Science-based targets are emissions reduction targets in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement, which aims to limit global warming to well below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.
The Watches of Switzerland Group commits to reduce absolute scope 1 and 2 GHG emissions 50% by FY2030 from a FY2020 baseline.
Watches of Switzerland Group also commits to reduce absolute scope 3 GHG emissions 42% within the same timeframe.
At the time of this release, just 1,903 organisations globally had set science-based targets aligned to 1.5°C, including 94 retailers.
The SBTi commended the Group’s 1.5°C-aligned target, which is currently the most ambitious near-term target designation available through the SBTi process.
"Today, we welcome the Watches of Switzerland Group’s science-based targets consistent with limiting warming to 1.5°C. The ambition of the Watches of Switzerland Group’s targets is aligned with the need for the global economy to rapidly cut emissions. This company is setting an example for the rest of its industry, and I urge others in its sector to set their own targets too."
"Climate change is one of the greatest challenges of our time. The Watches of Switzerland Group is committed to reducing its carbon footprint and mitigating our impact on the planet. Having our targets verified by the Science Based Targets initiative demonstrates our commitment to sustainability and taking meaningful climate action."
"Credibility is key to any sustainability strategy, so we’re delighted to have our ambitious science-based targets officially verified by the SBTi. This is a significant milestone which supports our commitment to climate resilience and our purpose to WOW our clients, while caring for our colleagues, our communities, and our planet."
The Watches of Switzerland Group’s target is underpinned by a series of commitments across scope 1, 2 and 3 emissions, which includes transitioning to an electric or alternative fuel fleet, sourcing green energy and encouraging stakeholders to join them in aligning with climate science and committing to science-based 1.5°C targets.