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Xero sets climate targets to work towards a net-zero future

November 15, 2022

Actions to reduce emissions will focus on renewable energy, considered business travel and sustainable catering

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Wellington — 15 November, 2022 Xero, the global small business platform, today announced emissions reduction targets to 2030, as it takes the next step on its journey towards net-zero* emissions by 2050.

Building on its existing carbon reduction program called ‘Net Zero @ Xero’, Xero has set near term targets to reduce Scope 1, 2 and 3 emissions that align with the recommendations of the Science-Based Targets initiative (SBTi). These targets support the Paris Agreement goal of limiting global warming to well below 2 degrees Celsius above pre-industrial levels.

Xero has set the following targets:

  • 42% reduction in Scope 1 and 2 emissions from FY20 by FY30
  • 17% reduction in Scope 3 emissions from FY20 by FY30
  • Net-zero* emissions no later than FY50

Xero will work towards achieving these targets by focusing on the areas of increased renewable energy uptake, being more strategic about business travel, and switching to more sustainable catering wherever possible.

Steve Vamos CEO, Xero: The climate crisis is affecting all of us, and every business has a role to play in supporting the transition to a net-zero economy.
Xero CEO Steve Vamos said: “The climate crisis is affecting all of us, and every business has a role to play in supporting the transition to a net-zero economy. We’re proud to be on a carbon reduction journey, and setting these targets provides a clear direction for us to reduce our greenhouse gas emissions, while building on our current initiatives.
“The targets we are committing to have been designed with Xero’s growth ambitions in mind, while still enabling us to make a concerted effort to reduce our emissions.”

These targets are part of a roadmap that Xero has developed in line with the Task Force for Climate-related Financial Disclosures (TCFD) framework, to support delivery of Xero’s climate strategy. In line with this roadmap, Xero aims to report its performance against these targets in the financial year ending 31 March 2023 (FY23).

Xero has offset 100 percent of its carbon emissions since FY19, and has been certified carbon neutral by the Australian Government’s Climate Active program since FY20, and is committed to doing so each year in the future.

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