usage, while empowering its customers in increasingly using green mobility solutions.
In 2005, the Group was the first player in the vehicle rental sector to adhere to the United Nations Global Compact in favor of sustainable development. In 2019, Europcar Mobility Group reinforced this ambition by joining the Science Based Targets initiative, to take actions in line with the objectives of the Paris Agreement, and by launching its “One Sustainable Fleet” program.
Since 2021, this ambition is embedded in a comprehensive carbon reduction plan, allowing the Group to have a systemic approach, encapsulating and driving all key processes which have an impact in terms of carbon reduction: fleet procurement and financing, non-fleet purchasing, car policy and business travels, network of stations, products offering and services.
As part of this plan, the Group will increase the share of green vehicles (EVs, PHEVs) within its fleet over the years. In that perspective, the Group announced in September 2021 robust “greenification” targets for its fleet, in the framework of a refinancing program of its fleet:
- reducing carbon emissions for its car and van fleet to reach an average of 93 g CO2/km for passenger cars and of 144 g CO2/km for vans respectively, by the end of 2024,
- targeting to have green vehicles (less than 50 g CO2/km) accounting for 20% of its car and van fleet by the end of 2024.
"Mobility, which accounts for nearly 30% of carbon emissions in Europe, is at the heart of the transition issues our world is currently facing. As a leading mobility service company, we are committed to taking our part of the necessary re-design of mobility ecosystems, making green mobility solutions available, at scale, to our customers, being true to our purpose: “offer attractive alternatives to vehicle ownership, in a responsible and sustainable way”.
In this context, I welcome the approval of our targets by the SBTi, giving weight to our systemic approach of carbon reduction. We plan to leverage this approval, pushing further our "low-carbon initiatives” in all the Group's key functions, and progressively bringing our customers on board”.
Caroline Parot, CEO, Europcar Mobility Group
* Europcar Mobility Group’s main ESG ratings:
- Ranked AA by MSCI ESG Ratings in 2020 and 2021;
- Sustainalytics rating (reverse rating scale, from 40+ to 0): progression from 17.4 in 2019 to 12.1 in 2020, stable in 2021. 1st out of 339 companies in the Transport sector;
- Gold medal from Ecovadis: 70/100 in 2020 and 72/100 in 2021, with 90/100 for its environmental performance, top 1% in its sector;
- B rating at the 2020 and 2021 CDP Climate Change questionnaire.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets and listed on Euronext Paris. Europcar Mobility Group’s purpose is to offer attractive alternatives to vehicle ownership, in a responsible and sustainable manner. With this in mind, the Group offers a wide range of car and van rental services – be it for a few hours, a few days, a week, a month or more – with a fleet that is already "CO2 light" and equipped with the latest engines, and which will be increasingly "green" in the years to come. Customers’ satisfaction is at the heart of the Group’s ambition and that of its employees. It also fuels the ongoing development of new offerings in the Group's three service lines - Professional, Leisure and Proximity - which respond to the specific needs and use cases of both businesses and individuals. The Group’s 4 major brands are: Europcar® - the European leader of car rental and light commercial vehicle rental, Goldcar® - the low-cost car-rental Leader in Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® – one of the European leaders of round-trip car-sharing (BtoB, BtoC). Europcar Mobility Group delivers its mobility solutions worldwide through an extensive network in over 140 countries (including wholly owned subsidiaries – 18 in Europe, 1 in the USA, 2 in Australia and New Zealand – completed by franchises and partners).
Further details on our website: www.europcar-mobility-group.com
** About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practice in science-based target setting and independently assesses companies’ targets.
More information: https://sciencebasedtargets.org/
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