Leading home appliance manufacturer Arcelik highlights the importance of energy efficiency in products and the reduction of Scope 3 emissions in driving decarbonization at COP26 Arcelik A.S. (ARCLK: IST, "Arcelik"), the global leading consumer durables and electronics manufacturer, has announced their commitment to the Paris Agreement goals, by re-submitting more ambitious science-based targets for their Scope 1, 2 and 3 emissions, pushing for a 50.4% reduction across all three scopes. Arcelik's initial targets in line with a well-below 2C degree scenario were approved by the Science Based Targets initiative (SBTi) in November 2020, however, Arcelik has chosen to be bolder submitting a 1.5C degree target in August 2021, which is being reviewed by the SBTi for final approval. This coupled with the decision to introduce a net-zero target throughout the value chain by 2050, which will serve to limit the global temperature increase to 1.5°C above pre-industrial levels, highlights Arcelik's ever-growing commitment to a sustainable future and the company's pledge to the Paris Agreement. Analysis from the International Energy Agency (IEA) states that bold actions need to be taken to achieve global net-zero targets. Too often overlooked, energy efficiency offers high-impact emission savings at low marginal abatement costs. If the world is to have any chance of meeting net-zero goals, energy efficiency needs to be prioritized. This comes in tandem, with Hakan Bulgurlu, CEO of Arcelik joining The World Economic Forum Alliance of CEO Climate Leaders. A group of 70 global chief executives, who are driving cross-sector collaboration to accelerate the transition to a net-zero economy. On Friday 5th November at 11.15am GMT, Arcelik CEO and climate activist Hakan Bulgurlu was joined by Dr Fatih Birol (Executive Director, IEA) on a panel moderated by Mai-Britt Poulsen (Managing Partner, BCG). Together, they discussed the importance of energy efficiency in the reduction of Scope 3 emissions. The panel focused on how businesses must lead net-zero ambitions through science-based decarbonization roadmaps, and the critical role Scope 3 emissions play in achieving them. As well as discussing the Paris Agreement, clean energy transitions and what manufacturers can do to lower emissions. Commentating on the announcement, Hakan Bulgurlu said "Two-thirds of global emissions are now coming from developing countries, but only one-fifth of investment in clean energy is occurring there. Manufacturers like Arcelik, and our partners in these countries, have a collective responsibility to lead the way in energy transformation. We continue to innovate and create ways – to not only transform our products and services but every household that our products enter. Arcelik consistently strives to do more to support the fight against climate change and our recent commitment to go even further to reduce our Scope 1, 2 and Scope 3 emissions from use of our sold products by 50.4% is something we are extremely proud of. Now, we are calling on other businesses to join us in this fight and recognise how they can effect change and stop environmental devastation." Dr Fatih Birol, said: "IEA analysis shows the importance of immediate and sustained progress on energy efficiency over the next ten years on the path to net zero. Improving energy efficiency across sectors ensures that consumers and governments can also access a range of wider benefits. This is no more apparent than in the case of product efficiency, which has already halved the energy consumption of major appliances in many markets, reducing electricity demand while allowing households to enjoy lower costs." NOTES TO EDITORS ABOUT ARCELIK'S REVISED SCIENCEBASED TARGETS (STILL BEING REVIEWED BY SBTi): -- ArCelik has revised its initial science-based targets, to contribute to the worldwide efforts to limit global warming to 1.5°C, compared to pre-industrial levels. -- The business has committed to reduce its absolute Scope 1 and Scope 2 emissions, and absolute Scope 3 emissions from the use of its sold products by 50% by 2030, compared to the base year of 2018. The Scope 3 is often overlooked by businesses as it requires them to reduce the carbon emissions generated in the entire value chain, including emissions generated from the extraction of raw materials, logistics, transportation, product use phase as well as end of life of the products. -- A global leader in sustainability, Arcelik has successfully become carbon-neutral in global production plants1 (Scope 1 and 2) in 2019 and 2020, and was named the Industry Leader of the Household Durables category for the 2nd year in a row in the Dow Jones Sustainability Index. Arcelik was also recognized as an Industry Mover in the 2021 S&P Sustainability Yearbook and received a Gold Class Sustainability Award. In addition, Arcelik was selected as the most sustainable white goods company to enter Corporate Knights Global 100 World's Most Sustainable Companies ranking. Through its leadership position in sustainability and credible decarbonization roadmap for achieving net zero, Arcelik became the first and only company from its industry to receive the Terra Carta Seal by HRH Prince of Wales. ABOUT ARCELIK'S APPROVED SCIENCE BASED TARGETS: -- Arcelik priorly committed to reduce its absolute scope 1 and 2 GHG emissions by 30% by 2030 from a 2018 base year. -- Arcelik also commits to reduce absolute scope 3 GHG emissions from the use of sold products by 15% over the same timeframe. -- The targets covering GHG emissions from company operations (scopes 1 and 2) are consistent with reductions required to keep global warming to "Well-below 2°C". ABOUT ARCELIK With over 40,000 employees throughout the world, Arcelik's global operations include sales and marketing offices in 48 countries, and 28 production facilities in 9 countries and 12 brands (Arcelik, Beko, Grundig, Blomberg, ElektraBregenz, Arctic, Leisure, Flavel, Defy, Altus, Dawlance, Voltas Beko). As Europe's second-largest white goods company by market share (based on volumes), Arcelik's consolidated revenue reached US$4.3 Billion in 2020. Arcelik's 30 R&D and Design Centers & Offices across the globe, are home to over 1,700 researchers and hold more than 3,000 international patent applications to date. In 2020, Arcelik is named the "Industry Leader" in the Household Durables category for the 2nd year in a row in Dow Jones Sustainability Index and, in accordance with PAS 2060 Carbon Neutrality Standard, became carbon-neutral in Scope 1 and 2 in global manufacturing in 2019 and 2020 with its own carbon credits. Through its leadership position in sustainability and credible decarbonization roadmap for achieving net zero, Arcelik became the first and only company from its industry to receive the Terra Carta Seal by HRH Prince of Wales. Arcelik's mission is 'Respecting the World, Respected Worldwide.' www.arcelikglobal.com/en 1 Singer Refrigerator Plant and TV & AC Plant in Bangladesh acquired in 2019, Voltbek in India which started production in 2020, and Arcelik-LG A/C joint venture plant in Turkey are excluded from calculations. Photo - https://mma.prnewswire.com/media/1681787/Arcelik_Commitment_to_Paris_Agreement_Goals.jpg Logo - https://mma.prnewswire.com/media/1653921/Arcelik_Logo.jpg SOURCE: Arcelik