A greener Novanta
In order to meet our ambitious goal of being carbon neutral by 2050, we have set the following short, medium, and long-term environmental goals. We plan to adjust our goals for future acquisitions in the fiscal year following the year in which the acquisition is consummated. Each business unit or site commits to these goals but decides for itself what measures need to be taken to achieve them.
We are committed to establishing initiatives that contribute to global efforts to limit planetary warming to 1.5 °C. Our short-, medium-, and long-term plans are as follows:
(next 5 years)
- This will include all our direct GHG emissions that we create from owned and leased facilities and Company equipment (e.g., natural gas, Company vehicles), and indirect emissions from our electricity consumption.
(5 to 15 years)
We plan to reduce our Scope 1 and Scope 2 GHG emissions by an average of 5% annually.
- When we acquire or divest businesses, we will adjust the baseline for GHG emissions metrics and calculations to include or eliminate the related GHG emissions of the acquired or divested businesses.
Our goal is to achieve a target of net zero GHG emissions by 2050.
Renewable Electricity Procurement Initiative
The quickest and most impactful way that Novanta can reduce emissions is to switch from fossil fuel-based electricity sources to clean and renewable electricity sources.
- Novanta has set the goal of sourcing at least 90% of its electricity from clean or renewable sources at its manufacturing facilities through PPAs. To date, we have not experienced any material adverse financial impact from entering into such PPAs. However, there is no assurance that the cost of such PPAs will not become more significant in the future.
Waste Reduction Initiative
Our goal is to conserve natural resources by avoiding waste in the long term, thus promoting the protection of people and the environment.
- Novanta will raise awareness of waste prevention and reduction with its customers, vendors, employees, and other stakeholders.
- Novanta will establish Avoid, Reduce, Reuse, and Recycle programs at its sites.
- Novanta intends to reduce waste sent to landfill by 2% per year at its facilities.
Paper Reduction Initiative
Our goal is to record and reduce our paper consumption at our facilities. As we believe paper production and consumption have an impact on global warming, we have established paper use reduction programs.
- Novanta will purchase recycled or eco-friendly paper where available. We intend to reduce the use of non-renewable and non-eco-friendly paper by 10% per year.
- Novanta will expand our adoption of digital solutions as part of our initiative to reduce paper consumption.