OSLO, Norway, Aug. 20, 2024 /PRNewswire/ -- Hexagon Composites (OSE: HEX.OL), world leader in composite cylinder technology and systems for storage and transportation of clean gaseous energy, has committed to being net zero by 2050. In July 2024, Hexagon's net zero targets were validated by the Science Based Target initiative (SBTi).

The SBTi defines and promotes best practice in science-based target setting, and independently assesses and approves companies' targets. Being a provider of solutions that help fleets and OEM's transition to low-carbon and carbon negative solutions, Hexagon recognizes the importance of reducing its own carbon footprint and is proud to join the over 5,800 businesses around the world that are working with the Science Based Targets initiative (SBTi).

"We are pleased to have received the approval of our science-based net zero targets by SBTi," says Jon Erik Engeset, CEO Hexagon Composites. "While we enable other industries to accelerate the pace of their emission reductions, we are committed to doing our part to reduce the environmental impact of our operations and support the 1.5-degree target."

In line with the 1.5-degree trajectory, Hexagon will reduce its direct emissions by 2033, and work with partners and suppliers to be net zero across its value chain by 2050.

Near-term targets

By 2033, Hexagon commits to reducing 54.6% of absolute scope 1 and 2 emissions and 61% of Scope 3 emissions per cubic meter of container volume sold.

Long-term targets

By 2050, Hexagon commits to reducing 90% of absolute scope 1 and 2 greenhouse gas emissions, and 97% of Scope 3 emissions per cubic meter of container volume sold.

Hexagon will report its progress on a regular basis. More information about SBTi and Hexagon's commitment to sustainability can be found at www.hexagongroup.com/sustainability.

For more information:
Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

About SBTi

The initiative is a collaboration between the CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature, and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting and independently assesses and approves companies' targets.

About Hexagon Composites

Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility and industrial applications. Learn more at www.hexagongroup.com and follow @HexagonASA on X and LinkedIn.

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