THG champions sustainability with Net-Zero targets validated by SBTi

THG, the owner of Cult Beauty and Lookfantastic, has announced the validation of its Net-Zero targets by the Science Based Targets Initiative (SBTi).

The SBTi has confirmed that THG’s sustainability targets align with the latest climate science, aimed at limiting global warming to 1.5°C above pre-industrial levels.

• Reduce absolute Scope 1 and 2 GHG emissions 42% by 2030 from a 2020 base year.
• 85% of THG's suppliers by spend covering purchased goods and services and upstream transportation and distribution will have science-based targets by 2027.
• Reduce absolute Scope 1 and 2 GHG emissions 97.7% by 2040 from a 2020 base year. Also reduce absolute Scope 3 emissions 90% within the same timeframe.

The SBTi is a global body dedicated to empowering businesses to establish ambitious emissions reduction targets in accordance with the latest climate science. The current climate science dictates that emissions need to halve by 2030, and reach net-zero by 2050.

Matt Moulding, CEO at THG, said: "Two years ago, we signed a commitment letter with the SBTi stating that we would be aligning our climate mitigation targets with the latest science.

"Today, the validation of our net zero targets by the SBTi reaffirms our dedication to achieving a net-zero status as a company, minimising our climate impact."

Mark Jones, Chief Sustainability Officer at THG, added: "THG recognises the importance of achieving rapid and substantial emission reductions to cut global emissions in half by 2040 and reach net-zero under the Paris climate agreement.

"Since the launch of our sustainability strategy in 2021, we have implemented near-term and long-term company-wide emission reductions in line with the latest climate science."

Last week, THG reported a 9.3% decrease in revenue for the first half as inflationary pressures provided "significant" challenges.

However, THG said overall sales trends are "gradually improving", with third quarter revenue anticipated to be marginally ahead of the second quarter.