TORONTO, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX:EFN) ("Element" or the "Company"), the largest publicly traded, pure-play automotive fleet manager in the world announces the validation of its science-based targets by the Science Based Targets initiative (SBTi), available at sciencebasedtargets.org. This milestone underscores Element’s commitment to emissions reduction, demonstrating continued leadership in sustainability within the fleet management industry.
The SBTi promotes science-based greenhouse gas (GHG) reduction targets for companies, aiming to limit global temperature rise to 1.5°C above pre-industrial levels. Its certification standards have become the global benchmark for corporate climate goals aligned with the Paris Agreement.
With the SBTi validation, Element commits to the following near-term science-based targets:
- Reduce absolute Scope 1 and 2 GHG emissions 63.70 per cent by 2034 from a 2019 base year.
- Reduce Scope 3 GHG emissions from use of sold products and downstream leased assets 66.40 per cent per USD value added within the same timeframe.
Scopes 1 and 2 pertain to Element’s own operations. Scope 1 includes direct emissions from sources owned or controlled by a company, such as fuel for vehicles. Scope 2 includes direct emissions from purchased electricity, heat, steam and cooling to power facilities. Scope 3 encompasses all other emissions associated with a company’s activities and value chain, for example purchased goods and services, use of sold products and downstream leased assets.
“As we live our Purpose to Move the world through intelligent mobility, we are working towards a future beyond the immediate horizon. This acknowledgement by the SBTi is a testament of our strategic commitment to sustainability, reinforcing our focus on accountability and transparency. It underscores our dedication to delivering lasting value for our clients, our business, our team members, and our communities,” states David Colman, Chief Legal & Sustainability Officer.
“The fleet management industry has both the opportunity and obligation to be part of the solution. The SBTi validation strengthens our commitment to measurable sustainability initiatives. Our focus remains on advancing decarbonization and electrification strategies as we drive meaningful progress towards a low-carbon future”, says Sheri McGrath, VP, Sustainability at Element.
A science-based approach provides Element with a clearly defined pathway to reduce its GHG emissions, contribute to global climate goals, and help to mitigate the most severe impacts of climate change. By aligning its targets with the latest climate science, Element is taking steps to strengthen the resilience of its business and contribute meaningfully to broader climate initiatives.
Element notes that commitments and targets are aspirational and may be influenced by near-term global challenges including, but not limited to, the production and availability of electric vehicles, client decisions, prevalence and availability of charging infrastructure, and government support of electrification in the regions in which we operate. Element’s 2034 goals reflect its best efforts at this point in time. The Company may reassess and update its methodologies and targets, as appropriate, and may not be able to achieve its commitments and targets, including for the reasons set forth herein. For more information on the validation and Element's sustainability initiatives, please visit www.elementfleet.com/sustainability.
About Element Fleet Management
Element Fleet Management (TSX:EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element's expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit:
https://www.elementfleet.com/sustainability
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.
This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target, “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding the fleet industry and electrification, the Company’s sustainability targets and objectives, including science based targets, Element’s and our clients’ greenhouse gas emissions, fleet electrification, and transition of client vehicles, charging access, decarbonization strategies, future climate reporting, potential climate related opportunities, diverse supplier spending, team member engagement, making a difference in the community, data governance, ethics and compliance, and other sustainability related impacts, objectives and expectations. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our sustainability priorities, targets (including fleet electrification and GHG reduction targets), commitments and goals will not be achieved. As we work to advance our sustainability strategy, external factors outside of Element’s reasonable control may impact our performance and ability to achieve our goals, including government policies, legislation and regulatory actions, global supply-chain disruptions, geopolitical risk, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, the failure of third parties to comply with their obligations to us and our affiliates or associates, our ability to implement various sustainability-related initiatives internally and with our clients under expected timeframes, the availability of comprehensive and high-quality GHG emissions data and standardization of sustainability-related measurement methodologies, the need for active and continuing participation, cooperation and collaboration from various stakeholders, deployment of new technologies and industry-specific solutions, the evolution of client behaviour, varying decarbonization efforts across economies, manufacturer timing and availability, client decisions and preferences, the need for thoughtful climate policies globally, the challenges of balancing interim emissions goals with an orderly transition, and the continuing development and evolution of regulations, guidelines, principles, and frameworks internationally and Element’s compliance thereto, which could lead to us to being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory restrictions, penalties and fines. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adapt its initiatives and activities or adjust its commitments, metrics, targets and goals. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.
Investor Relations Contact: Rocco Colella Director, Investor Relations (437) 349-3796 rcolella@elementcorp.com Media Contact: Amanda Mills Sirois Senior Manager, Corporate Affairs (437) 352-1050 amillssirois@elementcorp.com
