- Science Based Targets initiative (SBTi) has determined that Cabify’s target is in line with the plan of reduction of 1.5ºC to achieve zero carbon emissions by 2050 or earlier, according to the Paris Agreement.
- The mobility platform has committed to achieving zero carbon emissions in its value chain by 2030.
Global, May 10, 2023. The multi-mobility platform Cabify has announced that its goals for reduction of carbon emissions (Near-Term and Long-Term goals), which aim to achieve zero emissions by 2030, have been validated by Science Based Targets initiative (SBTi). This is a global initiative that helps companies establish ambitious goals aimed at reducing their greenhouse gas emissions based on scientific evidence, according to the Paris Agreement.
The last scientific report by the Intergovernmental Panel on Climate Change -described by United Nations as a “red warning for humanity”- shows that, even though we can still limit the increase of global temperature to a maximum of 1.5°C, we find ourselves in an extreme situation. Cabify, which in 2019 had already made this commitment public during the Climate Summit in Spain, organized by the World Health Organization, has sought validation of this science-based target and has achieved validation from SBTi, which has determined that the company’s ambition is aligned with the 1.5°C global mitigation roadmap to achieve net zero carbon emissions by 2050 or earlier, as set out in the Paris agreement.
The mobility platform’s 22-25 Sustainable Business Strategy anticipates zero emissions by 2030. To achieve this goal, the company has established specific SBTi-validated objectives: Achieving a 96% reduction of scope 1 and 2 emissions by 2030, including all the emissions produced by their offices, and a 90% reduction of scope 3 emissions, corresponding to the car rides managed through the app and the land and air transportation of employees to the offices or due to work reasons. All these goals take 2019 as a reference year for the measurement.
“Our growth and leadership strategy must be based on financial, social, and environmental sustainability. As a company, we are committed to transforming business models towards a carbon-free future. Having our emission reduction goals validated by SBTi proves the company’s commitment to lead the change in our industry. We are honored to have become the first multi-mobility app with a Net-Zero carbon emissions goal validated by this initiative”, says Adrián Pérez, Cabify’s Global Sustainability Manager.
It is worth mentioning that SBTi defines and promotes good practices regarding establishing goals based on science. It also offers resources and counseling to reduce obstacles when defining goals and independently assesses and approves corporate objectives. Cabify has provided all this information to the initiative, passing through an exhaustive validation process that has allowed the company to be part of a group of more than 2,400 international companies committed to the fight against climate change.
Progress in 2023
The company has been working on the progressive electrification and decarbonization of its fleet for some years now. Cabify had already launched an exclusively electric category in Spain back in 2016. According to the company figures at the 4T 2022: in Spain, more than 75% of the vehicles of transport companies collaborating with Cabify have the ECO/ZERO label (electric cars, natural gas cars, and hybrid cars). In Latin America, ECO vehicles represent around 13% of the collaborating fleet. Both regions showed an annual growth of more than 50% if we compare it with the same period of 2021.
The multi-mobility platform has strong strategic allies to achieve the decarbonization of its fleet. For example, the European Investment Bank (EIB) granted a 40 million euros loan to Cabify for its decarbonization project. Cabify will also invest 40 million euros, elevating the total amount to 80 million euros. The funding will allow the deployment of 1,400 electric vehicles in Spain during the following years and the infrastructure they need for their operation. In Latin America, BID Invest and Cabify have a strategic alliance since 2019 to support the company’s development in this area and its goal of reducing emissions.
It is important to note that Cabify is also the only carbon-neutral company in its sector both in Latin America and Spain, offsetting all its emissions, direct and indirect, through
compensation projects located in the same countries where it operates, generating a double sustainable impact at an environmental and economic level.
Cabify is a multi-mobility platform for people and objects that offers several alternatives to reduce urban trips by private car, leaning on technology to make cities a better place to live in.
All of this, while being an economically, environmentally and socially sustainable company. Cabify, adhered to the UN Global Compact, is committed to talent and local ecosystems, creating high-value jobs and declaring the whole of its activity in each country. Cabify became the first carbon-neutral platform of the field in 2018, and since then it offsets its emissions globally, as well as those of its passengers, and it also fulfills a reduction commitment annually.
For 10 years, Cabify has transformed the way of moving around cities, has more than 42 million registered users and 1.200.000 partner drivers and taxi drivers. After being founded in Madrid, in a few months the company spread to Latin America, and it currently has a presence in Argentina, Chile, Colombia, Mexico, Peru, Spain and Uruguay.
Press contact Cabify
Alvaro Perez. [email protected]
Irene Recio. [email protected]