Speedy Launches UK Hire’s First SBT Net-Zero Model

Speedy Launches UK Hire’s First SBT Net-Zero Model

Speedy Hire has become the UK hire market’s first participant in the Science Based Target initiative (SBTi) Net-Zero model, paving the way for setting the market’s standard in net-zero aims.

The Net-Zero Standard gives companies a blueprint on how to bring their environmental aims and targets into line with scientific evidence, providing a non-negotiable framework to work with and honour.

The targets and recommendations given by the SBTi guidance are ambitious and urgent, but Speedy are proud to be the leader in the UK hire market.

Why are Speedy Committing to Adopting Science-Based Targets?

Speedy has become the first UK tool hire company to commit to science-based net-zero targets in our aims to achieve net zero carbon emissions before 2040.

Our targets are:

• Scope 1 and 2 emissions reduction of 50% by 2030 - this covers our vehicles, properties and the energy we buy
• Scope 3 emissions reduction of 42% by 2030. This covers our supply chain. We are the first in UK Hire to set a supply chain carbon reduction target
• Net Zero across all scopes by 2040

These aims are bold, so we want to work with initiatives which are clearly defined and give individual businesses the best possible guidance on how best to approach net-zero targets in limited timeframes.

Publicly committing to these targets and initiatives also enhances our accountability-focused leadership in sustainability.

Speedy’s targets will be verified by the SBTi and published, with data and information available to the public.

How is Speedy going to meet these targets?

Beginning our journey with the SBTi gives Speedy a defined path and dedicated targets to meet.

We are the UK hire sector’s first company to achieve many of these pledges. So far, we have committed to:

• Investing in and switching to fuelling powered access machinery exclusively with hydrotreated vegetable oil (HVO)
• Working with customers to switch to HVO, reducing harmful substance emissions by up to 90%
• Having a strong electric fleet of delivery vehicles and vans
• Investing in a new electric 7.5t truck
• Bringing the industry’s first eco-hybrid lighting tower to the market

In the long term, reducing the carbon output of Speedy’s hire and vehicle fleet through the use of solar, hybrid, electric and hydrogen technology will help achieve this goal.

What is The SBTi’s Corporate Net-Zero Standard?

The SBTi Corporate Net-Zero Standard is the world’s first framework for corporate net-zero target setting. All of their advice is in line with climate science, defining and promoting best practices in emissions reduction.

SBTi provides technical and expert assistance to any companies that set science-based targets in line with climate science, such as Speedy Hire.

It mobilises the private sector to take the lead in net-zero initiatives, allowing them to benefit from the positives of a strong ESG plan while enhancing their competitiveness in their particular field.

The individual guidance, criteria, and recommendations for companies going forward are all included in the SBTi’s plans, consistent with limiting the global temperature rise to 1.5°C.

Both near- and long-term targets are included, defining a clear path for how businesses, corporations, and business leaders can be clear on how to play their part.

Over 2,000 organisations worldwide are in the same position, too, leading the transition to a net-zero economy by working with the SBTi to set their own emissions targets.

What makes targets science-based?

An emissions target is considered ‘science-based’ if it follows the global commitment under the Paris Agreement to limit global warming to below 2°C, and as close to 1.5°C as possible.

Science-based targets are our best guarantee to outline the necessary, proven requirements to cut greenhouse gas and other emissions.